If Latinos in the U.S. were their own independent country, then they would have the fifth-largest GDP in the world, up from the eighth-largest at the beginning of 2020, according to a new report.
The Latino Donor Collaborative, in conjunction with Wells Fargo, released a report Thursday that found Hispanic Americans had an economic output of $2.8 trillion in 2020, up from $2.1 trillion in 2015 and $1.7 trillion in 2010.
"The U.S. Latino cohort has accounted for nearly 80% of the net new additions to our labor force during the past decade, while also accounting for 52% of all net new employer businesses, making it our country's most prolific entrepreneurial cohort," collaborative co-founder and Chairman Sol Trujillo said about the report.
The report found that, despite the new waves of COVID-19 and lockdowns, Latinos increased their GDP from fifth-largest to eighth-largest over the course of 2020 because they "returned to work with urgency."
Their GDP would be "larger even than the GDPs of the United Kingdom, India or France," also recording to the report.
Other finding include that Latino's wage and salary income increase 6.7% over 2020, while non-Latino income decreased 1.1%.
Hispanic Americans account for 18.7% of the U.S. population, according to the report.
Their growth in the U.S. has made them an increasingly important economic and political force in the county, with businesses along with the Democrat and Republican parties bidding for their support.
Latinos earning bachelor's and advanced degrees have also increased 2.8 times faster than non-Latinos.
Also, Latino households went up 29.2% from 2010 to 2020, while non-Latino households increased by just 5.8%.