Demographic and Behavior Analysis 2

Part
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Part
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Spending Behavior - Caucasians Versus Multicultural

Spending behaviors of affluent Americans based on racial demographics were found and broken down by Caucasian, Hispanic, Asian, and African American. It was found that compared to minorities, Caucasian Americans are more likely to invest their savings in programs provided by their employers, like a 401k. It was also found that all racial groups tend to spend less on luxury vehicles in favor of SUVs and trucks, and will shop at cost-saving retailers such as Walmart and Target.

Methodology

We started our search by looking for pre-compiled information about Americans who have net worths between $250,000 and $500,000. Most of the results that we found were from articles detailing the spending habits of Americans with a net worth of $250,000 and above. We used these results because we found that spending behavior does not change much beyond the $500,000 net worth line, except for taxes. We found that most Americans in this bracket do not have much flexibility in spending when it comes to mortgages, child care, and student loans. Affluent Americans will still shop for packaged goods at Walmart and Costco like lower-income Americans and will forgo luxury vehicles for SUVs and trucks. We found that a top priority of theirs is saving money. Since we needed to find both similarities and differences, we then searched for this information based on white and 'multicultural'. We didn't find any information exactly on 'multicultural', but we found a breakdown by White, Hispanic, Asia, and African American. With these four demographics, we searched for the spending power of each and were able to find pertinent information.

DEMOGRAPHICS

A majority of affluent Americans are more likely to be married and have a two-income household. Affluent Americans, broken down by racial demographics, are 74% white, 10% Hispanic, 9% Asian, 6% African American, and 1% Other. Across all demographics, affluent Americans spend their money on education and travel. They are also likely to invest their savings into 401K programs provided by their employers. Areas of improvement for their budgets usually fall under food, car payments, charitable giving, lessons for children, and vacations. Their largest expenses are usually mortgage payments, child care, student loans, and taxes. They will forgo expensive vehicles to purchase trucks and SUVs by Ford and Jeep and will buy packaged goods at dollar stores and other bargain retailers such as Walmart, Target, and Costco.

BEHAVIORS OF Caucasian AMERICANS

Caucasian Americans have long been the majority with assets between $250,000 and $500,000, but they are becoming a smaller majority. They are the group most likely to invest more in work-sponsored savings plans and in stocks and bonds. They also spend more money on digital technology, cell phones, watches, and communication devices. Caucasian Americans are increasingly buying multicultural products, while decreasingly buying luxury goods and high-end fashion.

BEHAVIORS OF HISPANIC AMERICANS

Hispanic Americans, in general, tend to shop for products that reflect themselves and their values. They are mostly bilingual and usually spend money on products that reflect that. High net worth Hispanic Americans are usually early adopters of emerging technology, and they are increasingly shopping for more fashion-forward items and luxury goods, compared to their Caucasian counterparts. They are also more likely to spend money on personal stylists and private shopping.

BEHAVIORS OF ASIAN AMERICANS

Asian Americans are the most educated and affluent US racial and ethnic group. They actively shop online and are early adopters of technology and personal grooming products. Just like Hispanic Americans, they tend to look for more fashion-forward luxury goods and are more willing to spend their money on personal stylists and personal shopping experiences.

BEHAVIORS OF AFRICAN AMERICANS

Wealthy African Americans will invest their savings on CDs, savings bonds, real estate, and life insurance. In terms of spending, they tend to spend their money with brands they perceive as more socially conscious. They tend to spend a lot on consumer packaged goods like baby food, personal hygiene products, and deodorizers.
Part
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Part
02

Trustworthy Media Outlets - LGBTQ

The Advocate, Queerty, BuzzFeed, PinkNews, Autostraddle, Outsports, and others are among the ten news website that vibrantly LGBTQ community issues. Also, a study by NCBI revealed that social media is a significant medium for reaching LGBTQ consumers, as handles like @TwitterOpen, @TheAdvocateMag, @outmagazine, @huffpostqueer, @ItGetsBetter, and others that promote LGBTQ have over 100k followers on Twitter, respectively. Unfortunately, there was no information in the public domain with insights into media outlets/brands that LGBTQ high-net-worth-individuals with assets of $250,000 to $500,000 consider trustworthy for information.

Methodology

We started by investigating research papers, survey reports, and other published papers that may contain data on the media outlets/brands that LGBTQ high-net-worth-individuals with assets of $250,000 to $500,000 consider trustworthy for information. For this, we looked into research databases such as NCBI, PsycINFO, LGBT Life, Alternative Press Index, Genderwatch, and others. Also, we examined reports from research firms such as Pew Research, Gartner, Delloite, and others. Unfortunately, there were no studies or reports with data on the media outlets/brands that LGBTQ high-net-worth-Individuals with assets of $250,000 to $500,000 consider trustworthy for information. This investigation only revealed media channels that vibrantly cover LGBTQ-related issues and LGBTQ roles on television, respectively

Next, we researched news websites such as CNN, New York Times, WSJ, BBC, and others, as well as press release sites such as BusinessWire, PNR Newswire, and others. We hoped to find reports about certain studies or research pertinent to media outlets/brands that LGBTQ high-net-worth-individuals with assets of $250,000 to $500,000 consider trustworthy for information. Again, such info was not publicly available. The same reports found from our earlier research highlighting channels used by LGBTQ individuals were the same ones located. However, we discovered a report by Statista, which revealed the media reach among LGBTQ consumers in the US in 2018.

So, we researched the most significant media outlets in the USA, with the hope of identifying any demographic data of their audience or subscribers, to see if there were those most prominent among LGBTQ and relevant to this request. For this, we investigated USA Today, Washington Post, Houston Chronicle, L.A Times, N.Y Times, and others. We examined the directories of these sites, as well as used web analytics tools like SimilarWeb and SpyFU, but there was no information in the public domain revealing the demographics of their subscribers. Also, SimilarWeb and SpyFU only provided insights into their traffic numbers and nothing relevant to the information required of this request.

Furthermore, we investigated relevant blogs including LGBTQ Nation, PinkNews, After Ellen, and others, but they only provided info about LGBTQ rights, and nothing pertinent to media outlets/brands that LGBTQ high-net-worth-individuals with assets of $250,000 to $500,000 consider trustworthy for information. We also expanded our research outside of the US, but the same reports earlier identified were the same ones available in the public domain. Thus, based on our investigation, there is no report in the public domain revealing the required information, and this may be because no study has been conducted in the US to discover media outlets high-net-worth LGBTQs trust.

