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Indian-Americans are the wealthiest ethnic group in America, says report

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By NewsGram Staff Writer

Indian-Americans are the wealthiest ethnic group in America, according to a report released by the US Census Bureau. The report said that the annual income of Indian-Americans crossed the $100,000 milestone, much higher than that of the whites and native Americans.

According to a report published by the US Census Bureau, the annual income of the Asian population was $72,472, which was much higher than the national median income of around $51,000. The Indian-Americans are the richest among all other communities in America. According to the data, the annual income of Indian-Americans is around $100,547 whereas the Pakistani-Americans earn around $63,000 and Bangladeshi-Americans get around $51,000.

The growth of the Indian-Americans is significant and rapid, and they established their position in America. From politics to judiciary, Indians are now respected everywhere. In 2010, the annual family income of the Indian-American was around $86,135, much lower than that of the whites or native born Americans ($90,174).

The census report also revealed that Jewish community came closer to the Indian-Americans with an annual family income of around $100,000. According to the US religious landscape study published by Pew Forum, the Jews stood first in America in perspective of business, education and all other areas. 46% of Jews crossed the billion dollar margin compared to 43% Hindu and 27% Christian.

According to a recent data released by US senate, it said that Indian-Americans will be a major power in America within 20 years and they will control the American society at large. The US senate also expressed a deep concern on the rise of the Indian-Americans and other communities and asked the government to make a strict law on Visa.

  • Neeru

    This is no doubt a proud moment but it has a hidden reason to worry,THE last LINE: “The US senate also put a deep concern on the rise of the Indian-Americans and other communities and asked the government to make a strict law on Visa.”
    We cannot deny that this may lead to racial bias under tones as Jealousy is a basic human emotion

  • SuchindranathAiyer

    It is also true that most Indian-Americans are a disapora from minority communities Constitutionally and politically persecuted in India. So, this should be a natural alliance. (The British label “Hindu” now denotes a people governed by Periyarism, Ambedkarism, High Courtism and Supreme Courtism. We should use the term “Dharmic denoting people of the Law as opposed to “Din- e-Kitabi” people of the Book)

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  • Neeru

    This is no doubt a proud moment but it has a hidden reason to worry,THE last LINE: “The US senate also put a deep concern on the rise of the Indian-Americans and other communities and asked the government to make a strict law on Visa.”
    We cannot deny that this may lead to racial bias under tones as Jealousy is a basic human emotion

  • SuchindranathAiyer

    It is also true that most Indian-Americans are a disapora from minority communities Constitutionally and politically persecuted in India. So, this should be a natural alliance. (The British label “Hindu” now denotes a people governed by Periyarism, Ambedkarism, High Courtism and Supreme Courtism. We should use the term “Dharmic denoting people of the Law as opposed to “Din- e-Kitabi” people of the Book)

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This Decade to be Good for the Financial Health of Millennials

2020s Could Be Decade Millennials Finally Get Ahead

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Millennials
Share on Facebook Share on Twitter Share via Email Print this page The 2020s might be the decade faltering millennials finally roar to financial health. Pixabay

By Dora Mekouar

The 2020s might be the decade faltering millennials finally roar to financial health and lifestyle after a tough start brought on by the Great Recession, which lasted from 2007 until 2009.

Coming of age during the worst economic downturn in the United States since the 1930s meant that many of these young people, who are now in their mid-20s to late-30s, experienced a delayed entrance into the job market or accepted lower-paying jobs for which they were overqualified.

Many millennials were hard hit due to a variety of factors, including high unemployment, student loan debt, and an increased cost of living, particularly if they graduated from high school or college during the downturn.

Millennials
Millennials Andy and Stacie Proctor stand in their new home in Vineyard, Utah. VOA

“Since then, we’ve really had a lot of wage stagnation, particularly given that so many millennials started behind where they thought they would be,” says Jason Dorsey, president and lead millennial researcher at the Center for Generational Kinetics. “And it’s taken them longer to recover — if they have recovered.”

Experts also say U.S. millennials are the first generation to feel the full impact of decades of rising inequality in America.

A recent study found millennials are significantly financially worse off than previous generations were at the same age. Since 1996, the net worth of people under 35 has dropped by more than one-third, or 34 percent.

But things could be looking up for these younger Americans now that the average U.S. millennial is over the age of 30 and poised to enter the wealth-accumulation stage of their life.

“They’ve had a lot of time to learn about what it takes to succeed? What are the kinds of decisions that lead to the outcome that you want?” Dorsey says. “And for many millennials, boomers [people aged 55 to 75] are finally going to transition increasingly out of the workforce, which is going to create opportunity for them to actually move up into more management-style roles.”

Millennials
Juan Hernandez, 25, is among millennials nationwide with student debt who are worried about being able to qualify for a loan and come up with a down payment for a home. VOA

Millennials are at the age when Americans traditionally buy homes, start saving for the future, and invest for their retirement. It also will help that many have paid down their student debt now that they’ve been out of college for a number of years.

“And at the same time, many of them will become potentially two-income households and that’s also really helpful for many of them,” Dorsey says. “It’s sort of a perfect storm. It just happens to align with the 2020s. It’s not that the 2020s are this famous decade, but more so that millennials are hitting the times when they should start really saving and investing, and earning higher incomes relative to their spending.”

Also Read- Lower Physical Activity in Adulthood Leads to Obesity: Study

And if millennials blame previous generations for their current financial straits, it might cheer them up to know this is also the time many of them can expect to start inheriting wealth from their more well-off baby boomer parents or other relatives. (VOA)