Nearly 80% of Asian American and Pacific Islanders (AAPI) respondents ranked family as one of the most important aspects of their life, in a study “Diverse Viewpoints: Exploring Wealth in the APPI Community,” by Merrill Wealth Management.
AAPI is the fastest-growing minority community in the U.S. While the AAPI community accounts for 7% of the U.S. population, it represents 10% of the country’s affluent population. The report aims to better understand how individuals in this community achieve success and grow their wealth, along with their motivations, priorities and goals for the future.
“The study is the latest example of our commitment to explore and better understand the diverse experiences and financial paths of the communities we serve,” said Andy win, president of Merrill Wealth Management. “At Merrill, we form trusted relationships that take into account clients’ unique needs and life circumstances.”
Highlights of the report
Nearly 80% of AAPI respondents ranked family as one of the most important aspects of their life.
Compared to the general affluent population, members of this community are twice as likely to feel financially responsible to assist aging parents, and three times more likely to financially support family members abroad.
50% more AAPI respondents prioritized paying for their children’s education than the general affluent population.
This community is also 25% more likely than the general affluent population to say inheritance and passing down wealth is part of their financial plan.
Members of the AAPI community are twice as likely to have started a business than the general affluent population (27% vs. 13%).
Among younger generations and those born in the U.S., entrepreneurism is less common. Affluent AAPI between the ages of 20-54 are half as likely to aspire to start their own business compared to the general affluent population their same age.
The report was conducted by research firm Ipsos through multiple waves of research from 2019 to 2022, employing a variety of research methodologies, starting out by interviewing Merrill stakeholders who serve and represent the diverse communities covered within this report. In parallel, they synthesized and reviewed an array of publications and academic research on the topics of diversity, wealth and inclusion in financial services and beyond. The Quantitative research was conducted from April to May 2022 in which Ipsos spoke with n=745+ members of the AAPI community and compared them to a representative sample of the n=150 respondents from the affluent general population.