Helpful Research Findings

According to a report by PR Newswire, ten news sites vibrantly cover LGBTQ matters includes The Advocate, Queerty, BuzzFeed, PinkNews, Autostraddle, Outsports, Washington Blade, Towleroad, TransEquality, and Bay Area Reporter.

Statista's report revealed that LGBTQ consumers of different generations in the United States could be reached through LGBTQ websites/blogs, while a study by NCBI observed that LGBTQ greater use of the Internet, especially social media alongside traditional media channels.

As per research by NCBI, social media also serves as a significant source of news and social support for LGBTQ users. For example, LGBTQ-relevant social handles such as @TwitterOpen, @TheAdvocateMag, @outmagazine, @huffpostqueer, @ItGetsBetter, @glaad, @QueerHistoryQDM, and @QueerStoriesQDM have more than 100k followers on Twitter, respectively.

Also, according to a report by The Verge in 2018, LGBTQ TV representation grew to 8.8% out of 857 broadcasts, and this was a new record, as most series openly identified as transgender, gay, or queer spectrum.






Part
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Part
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Trustworthy Media Outlets - Multicultural

Americans get some of their news from social media sites. However, only 5% believe trust the information they receive from these sites. Most still choose to believe in national news organizations such as CNN and ABC, and in their local newspapers. However, information about which media outlets do high net-worth multicultural individuals consider trustworthy for information could not be found.

Methodology

We started the search by looking into various research papers, survey reports, and other published papers that talk about where multicultural high net-worth individuals (with assets of $250,000 to $500,000) get their daily news. Research databases such as NCBI, PsycINFO, WorldCat, Google Scholar, Academia.edu, SAGE Journals, and the Census Bureau were used in the search. Other research firms such as Pew Research, Gartner, and Delloite were also checked for information. The search yielded minimal results. Most of the information we found was about the general American population, various political parties, and ethnic groups, but nothing specific to the topic required. We also decided to look into business websites such as CNN, New York Times, WSJ, BBC, Forbes, The Guardian, and NewsWeek, and other press release sites such as BusinessWire and PNR Newswire. However, the results of the search were similar to the previous strategy.

We then decided to check in with Statistica, as the site provides statistical data about various topics. We were able to find statistics about the level of trust in selected news media organizations in the United States. However, the data did not have race segmentation. We also found data that reported the perceived frequency of the media reporting fake news in the US in 2017 by ethnicity, but no media brands mentioned.

We then decided to look for the top media outlets in the United States. The list included The New York Times, Washington Post, USA Today, The Houston Chronicle, The Wall Street Journal, Chicago Tribune, Los Angeles Times, The New York Post, Newsday, and The Seattle Times. We then looked for demographic data about their audience and subscribers. This method was used to see the number of multicultural audiences could be found in each media outlet, and the amount or percentage that composed of this group could represent the level of trust that the community gave to the media outlet.

We then started to look into each of the news pages found of the mentioned media sites. This includes press releases, newsroom, about page, and other pages that may contain their success metrics. We also looked into their annual reports and sustainability reports. However, no demographic data about their audiences and subscribers can be found. We decided to use Similar Web to check the audience demographics of each website, but what we found was the general data of visitors that were only segmented by gender and age.

We looked into blog posts such as Good Therapy, This Way Global, and John T Marohn, to see if they published anything about the given topic, but these blogs only contained information about multicultural issues, legal issues, opinions on politics, entertainment, religion within the Multicultural community. The blogs also included media trust and consumption for each of their ethnic group, but no article about the mentioned brands. We also checked review sites such as Site Jabber and TrustPilot, to see how the multicultural community reacted to each media outlet. However, we deemed this approach to be unreliable because there was no way to filter the reviews by ethnicity. Lastly, we decided to segment the search by looking into each trusted media outlets of each ethnic group. The search provided additional information for the brief. However, it did not have information by income level, and no media brands were mentioned.

After the exhaustive search, we then concluded that information about which media outlet do high net-worth multicultural individuals deem trustworthy and credible cannot be found.

Media Trust by Americans

There is an increase in usage of social media in the US. However, only very few web-using adults (5%) trust in the information they receive from social media sites. This is in comparison to national news organizations, which receives the most trust from web-using adults (72%). Additionally, the Gallup for the Knight Foundation survey found that many Americans put their trust in local newspapers with 54% stating that they have “a lot” or “a fair amount” of confidence in their local newspapers. It was also found that 51-52% of the American population trust national news and national newspapers, and Americans do not put much trust in media news outlet aggregators (38%) and Internet-only news websites (36%). The most trusted news media brands by adults are CNN (54%), followed by ABC, NBC, CBS, and Fox News.

Moreover, on a multiple-item media trust scale, it was found that the average American scored 37 out of 100 points. It was also found that media trust depends partly on partisanship, where Democrats mostly trust the media, while Republicans do not.

Media Trust by Ethnic Groups or Income Level

When it comes to ethnic groups, a media trust scale (with scores ranging from zero to one hundred) found that black Americans are the most trusting (52%), followed by Asian (44%), Hispanics (43%), and the Whites (32%). When it comes to household income, those who earn more than $100,000 have the lowest media trust, with only 32% believing the media. While 42% of those who earn less than $50,000 believe in the media (3).

Furthermore, blacks and Hispanics are more likely to trust all kinds of media sources in comparison to whites. This includes the local newspaper, national news networks, national newspapers, cable news, aggregators, and internet only news websites. Additionally, Gallup research found that blacks and Hispanics (regardless of income level) are more likely to trust CNN, followed by Fox News and the NPR.

Media Consumption

A 2017 Pew Research found that there was a decrease of Americans who watch the news from the television. In 2016, 57% of Americans watched television for the news (this includes local TV news, nightly network TV news, and cable news). However, in 2017, the number was down to 50%. Moreover, there is a growing portion of Americans who get their news online. The number grew to 43% in 2017, from 2016’s 38%. Additionally, it was found that 67% of Americans get some of their news from social media sites. It was also found that 74% of non-whites (this includes all racial and ethnic groups except for non-Hispanic whites) get their news on social media sites. This number grew from 2016’s 64%.

Simmons’ Research on 2018’s Most Trusted Media Organizations

Simmons researched 2,009 Americans about their trust in different news organizations. They found that the three most trusted brands are Wall Street Journal (57.7% trusting the organization), ABC News (55.9%), and CBC News (55.4%). They trusted other sites such as BBC News (55.2%), Forbes (54.2%), NBC News (54.1%), New York Times (53.8%), Washington Post (53.6%), USA Today (51.1%), and Washington Times (50.0%).

