Image courtesy of Nuestro Stories.
The estimate is that about 6.8% of Hispanics or Latinos who are middle-aged and college-educated are or will become millionaires. Almost 19% of the U.S. population is Hispanic or Latino.
This is good news. Nearly one in four new businesses in the US are Hispanic-owned. The most recent figure was 3.3 million, a slight rise from 2007.
But the odds for Hispanics are less than 7 percent, and for Caucasians, it is better than 21 percent. The ones that make it usually have a pretty good story. Here are three examples.
Jorge Pérez
After finishing high school, Pérez was born in Argentina, came to the United States in 1968, and settled in Miami. By chance, he met New York developer Stephen Ross, which led to The Related Group's founding.
He built his fortune building and operating low-income housing for multifamilies, and his firm became the largest affordable housing builder in Florida. He has left his mark on the Miami skyline, and the Wall Street Journal labeled him earned the moniker of “The condo king of South Florida.”
According to Forbes, Pérez has a net worth of $2.8 billion, making him one of the most influential Latino millionaires.
Alberto “Beto” Perez
Have you ever taken a Zumba class? Loved it or hated it, you have Alberto “Beto” Perez to thank. The dance fitness regiment has been with us for over a decade, but it got its Colombia in 1986. One day, Perez was an aerobics instructor and forgot the traditional music for his class. So, he decided to play it by ear and used a Latin music tape; the rest is history.
He eventually moved to Miami looking to expand his business and grew it he did: more than 15 million people at 200,000 locations in 180 countries take Zumba classes, according to the company. It is the largest fitness brand in the world.
The company has a clothing line, shoes, food items, cruises, and video games. In 2012, Raine Group and Insight Venture Partners acquired a minority stake in Perez’s business. It is valued at $500 million; Beto’s fortune is 30 million.
Maria Contreras-Sweet
Maria Contreras-Sweet was born in Guadalajara, Mexico. Her grandmother was a migrant worker that told her that if she worked hard and studied, she would someday work in an office as a secretary. That would make her proud.
She did, as Secretary of Business Development and Transportation in California, the first Latina to do so.
She went on to do four years as the Small Business Administration’s head under President Obama. After that, she founded and served as executive chairwoman of ProAmérica Bank - which services businesses within the Latino community.
In 2021, she was named on the Marquis Who’s Who list of Top 50 American Latino Leaders.
Contreras-Sweet is internationally admired for her insights into growth, innovation, and corporate governance. She cracked the glass ceiling at 30 and now has a business record that is tough to top.
The Center for Responsive Politics estimates her net worth at $3.5 million.
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