Announcing LatinoProsperity

Orson Aguilar

July 1, 2024

Announcing LatinoProsperity: Paving the Way for a Brighter Economic Future for the Latino Community in the U.S.

Today marks the beginning of a transformative movement to build Latino prosperity in the U.S. Latinos comprise 19.1% of the U.S. population and are expected to rise to 26.9% in the coming decades.1 Latinos contribute $3.4 trillion in purchasing power to the U.S. economy, and national polls consistently reveal that economic issues are a top priority for Latinos.2 A recent report found that recent immigrants have helped sustain the U.S. job market’s rapid growth in recent months without triggering inflation.3 These data points underscore why we should be optimistic about the future of Latinx wealth creation in the U.S.

While there is much to celebrate regarding demographic growth and economic contributions, significant challenges remain. White families have a median wealth of $284,310, more than four times that of Latinos at $62,120.4 In 2021, the median household income for Latinos was $59,000, significantly below the national median of $67,800.5 Beyond income data, other indicators show persistent inequalities, such as the 51% Latinx homeownership rate lagging behind the 65% for all U.S. households.6 Additionally, less than 5% of Latinos are found on boards or in the C-suite of corporate America.7 These disparities reflect deeper systemic issues that must be addressed to ensure that Latinos are leaders in America’s economic success.

Today, we proudly announce the launch of LatinoProsperity, a national non-profit organization dedicated to bridging economic gaps and fostering wealth-building within the Latinx community. Our mission is clear: championing equitable economic policies that create opportunities and resources for wealth-building in the Latinx community. By organizing to pass the right policies and programs, we can build wealth for our growing Latinx families.

As an advocacy-driven organization laser-focused on building Latinx wealth, LatinoProsperity’s dynamic advocacy campaigns will drive systemic change to unlock the resources Latinos need to thrive economically. At LatinoProsperity, we understand that effective wealth-building strategies must address visible challenges and deeper structural issues within our economy. Our organizational approach is holistic, targeting immediate needs while advocating for long-term, sustainable solutions. Additionally, we recognize the complexity and diversity within the Latinx community, from working-class individuals striving for financial stability to first-generation college-educated Latinos working to build wealth while supporting their families. By addressing the unique needs of each segment of our community, LatinoProsperity will provide targeted solutions that propel all Latinos forward.

We launch LatinoProsperity at a time when our mission is under attack. The far-right opposition to diversity and equity policies is leading to a resurgence of exclusionary practices. Far-right national leaders not only question the integrity of the Latinx community and its contributions to our country’s prosperity but also pit the Latinx community against our allies and other underserved groups. Additionally, state and local governments are targeting diversity policies, threatening to erase the contributions of Latinos and other racial and ethnic groups from our nation’s history. Furthermore, the looming threats of climate change and advances in artificial intelligence stand to significantly impact the opportunities and resources essential for Latinx prosperity. All of this makes our work more critical than ever.

Dr. Martin Luther King Jr. famously said, “The arc of the moral universe is long, but it bends towards justice.” At LatinoProsperity, we believe this arc will only bend towards justice if we actively work to steer it, transforming the economic structures, policies, and leaders committed to maintaining its course. We believe a civil rights movement cannot succeed without a strong economic rights movement to support it.

“As we embark on this journey, we envision a brighter future where Latinos are leaders in America’s prosperity,” said Orson Aguilar, Founding President and CEO of LatinoProsperity. “Together, we can create a brighter, more prosperous future for everyone.”

Kathy Dominguez, Board Chair of LatinoProsperity, stated: “We are incredibly excited to launch LatinoProsperity, an organization dedicated to hyper-focused efforts on Latino wealth building. Given their growth and potential, Latinos are significantly underinvested in, and it is time for that to change.”

Join us in creating a more equitable and prosperous America for all. Together, we can ensure that Latinos thrive today and for future generations. The time for change is now. Will you join us?

Learn more at www.latinoprosperity.org

References:

1. Population Projections, 2023, The US Census Bureau

2. 2023 Official Latino Donor Collaborative U.S. Latino GDP Report

3. New Immigration Estimates Help Make Sense of the Pace of Employment. The Hamilton Project, Brooking. March 2024.

4. 9 Facts About Inequality in America. Urban Institute. April 2024.

5. 9 Facts About Inequality in America. Urban Institute. April 2024.

6. 11 Facts About Hispanic Origin Groups in the U.S., August 2023, Pew Research Center

7. The Economic State of Latinos: Determined to Thrive, Nov. 2022. McKinsey and Co.