Trusting News Project’s List for 2017’s Trusted Media Organizations

Trusting News Project researched 8,728 participants in the US, asking them about their most trusted newsrooms. The three most trusted newsrooms in 2017 were The Economist, public television, and Reuters. Other newsrooms such as BBC, NPR, PBS, The Guardian, The Wall Street Journal, Los Angeles Times, and The Dallas Morning News were also included to the list.
Part
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Part
04

Importance of Philanthropy

After an exhaustive search through credible sources, we were unable to identify information on the importance of philanthropy of multicultural and LGBTQ High-Net-Worth-Individuals with assets of between $250,000 and $500,000. It is possible that the requested information is unavailable in the public domain. Below we have presented a detailed overview of our research strategy, any assumptions we have made, and some findings from our research.

METHODOLOGY

We began our search through credible databases such as The Nielsen Report, GRINDR Survey, Gallup, and Pew Research. We desired to seek information on the importance of philanthropy for multicultural & LGBTQ persons exclusively with assets of $250,000 to $500,000. Since such information is generally covered in surveys, we primarily based our research on finding the relevant survey reports. The survey reports include the information for the multicultural & LGBTQ community as a whole. However, no information was found specific to the category with assets between $250,000 and $500,000.
We then did an exhaustive search through government websites such as Census and market report websites such as IBIS World and looked if there are reports that pertain to philanthropic habits of Multicultural and LGBTQ High-Net-Worth-Individuals with assets of $250k-$500k. But this search did not provide any report about their philanthropic habits. We also tried searching for the reports about the high net worth LGBTQ and multicultural individuals to check if it can provide some useful insights about the requested segment. But again, no fruitful results were found. However, we were able to gather insights about multicultural individuals in general.
Next, we expanded the research again to specific individuals of the multicultural and LGBTQ community. We searched for academic journals and databases such as Google Scholar and American Library Association, sites of American organizations such as American Psychological Association, and The Human Rights Campaign, as well as education portals such as UCLA, for studies or reports specific to the importance of philanthropy to the multicultural and LGBTQ community. This approach was aimed at obtaining information that we could use for analysis of the community as a whole. However, this approach did not yield any info about their spending habits. What we obtained were insights on their socioeconomic status and other statistics on their finances.

Finally, we searched through multiple general and community-centered news forums in the United States, including Philanthropy News Digest, Gay Star News, Gallup, CNN, The Street, Pink News, Forbes, Ebony, and Inside Philanthropy, to gather any valuable insights. This research strategy did not produce the results we were seeking as most of the sources provided news on LGBTQ charities, as well as philanthropic actions and tendencies of multicultural and LGBTQ billionaires.

Due to the lack of relevant information, we have concluded that the requested data is unavailable. Most of the information that we came across concerned the overall LGBTQ and people of color communities or those with a net worth that surpasses $500,000, which is a probable reason for the absence of appropriate data.

HELPFUL FINDINGS

  • LGBT donors are 38% more likely to give towards a political related fundraising. (Source 1)
  • Individuals of color with a high net worth often give philanthropically, however, they to be isolated from one another and are lacking from networks that connect wealthy white donors.
  • High-net-worth individuals of color often give generously, mainly to people who ask them, most often that means large donations to universities.
  • Donors of color often seek to increase opportunity. Most of them have worked for their wealth, they didn’t inherit it. “They’re conscious of the opportunity that allowed them to make that wealth. So they’re giving to create opportunity.
  • Tim Gill's foundation, OutGiving, organizes conferences that helped foster an LBGTQ philanthropic movement. These conferences congregate wealthy individuals donating to LGBTQ and allow them to meet, network, and collaborate with other donors, advocates and thought leaders. Twenty years later, this movement created a field called LGBT philanthropy.


Part
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Part
05

Investments by Industry

Based on publicly available information sourced across market research intelligence companies, national associations, online statistics portals, media publications, and other relevant industry sources, your research team identified that multicultural and LGBTQ investors are likely to invest their money in the following industry sectors: technology, financial services, healthcare, consumer defensive, consumer cyclical, industrials, consumer discretionary, communication services, consumer staples, energy, utilities, materials, real estate, and cash/other. Below is an outline of our research methodology to better understand why the requested information is publicly unavailable, as well as a deep dive into our relevant findings.

METHODOLOGY

To identify the industry sectors that multicultural and LGBTQ High-Net-Worth-Individuals with assets of $250,000 to $500,000 invest most of their money in, our first strategy was to analyze some credible databases. We did this using research companies such as Nielsen, GRINDR, Pew Research, LGBT Capital, and Gall Up; national associations such as National Association for the Advancement of Colored People and National LGBT Chamber of Commerce; online statistics portal such as Statista; and financial industry media publications such as Forbes, Fortune, and Bloomberg, among others. Our goal was to find pre-compiled surveys and reports that provide relevant information about industry sectors that multicultural and LGBTQ High-Net-Worth-Individuals with assets of $250,000 to $500,000 invest most of their money. However, we did not find any relevant information to address this request, especially for the category with assets of $250,000 to $500,000. We only found surveys about the LGBTQ community, multicultural community, total LGBTQ wealth in the US, the total number of LGBTQ in the US, and annual purchasing power of LGBTQ people.
Next, we changed our strategy by expanding our search to the industry sectors that LGBTQ and multicultural communities, in general, invest most of their money in. For this search, we used LGBTQ and multicultural association sources such as The Human Rights Campaign; market research intelligence companies such as Wells Fargo, Wilmington Trust, Phoenix, Impact Shares; and industry sources such as NerdWallet, and ThinkAdvisor. However, we still did not find any relevant information of industry sectors where LGBTQ and multicultural communities in general invest their money in from any surveys, articles or reports, and nothing that could be correlated to the high net worth LGBTQ and multicultural individuals. This search only yielded surveys about the financial and investment decision habits of LGBTQ and multicultural communities, and also lists of index funds or ETFs that invest in companies supporting LGBTQ and multicultural inclusions in the workplace, including their top industry sectors. We have provided these as helpful findings of possible industry sectors that LGBTQ and multicultural people will invest their money in.
Since there was no pre-compiled information available to address this request, we changed our strategy again and attempted to locate the requested information by triangulation. We checked the top LGBTQ and multicultural investors in the US in order to check which industry sectors they already invested in so far. We used financial information sources such as Crunchbase, Angel Investors, Forbes, Fortune, and Bloomberg; and industry source Interesting Engineering. We then found out some of the LGBTQ and multicultural investors such as CEO Tim Cook of Apple, CEO Alan Joyce of Qantas Airlines, Former PayPal CEO Peter Thiel, Corey Thomas of Rapid7, and Monique Woodard of Black Founders. However, there was no publicly available information about their personal investments found, other than information about the companies that they're currently leading. This may be mainly because investments are private information and mostly not disclosed to the public.
After exhaustive research from pre-compiled sources, broadening the criteria, and attempting triangulation, we therefore, conclude that no study or report yet has been done or is publicly available for the industry sectors that LGBTQ and multicultural High-Net-Worth-Individuals with assets of $250,000 to $500,000 invest most of their money in. We have presented all the other information we obtained throughout the search below as our relevant findings.

