Why are Asian-Americans Wealthier? (insurance, tier, percentage, credit)

[ndfmnlf]

I check census stats periodicially PINC-11--Part 1, and the thing that always stands out is that Asian-Americans consistently have higher incomes than other ethnic groups - higher even than non-Hispanic whites. For an ethnic group that is fairly new to the US, that's quite an achievement. Is there something the Asians are doing right that the rest of us can learn from? Are they more entrepreneurial? Better educated? Both? My hunch is that they are more entrepreneurial. They like to take risks. Whenever I go to Chinatown here in Chicago, I'm struck by how many Chinese here could barely speak English, yet they own businesses that seem to print money left and right. I also know a couple who owns a small fast food Chinese restaurant in the suburbs. Their English isn't very good. Yet their son is now a junior in medical school.

[bibit612]

Originally Posted by ndfmnlf

I check census stats periodicially PINC-11--Part 1, and the thing that always stands out is that Asian-Americans consistently have higher incomes than other ethnic groups - higher even than non-Hispanic whites. For an ethnic group that is fairly new to the US, that's quite an achievement. Is there something the Asians are doing right that the rest of us can learn from? Are they more entrepreneurial? Better educated? Both? My hunch is that they are more entrepreneurial. They like to take risks. Whenever I go to Chinatown here in Chicago, I'm struck by how many Chinese here could barely speak English, yet they own businesses that seem to print money left and right. I also know a couple who own a small fast food Chinese restaurant in the suburbs. Their English isn't very good. Yet their son is now a junior in medical school.

I'm not sure that Asian-Americans are necessarily wealthier. My observation is that they try harder to succeed. They come from generations of ancestors who have lived in countries where the government does not enable people...no welfare system, no credit, no healthcare, comparatively poor public educational system, etc. When they come to the US, or as second or third generation Asians, they are ingrained with the desire to overcome what they or their parents have had to endure, and find that opportunity here. In the process, they become financially independent and secure. As an Asian-American, that is my personal experience.

[phoenix_talons]

To paraphrase Descartes: Asian-Americans are wealthier, therefore they are.

[Huckleberry3911948]

work ethic strong family values. calculus instead of hip hop.
just guessing.

[Donn2390]

As bibit said, they just try harder..! I have several school teachers in my family. they tell about the Asian parents coming to the teachers asking for more homework, you don't give my children enough homework. They demand the best from their children, and they sit there with them and make sure all of the homework is done, and any extra credit work necessary to improve their grade. The other races are too busy with their own lives to worry about the kids. Yes, this is a generalization, all races have good students, but the percentages of the ones that work hard are on the side of the Asians.. If all races were so diligent, we would have far less crime in the world...
The other races seem to look at school as a babysitter and, for the most part, don't get involved.
Look at the highest grades in any Hi School graduating class. The top students are Asian. The population of most colleges, at least in So Calif, are Asian. They strive to succeed, it is ingrained into them.
All races have the same opportunity, unfortunately most fail too take advantage of the chance they have....

[evilnewbie]

It is a combination of different factors, some of them don't think they are entitled to anything and therefore go out into the world saving and living in a modest lifestyle. They don't think eating in expensive restaurants is a "necessity" if their income can't afford it. They are also habitual savers not habitual spenders/borrowers. The more you save, the wealthier you are... Sure you see Asian Americans spend a lot of money on some things but that's after they can afford to which can't be said of the other Americans. However this is changing even now, the new generations of Asian Americans aren't doing just that and haven't learned from their previous generations, in the end they won't be as wealthy... its a mindset that entitlements are "extras", not that they are "mandated from Heaven" as some Americans think... That means you work, save, and advance... but that mentality doesn't last forever... my parents worked hard and saved a lot of money, I guess they "could have been" wealthy however since their divorce... one continued that pathway and now has probably a million dollars in retirement... the other one changed and believed that entitlements are necessary and is overspending and is in terrible debt with almost no retirement...

[NJ Chutzpah]

Well it depends on the generation

Generation X, and Y asian kids are not entrepreneurial, but their parents will beat them if they get bad grades, so they end up being good students and can get into good colleges for a major that will secure them a well paying spot in the corporate world

Their parents however grew up in a society where mom and pop establishments reign supreme, so they worked there as kids and had ample time to learn from a hands-on position

There are still lots more wealthy whites than asian however

And the asians came to this country before the italians and jews so they had ample time to learn how to work within their niche

[ndfmnlf]

There are still lots more wealthy whites than asian however

Well, that's true only because there are more whites in the population than there are Asians. Asians are only 5% of the population. So in absolute terms, there will be more wealthier whites than wealthier Asians. But when you look at median incomes as reported by the Census Bureau, the median incomes of Asians are higher than those of whites.

Asians can also not be lumped as one group. The Chinese, Japanese, Koreans, Filipinos, and Indians tend to be more affluent, while the Cambodians, Vietnamese, Hmongs, Burmese are less so.

The reason I started this thread is my interest in finding new markets within the United States with the buying power to support businesses. We talk about emerging markets being the next frontier for high investment returns. American multinational corporations are pushing into these markets overseas to sell their products. What they may have overlooked is that there is an emerging market within our own shores composed of people who have the purchasing power to buy their products. The Asians have high incomes and high savings rates; and when they buy stuff, they tend to be brand conscious and brand loyal. I have seen them pay cash for expensive cosmetic services. A friend of mine who is a dermatologist in San Jose CA gets paid cash from these people; my friend doesn't even take insurance anymore, he doesn't need it.

[bibit612]

I grew up in a middle class family with a mother who was a career city employee and a father who was a lifetime US embassy staff. Mortgaged to the max in their desire to send us to private school, we grew up without all the little extras my kids have today. I opened my first savings account as a 7-year old 2nd grader, from money I got returning soda bottles to the cafeteria for a deposit. I grew up around rich kids who could care less about a nickel. Pretty much, most of my friends were middle class and went through most of the things I did growing up, living with the minimum requirements of living. My siblings and I did not ask for more and learned to earn our own money, working with our hands doing chores around the house at a very early age. I learned to sew my own clothes so I could have better clothes to wear. Since most people where I grew up look at college as a way out of poverty, many sell their farm to send their children to school. With a government that at one point in time was under a dictatorship, it made things even more difficult. No one wants to live a life like that and with no one to count on but yourself, one learns the concept of self-sufficiency very early. With drive, education, a propensity to save, and hard work, many Asians become comfortable in life.

[Wild Style]

Originally Posted by ndfmnlf

I check census stats periodicially PINC-11--Part 1, and the thing that always stands out is that Asian-Americans consistently have higher incomes than other ethnic groups - higher even than non-Hispanic whites. For an ethnic group that is fairly new to the US, that's quite an achievement. Is there something the Asians are doing right that the rest of us can learn from? Are they more entrepreneurial? Better educated? Both? My hunch is that they are more entrepreneurial. They like to take risks. Whenever I go to Chinatown here in Chicago, I'm struck by how many Chinese here could barely speak English, yet they own businesses that seem to print money left and right. I also know a couple who owns a small fast food Chinese restaurant in the suburbs. Their English isn't very good. Yet their son is now a junior in medical school.

What social group are these asians coming from. I.E. what social strata where they in back in Asia?