Asian-American households continue to have the highest household incomes of any race/ethnicity in the US, according to recently-released figures [download page] from Claritas. Asian and Pacific Islander households in the US have an annual mean income of $116,319, which is 36% more than the national average, per the report.
The median annual household income for Asian households is $91,414, which is 52% more than the overall US household average ($60,194).
When looking at the numbers by ethnicity/race, it’s easy to see why US Asian households have such a high average income. Nearly one-quarter (24%) of Asian households earn $150K or more per year, with more than one-eighth (13.4%) earning at least $200K per year. By comparison, 6.1% of Black households earn $150K or more, as do 7.3% of Hispanic households.
While income for all three racial and ethnic demographic groups has risen in the past couple of years, the trend of more Asian households being in the upper-income brackets than others is well-established.
Not only are Asian households making more money, but they are also spending more. US Asian households are on trend for a $3.2 million remaining average household cumulative life spending, according to the report’s projections. Cumulative life spending is defined by Claritas as “the consumer spending potential that exists for the remaining life of an average active household.” Asian cumulative life spending is $700K more than Hispanics and $1.2 million more than non-Hispanic Whites.
Annual spending on consumer goods and services by Asian-Americans is 21% higher per year than the average US household. These households are spending more on several categories including Apparel (15%), Transportation (10% – including auto purchases), Food (6%) and Personal Care Products (15%).
Entertainment (fees and admissions to events and venues) is an area where Asian-Americans show a particularly wide gap in spending, spending 45% more than the average US household.
More insights are available in the report, which is available for download here.