RELEVANT FINDINGS

As of 2017, about 4.1% (10.7 million) of the US population comprised of LGBTQ people, and their annual purchasing power was estimated to be $917 million, according to a Wilmington Trust report. As per an LGBT Capital report, the estimated LGBT wealth in the US is about $6.081 trillion in 2018. When it comes to making financial and investment decisions, 74% of LGBTQ investors in the US prefer to work with financial professionals who have other LGBTQ customers, according to a Wells Fargo report.

According to InsightShares LGBT Employment Equality ETF report, the following are the industry sector options that LGBTQ investors will most probably invest most of their money in:


According to Impact Shares NAACP Minority Empowerment ETF report, multicultural and minority investors will most probably invest most of their money in the following industry sectors:

Some popular US LGBTQ entrepreneurs and investors in the United States are CEO Tim Cook of Apple, CEO Alan Joyce of Qantas Airlines, Peter Thiel of PayPal, Martine Rothblatt of United Therapeutics, Nick Denton of Gawker Media, Peter Arvai of Prezi, and Joel Simkhai of Grindr, among others.

Some popular multicultural entrepreneurs and investors are in the US are: Monique Woodard of Black Founders, Corey Thomas of Rapid7, Temiloluwa Adeniyi of Nopneu, Chris Bennett of Wonderschool, Nicholas Brathwaite of WRV Capital, Kal Vepuri of Hero, David Beyer of Amplify, Jonathan Gheller of Metabolic, Ben Lam of Arical, and KG Charles-Harris of Quarrio, among others.
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Part
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Investment Trends - Multicultural & LGBTQ

Five investment trends for LGBTQ individuals and multicultural individuals include person investment support, online options for investment knowledge, networking, respect and support from investment companies, and investments that support their level of income and other social factors.

Methodology

We could not find specific information about investment trends when it comes to high net-worth (earning between $250,000 and $500,000) LGBTQ and multicultural individuals. We leveraged both gender and minority-based research sites, publications, and industry publications. However, none of the sources provided information specific to the topic. We also decided to broaden the request to include individuals part of a higher net-worth range, but once again, this yielded little to no information. Due to the lack of information on the given topic, we decided to use data that did not stipulate income level and data that included individuals who have a wide range of income levels for this brief.
For the research brief, we looked into various industry publications, news articles, and statistical databases specific to LGBTQ groups and multicultural groups. For information for the LGBTQ investors, we had to assume that issues that high-net-worth LGBTQ investors face are similar to individuals with a lower-net-worth. While for multicultural investors, we had to assume that there was consistency in investment trends for large groups of very diverse people.

lgbtq investment Trends

The LGBTQ community in the US is growing, and many LGBTQ individuals are investing in their future and family. However, many also perceive that supporting themselves is essential, and with this in mind, individuals who are part of the LGBTQ community are looking for investment advisors who support the community, and the overall growth of diversity in the US.

LGBTQ investors also enjoy investing in firms that are well-networked, and in certain industries that are related to the LGBTQ community such as IT, medicine, and lifestyle and travel.

Multicultural individuals investment trends

There are more whites than multicultural individuals that invest. Furthermore, the trend of multicultural individuals participating in investing is gradually increasing. These multicultural investors are relying much on their education to increase their levels of investing.

Additionally, Hispanics have increased their saving rates, alongside some other multicultural groups. Multicultural individuals also increased their investments in education through the medium of online videos. In addition to this, multicultural individuals have also increased their frequency of use in robot advisors (6).

Part
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Part
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Personal & Professional Goals - LGBTQ

After an exhaustive search through credible sources, we were unable to identify the personal and professional goals of LGBTQ High-Net-Worth-Individuals with assets of $250,000 to $500,000. It is possible that the requested information is unavailable in the public domain. Below we have presented a detailed overview of our research strategy, any assumptions we have made, and some findings from our research.

METHODOLOGY

We began our research by searching for LGBTQ community-related research publications from both government associations and non-governmental organizations to obtain insights on the LGBTQ community in the United States. These sources could include information on the group's common personal and professional aspirations according to their net worth. We searched through reports published by credible sources, including Wilmington Trust, Trillium Invest, Prudential, and Spectrum, for relevant data. However, the articles we came across contained limited information, especially concerning High-Net-Worth-Individuals (HNI), and the majority of the data was for the entire LGBTQ community. Also, we discovered that HNI and UHNW, or Ultra-High-Net-Worth, were regularly utilized interchangeably and addressed those with a net worth between $5 million and $25 million.

Next, we attempted to find different survey reports from educational and social institutes on the LGBTQ community in the United States to acquire insights and opinions on their ambitions, dislikes, likes, and habits. We examined reports published by sources such as Experian, Williams Institute, LGBTQ Survey, California State University Northside (CSUN), and Pew Social Trends. Most of these publications provided insights on the goals of the overall community and did not separate their findings based on the respondents' net worth.

We then attempted to triangulate an answer by focusing on a few LGBTQ High-Net-Worth-Individuals in the United States (assets between $250,000 and $500,000) and collecting details on their personal and professional goals to use as a proxy. We reviewed numerous news articles from sources such as Ranker, Bloomberg, Forbes, and Pink News, but the publications only covered those with a net worth exceeding $500,000. They consisted of millionaires and billionaires like Giorgio Armani, David Geffen, and Jon Stryke. We also scrutinized their biographies, interviews, and news articles to find their personal and professional goals using reports provided by MLive, Success Story, Philanthropy News Digest, Synergos, and Look To The Star. Nonetheless, their individual preferences and goals were not sufficient to be used as a proxy for all LGBTQ High-Net-Worth-Individuals.

Finally, we searched through multiple general and LGBTQ-centered news forums in the United States, including Gay Star News, Gallup, CNN, The Street, Pink News, Forbes, and Bloomberg, to gather any valuable insights. This research strategy did not produce the results we were seeking as most of the sources provided news on LGBTQ charities, as well as philanthropic actions by LGBTQ billionaires. Due to the lack of relevant information, we have concluded that the requested data is unavailable. As stated earlier, most of the information that we came across concerned the overall LGBTQ community or those with a net worth that surpasses $500,000, which is a probable reason for the absence of appropriate data.

HELPFUL FINDINGS

As listed in a Wilmington Trust report involving LGBT individuals, Ultra-High-Net-Worth, or UHNW, investors (20% of respondents) maintaining a net worth between $5 million and $25 million reported that they personally believe themselves to be educated on particular financial products and have shared interests in certain financial investments. Also, UHNW investors have a professional aspiration of conducting direct investments in startups owned by LGBT people. According to Gallup, members of the LGBT community generating an annual household income of $90,000 is only 3.9% of the group's population. More than one-third (34%) of LGBTQ respondents to an Experian survey report having poor spending habits that they wish to correct or adjust.

As reported by Forbes, some LGBT billionaires in the United States, as of 2017, include:


Ranker also listed some gay billionaires in the country including Giorgio Armani, David Geffen, as well as Jon Stryker ($2.2 billion).

ADDITIONAL FINDINGS

GIORGIO ARMANI

PERSONAL GOALS

SIMPLE PERSONAL LIKINGS
Giorgio Armani was raised in an Italian, poor household and continues to prefer an uncomplicated and reserved lifestyle. While in public, Armani is not fluent in English as he does not have faith in his language skills. However, he cares deeply about his principles, which are consistency, tenacity, risk, and passion. Furthermore, it is essential to him that he is respectful towards others.

HEALTHY LIVING
Armani despises laziness and aims to sustain a healthy mind and body. One of his intentions is to uphold discipline within his personal life and manage a well-maintained physique. He is engrossed in sports and acts as the President of the Olimpia Milano basketball team.

PHILANTHROPY
Armani is ardent about eradicating AIDS and world poverty. He has collaborated with the Global Fund, UNICEF, and the United Nations High Commissioner for Refugees (UNHCR) and has initiated numerous charities and philanthropic activities to promote matters related to:


PROFESSIONAL GOALS

BUSINESS EXPANSION
Giorgio Armani wishes to grow his business and prevail as the "boss" of the fashion industry. He aims to expand his line to include accessories, underwear, and swimwear. Armani also plans for succession and wants to extend his foundation and business line. Moreover, he desires to shift his company's turnover to 70% clothing and 30% accessories within the next few years.

DIGITIZING BUSINESS
Armani wants to enter his fashion company into the digital world. To do this, he plans to obtain a brand-new digital manager, restore the company's website, establish a new platform for digital content at its headquarters, and consider additional acquisitions.

JON STRYKER

PERSONAL GOALS

PHILANTHROPY
Through the Arcus Foundation, Jon Stryker serves as one of the top global funders of LGBT rights. He aims to achieve specific goals and strategies to deliver an impact on both the conservation of great apes and LGBT rights. Stryker also desires to raise funding and create fresh tactics for international LGBT work. Recently, Stryker pledged approximately $20 million in support for need-based scholarships to Kalamazoo College.

LGBT RIGHTS
One of his goals is to promote LGBT rights by making it a part of civil or human rights.

PROFESSIONAL GOALS

FOUNDATION EXPANSION
Stryker wants to boost awareness and reverence for the fundamental importance of great apes through his Arcus Foundation. He also has a programmatic goal to accommodate conservation with economic development and formulate a more powerful movement by forging partnerships between individuals, private sectors, businesses, and governments around the globe.

Part
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Part
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Personal & Professional Goals - Multicultural

After an exhaustive search across reliable sources, we were unable to provide information on the personal and professional goals of multicultural High-Net-Worth-Individuals with assets of $250,000 to $500,000. We have determined that the requested information is unavailable in the public domain. We have presented a detailed overview of our research strategy, any assumptions we have made, and some findings from our research below.

METHODOLOGY

We began our research by searching for industry reports or market studies addressing the personal and professional goals of multicultural High-Net-Worth-Individuals (HNWIs) in the United States with assets of $250,000 to $500,000. Though we found a report from Mintel providing a few insights on the goals of HNWIs, it mainly concentrated on all HNWIs in the country. We also discovered a survey published by RBC Wealth Management, but it also only discussed the top goals for the overall HNWI group. Furthermore, we found another survey report from CTBC Bank that offered some insights on the professional aspirations of HNW Chinese Americans, though it was principally directed towards their general financial/investment goals and presented limited details on their personal and professional goals. An article from the Pew Research Center contained information on the professional and personal objectives of Asian Americans and Latinos, but it did not offer any specific data on HNWIs with assets of $250,000 to $500,000. We also checked for social or academic publications that could present relevant information. We searched through credible sources, including Science Publishing Group, Research Gate, Academia, World Research Library, and Elsevier, but were unable to find academic papers or social publications on the personal and professional goals of multicultural HNWIs.

Next, we searched for consumer personas/profiles concerning multicultural HNWIs in the United States using different financial and lifestyle publications to find information on what they care about and wish to accomplish professionally and personally. With this research strategy, we were able to locate articles published by International Advisors and the Charter Financial Publishing Network. Nonetheless, they primarily concentrated on overall HNWIs in the country. We could not find information on multicultural HNWIs specifically. During our research, we made sure to check for data on the general multicultural population, as well as individual segments (African Americans, Asians, Biracial, Hispanics).

Our next strategy was to explore leading news publications for articles providing valuable information what multicultural HNWIs in the U.S. care about and wish to accomplish personally and professionally. We wanted to find a news report or press release containing commentary or quotes by a few multicultural HNWIs. Some sources we searched through include the New York Times, Forbes, Wall Street Journal, Business Insider, the Financial Times, Bloomberg, and Fortune. Although we came across an article from CNBC that discussed some details on the aspirations of first-generation African-American wealth builders, it did not offer information on HNW members of the group. We also found a report from HuffPost that presented the top priorities for millionaires in the United States, but it did not provide any insights on multicultural HNWIs specifically.

Due to the absence of distinct data, we concluded that no information is publicly available on the personal and professional goals of multicultural HNWIs with assets of $250,000 to $500,000. A probable reason for the lack of details is that personal and professional ambitions vary and are based on one's family and professional background. Also, these goals differ among individuals from various races, such as African-American, Asian, and Hispanic, so consolidated or comprehensive information is unavailable on the overall multicultural HNWIs in the United States.

HELPFUL FINDINGS

GOALS OF MULTICULTURAL HNWIS IN THE UNITED STATES

As reported by Mintel, Hispanic HNWIs in the United States want to obtain more control over their own lives. Meanwhile, HNW Chinese Americans strive to retire at an earlier age. They also exhibit a necessity to build additional security.

GOALS OF ALL HNWIS IN THE UNITED STATES

In the United States, HNWIs seek to prioritize long-term financial planning and wealth, control their wellness and health more adequately, and travel more. HNW parents in the nation wish to secure a financially stable future for their kids. Moreover, nearly 50% of affluent/HNW millennials desire to have a second residence within the next five years. Some things that appeal to this particular group include unique luxury activities and accommodations. The most crucial goals for them is securing a balanced health and work life. Millennial HNWIs are also ardent and comfortable with their professional lives. The top objectives for American HNWIs are enhancing their physical and mental well-being (53%) and reinforcing their connection with family members (43%).

Nearly 50% of American HNWIs report that completing their lifestyle ambitions during retirement is their most vital professional objective. Some in this group observe general goals like "saving for retirement" or travel as a sincerely held desire. Finally, the three leading priorities of millionaires in the United States are financial security, family, and health.

GOALS OF ALL MULTICULTURAL INDIVIDUALS

Some of the top priorities for Asian Americans and Latinos include sustaining a successful marriage and being a great parent. However, a smaller percentage of Asian Americans and Latinos regard experiencing a religious life, career success, and home ownership as crucial goals. Around 27% of Asian Americans and more than one-third (32%) of Latinos state that being prosperous in an occupation that pays well is one of their most essential aspirations. Another important goal for Hispanics (23%) and Asian Americans (22%) is living a religious life. According to CNBC, first-generation African-American wealth builders frequently perceive a discernment of responsibility towards their families, along with the entire black community.

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Part
09

Media Consumption - LGBTQ

A large percentage of LGBTQ individuals use media such as television, internet/social media applications, music, books, newspapers, and magazines. The two most frequently utilized internet or social media applications used by LGB individuals are Facebook (ranges from 86% to 87%) and YouTube (ranges from 65% to 70%). Additionally, the largest share of media consumption by members of the LGBTQ community occurs at midday for radio and 9 pm to 10 pm for all other media. A large percentage of the LGBTQ community utilize different devices such as cell/smartphones, laptops/computers, tablets/iPad and televisions.

Methodology

In order to provide the required information, we searched widely in a variety of credible sources. We found some helpful trends, insights, and data about the media habits of LGBTQ individuals in general. However, we were unable to find specific information on the media consumption habits of multicultural LGBTQ High-Net-Worth individuals with assets that ranged from $250,000 to $500,000. We have presented below an overview of our attempts to locate the required information.
To start with, we searched widely for pre-compiled data on the media consumption habits of multicultural High-Net-Worth LGBTQ individuals with assets of $250,000 to $500,000. However, this search did not provide us with any information that was specific to multicultural high-net-worth LGBTQ individuals. This search returned information such as LGBTQ aging and rights, the most prominent LGBT individuals, and information about social media and high net-worth individuals (global scope).
Following our first attempt, we searched credible databases and data sources like eMarketer, Forbes, tandfonline.com, Simmons Research, marketingprofs.com, aaaa.org, and experian.com. Some of these sources provided insights and trends on LGBTQ's media habits but some reports were behind a paywall or required subscription to access. We have included in our findings some helpful findings from this search because they provided valuable information on the general media habits of LGBTQ individuals. However, this was not enough to meet the required criteria of multicultural high-net-worth LGBTQ individuals.
Finally, we expanded our scope by looking for articles, blogs, and even sources which were outside the 2-year recommended time frame. We found some interesting insights and trends related to the media consumption habits of LGB individuals. The old sources were included even though they are outdated because they are still relevant and we could not find any newer sources following our thorough search. Following our exhaustive search, we concluded that there is no information about the media consumption habit of multicultural high-net-worth LGBTQ individuals in the public domain.

LGBTQ media Habits and consumption behaviors

There are different multicultural trends and media habits within the LGBTQ community compared to other cultural and ethnic marketplaces. The LGBTQ community does not have more than a million national magazines nor television stations. However, the LGBTQ community does have a vibrant local LGBTQ press. According to recent LGBTQ consumer surveys, local LGBTQ media reaches a third of the gay market.

Individuals in the LGBTQ community were also early cell-phone adapters, making their consumer rate to be ahead of the digital curve.

Time of day for media consumption

Throughout the United States, peak times for radio is midday (12 pm). However, with respect to other media, the peak time for media consumption is from 9 pm to 10 pm. According to the most current Nielsen Total Audience report, over the second quarter of 2018 adults spent about 10 and a half hours a day utilizing media.

Internet/social media application usage

According to a 2017 study, LGB respondents reported higher use of the internet particularly social media. In 2016, 86% of individuals within the LGBTQ community utilized online emails, 63% visited websites/blogs, and 20% used dating applications such as Grinder.

There are slight variations among different groups within the LGBTQ community with respect to their social media usage. Among gays and male bisexuals, the most commonly used social media platform was Facebook (86%) followed by YouTube (70%), Instagram (41%), LinkedIn (41%), Tumblr (39%), Twitter (37%), Google (25%), Snapchat (24%), and Pinterest (17%). Additionally, among lesbians and female bisexuals, Facebook is also the most widely used social media platform (87%), followed by YouTube (65%) Instagram (38%), LinkedIn (37%), Twitter (34%), Pinterest (30%), Google (22%), Snapchat (21%), and Tumblr (18%).

Devices Used

A Mindshare study revealed that gays and lesbians are more likely to have a broadband internet connection (86% vs 53%), own a computer/laptop (72% vs 35%), own a DVR (56% vs 24%); and own other personal digital assistants (35% vs 14%). In relation to the way LGBTQ individuals spend their time with certain media, 50.67% utilize cable/satellite television. Additionally, a large percentage of LGB individuals own or use devices such as cellphones; tablets; laptops and computers.

LGBTQ media consumption formats

72% of the LGBT community consumes media via purchasing books. Additionally, 55% of LGBT individuals purchase music CDs while 66% purchase digital music albums. Also, 47% read newspapers while 34% access media through national magazines. 31% use non-dating mobile applications while 45% use dating applications. Another study showed that 50% use televisions followed by books (35%), music (19%), reading newspapers and magazines (18% each).

Other findings

According to a 2009 internet survey, gays tend to be heavier users of online dating sites and chat rooms (34% vs 8%) travel sites (49% vs 29%); and adult content sites (74% vs 7%) when compared to lesbians. On the other hand, lesbians prefer gaming (20% vs 9%), and purchasing clothes, footwear and accessories (58% vs 48%). Additionally, according to 2017 data sources, 41% of gay and male bisexuals said that they had increased their interaction with the LGBTQ sites and blogs within the 12 months leading to the time the survey was conducted.
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Media Consumption - Multicultural

According to our research, multicultural high-net-worth individuals in America are high users of smartphones and other mobile technology. They leverage these tools throughout the day but predominantly in the evening to engage in social media, to stream movies/TV, to take online classes, and to read the news. Other common devices used by these individuals are multimedia tools (Roku and Apple TV), smart TVs, tablets, and video game consoles.

After an extensive search through the public domain, we were unable to find information on media habits of multicultural high-net-worth individuals with assets between $250,000 and $500,000. Below are details of our methodology along with the reason why the requested information is unavailable.

METHODOLOGY

To find the media habits of multicultural high-net-worth individuals with assets of $250,000 to $500,000, we initially searched for reports containing the media consumption preferences for each income level. This search, however, did not provide information specific to multicultural high-net-worth individuals. For this search, credible databases and reports from research organizations such as Nielsen and Pew Research were used. Reports from these organizations provided data from 2010 and examined the influence of income on media preferences, but did not offer detailed information based on income or assets.
From the above search, we were able to gather information pertaining to African Americans (included in the multicultural group) with an income greater than $100,000. However, there was no upper limit on assets. As it is possible for individuals to have an income above $100,000 but assets below $250,000, we searched for a definition of high-net-worth-individuals that includes their income range. We found that sources did not provide any particular income-range for high-net-worth-individuals, therefore, they have been left out of this analysis. As per the data that was found earlier, we determined that as the asset bracket for these individuals would lie within the upper-middle-class band (regardless of race), these individuals would most likely earn an income in the highest pay bands outlined in media reports. So, we assumed that individuals with an income greater than $100,000 would yield a similar group of individuals to those desired in the request.
Based on the assumption outlined above, we looked for information pertaining to general media consumption habits for the remaining (other than African Americans) racial/ethnic groups (Asian, Hispanic, Biracial). We searched for information to support the general trends for each group. In the case of Asian American and Hispanics, this was supported by marketing research demonstrating that (i) on average, Asian American households had an income greater than $100,000 (thus we assumed that common trends across the group would be similar to those gathered for African Americans), and (ii) Hispanic purchasing habits (which are deeply tied to their media consumption practices and habits) are similar regardless of income. For biracial individuals, the Pew Research report on multiracial life in America provided insight into the biracial individual's experiences stating that their preferences are driven by the dominant culture in their lives. To provide information relevant to biracial individuals, we gathered information on media consumption preferences of white high-income individuals. As per the Pew Research report, this information would be relevant not only for whites but also for individuals who are of Asian and White heritage (and thus as noted by Pew Research, tend to identify with the white culture).

TIME OF the DAY when MEDIA Are CONSUMED

Across the U.S. population, media consumption peaks between 9:00 and 10:00 PM except for the radio which peaks at midday (12:00 PM). African American individuals are most likely to listen to the radio during their drive time from 3:00 to 7:00 PM. Moreover, Hispanics use their smartphones to access various media throughout the day with peak hours being between 6:00 and 9:00 PM.

INTERNET APPLICATIONS USED

African Americans with an income above $100,000 use various apps. The app with the highest usage for this group is Facebook followed by Instagram, Twitter, Google Search, Maps (Apple), Facebook Messenger, YouTube, Gmail, Google Play, and Google Maps. On their smartphones, Hispanics use music and movie streaming apps, messaging, and email. Asian Americans tend to utilize apps such as Facebook, YouTube, Google Maps, Facebook Messenger, and Apple Music, as well as websites such as Google/Gmail, Yahoo, Amazon, and Microsoft. In addition to this, Asian American individuals use apps such as Skype, Yelp, WhatsApp, Venmo, Lyft, Uber, and Google Hangouts significantly more than the American population as a whole. The wealthiest of Americans or affluent Americans use Twitter more than any other group. They also utilize mobile devices for real estate and financing/investing applications/websites.

DEVICES USED

For media, African Americans primarily use smartphones (80%), tablets (14%), and computers (6%). Hispanics also use computers, tablets, and smartphones. However, due to a pervasive lack of broadband in Hispanic homes, the smartphone is the dominant device. Based on eMarketer report, one in three Hispanic homes have no broadband connection. In Asian American homes, 38% have smart TVs, 98% have HDTVs, 93% have smartphones, 73% have tablets, 51% have media devices, 63% have some form of video on demand service, and 47% have video game consoles. Wealthy or affluent Americans predominantly use smartphones and tables. Based on the Oracle article, affluent or wealthy Americans are 73% more likely to use iOS devices.

MEDIA FORMATS

African Americans use various media formats such as TV, radio, streaming services, apps, and newspapers/magazines. 91% of African Americans listen to the radio on a weekly basis for music and news. The individuals of this group with an income greater than $100,000 use their smartphones to enroll in online education. However, as per the Pew Research report, Hispanic households consume news media through radio, newspaper, television, and the internet, with the latter two growing in recent years. Asian Americans use their smartphones to watch video clips, stream live TV and music, watch movies, play games, and find personal and professional contact information. These individuals consume more news via newspapers than the national average, but significantly less radio. Within the context of newspapers, ethnic newspapers play a key role. The affluent or wealthiest of Americans prefer newspapers, social media (Twitter in particular), and email. They also watch out movies in the theater and use multimedia streaming devices.

RACE/ETHNICITY-SPECIFIC TRENDS

According to a Forbes article, the shopping trends among Hispanics with an income above $100,000 mirror the trends of those with a lower income. The average household income for an Asian American family is $110,523. Multiracial/Biracial individuals tend to encounter social norms and demographic changes. The American multiracial population has mixed or diverse racial backgrounds and the dominant race/or ethnicity drives the overall culture. For African Americans, this tends to be the African American while Asian-White individuals are closely connected to whites and this tends to be a driving force in this community.



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Part
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Affinity Categories - Multicultural & LGBTQ

Unfortunately, an extensive search through the public domain was not successful in finding the information on the affinity categories represented. Also, the top in-market affinity categories represented for multicultural and LGBTQ high-net-worth-Individuals with assets of $250,000 to $500,000 was not available. We were only able to find the information on the affinity and top in-market affinity categories represented for multicultural and LGBTQ. Provided below are the strategies used to search for the requested information, as well as the reason for its unavailability.

METHODOLOGY

Initially, we searched through credible databases such as The Nielsen Report, GRINDR Survey, Gallup, and Pew Research. The idea was to check the information for affinity categories for multicultural & LGBTQ persons exclusively with assets of $250,000 to $500,000. Since such information is best covered in surveys, we primarily based our research on finding the relevant survey reports. The survey reports include the information for the multicultural & LGBTQ community as a whole. However, no information was found specific to the category with assets between $250,000 and $500,000.

Next, we changed our approach and tried to look for the people with assets of $250,000 to $500,000 in both categories. We searched sites such as Forbes, Ranker, and Crunchbase. These sources provided a list of some top millionaires and billionaires in both categories requested. We then picked a few people from the list and checked each one of them separately such as Megan Ellison, Jennifer Pritzker, David Geffen, Giorgio Armani, Peter Thiel, and Jon Stryker, to determine their lifestyle. But these individuals had different preferences, and we could, therefore, not use them to represent the whole community. Thus, this strategy also did not yield the desired result.

As there was no pre-compiled information available, we tried to triangulate the info. The idea was to calculate the share of high-level multicultural & LGBTQ community members and their preferences for affinity (lifestyle) and in-market affinity (financial services and real estate). We looked for the same information through sources such as Statista, IBIS World, CreditDonkey, NPR, and Stone Wall. But no information was available specific to affinity and top in-market affinity categories represented for multicultural and LGBTQ high-net-worth-individuals with assets between $250,000 and $500,000.

Based on our research through the strategies mentioned above, we were only able to find the information on affinity and top in-market affinity categories represented for multicultural and LGBTQ. However, the information on affinity and top in-market affinity categories represented for multicultural and LGBTQ high-net-worth-individuals with assets between $250,000 and $500,000 was not available publicly because income-wise segregation has not been covered in any of the survey reports and articles.

Affinity Categories — LGBTQ: Relevant insights

  • According to a Gallup Survey, 3.2% of people aged between 37 to 51 years, 2.4% of those between 52 to 70 years, and 1.4% of people that are 71 years and older are from the LGBT community.
  • Young adults who are between the age of 18 and 36 years are most likely to identify as LGBT (7.3%).
  • The survey also revealed that 4.4% of women and 3.7% of men identify as LGBT.
  • However, compared to blacks (4.6%), Hispanics (5.4%) and Asians (4.9%), Whites are somewhat less likely (3.6%) to consider themselves as LGBT.
  • From the study conducted by the University of North Texas on Lesbian Style in the Workplace, LGBT women would like to be able to dress in a more masculine way while at work.
  • According to 66% of LGBTQ+ individuals, they don’t see their "lifestyle represented in advertising, and as per the 51% of LGBTQ+ individuals, they wish they "could see more advertising with families like mine." Thus, the LGBT community does not prefer to get represented in advertising.
  • Hornet and Moovz are the most commonly used social platforms by this community. About 25 million users of the LGBT community use Hornet whereas, there are 28 million users of the LGBT community who use Moovz.
  • Based on a recent Grindr survey, the LGBTQ+ community spends nearly $100 billion on travel.
  • People from the LGBTQ community tend to plan ahead of their travel time. About 39% of the LGBTQ plan their trips 1 to 3 months in advance whereas, 35% of the LGBTQ plan their trips 3 to 6 months in advance.
  • The survey also revealed that according to 75% of the LGBTQ millennials, say that LGBTQ focused Websites are more likely to visit a destination.
  • 49% of gay millennials prefer nightlife while traveling, 46% are taking an interest in local culture and cuisine, and 39% in sightseeing and museums.
  • About 66% of the LGBTQ millennials prefer using Uber or Lyft.
  • For the LGBTQ community, entertainment, dining out, and travel are the most preferred.

In-Market Affinity Categories — LGBTQ

The youngest group of age between 25 and 34 years is most concerned with paying off debt while the oldest group of 65 years and older, is most concerned with having money left over at month-end, after paying bills.

Affinity Categories — Multicultural

According to the Nielsen report, by 2020, the Hispanic population in the U.S. will grow by 6.8 million, complemented by an additional 2.3 million Asian-Americans and 1.8 million African-Americans. African-American households lead the growth in five categories, including alcohol (5.4%), frozen food (3.7%), and produce (3.4%). Their Hispanic counterparts drove even higher growth rates in frozen foods (4%) and produce (3.5%). More than 2/3rd of Multicultural women buy a store brand instead of regular brand.

In-Market Affinity Categories — Multicultural

African-Americans spend their maximum income on things like insurance policies, pension, and retirement savings.
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Multicultural Individuals - Demographic

Even though the unavailability of information in the public domain limited our research findings, we were still able to find some insightful information in regard to the research question. For instance, in the United States, High-Net-Worth-Individuals are mainly located in the cities of New York, Los Angeles, Chicago, and San Francisco. A detailed look at our research strategy and findings follows below.

METHODOLOGY

We did not find specific information on the age, household income, gender, and location of multicultural High-Net-Worth-Individuals that have assets of between $250,000 to $500,000. In our search for this information, we implemented the following research strategies.
In our first strategy, we searched for relevant information in government sources that included the U.S. Census Bureau. Through this strategy, we found wealth and asset ownership detailed tables that highlighted household net worth. The latest available data in these tables was from 2014. We found information on race, household structure, and poverty status for net worth above $250,000 in these tables. Despite this data being an estimated household net worth and not for individuals, we have still provided the same in the helpful findings section below.

Next, we tried to triangulate the required information using business intelligence sources such as Statista. With this strategy, we found the total number of High-Net-Worth-Individuals in the United States from 2009-2017. However, the available data was not segmented into the population percentages of Blacks, Biracial, Asians, and Hispanics that were High-Net-Worth-Individuals with assets of between $250,000 to $500,000. In the end, this strategy did not yield any relevant results.
We also tried to triangulate using different data points such as the purchasing power breakdown as a proxy percentage. We tried using the percentage breakdown of purchasing power presented on the Catalyst website and the number of High-Net-Worth-Individuals presented by Statista. However, since Statista only presented High-Net-Worth-Individuals that have at least $1 million in net worth and not the specified $250,000 to $500,000, we could not proceed further with this triangulation approach.
Lastly, we broadened the research criteria to a global focus in the hope that we could find some relevant information. We then looked for reports and analysis of High-Net-Worth-Individuals with assets of between $250,000 to $500,000 in trade and media sources such as Wealthx, World Wealth Report as well as analytic sources such as Nielsen. However, after an exhaustive search for relevant reports, we were unable to find any that presented any actionable information in regard to the research criteria.

HELPFUL FINDINGS

AGE

According to the U.S. Census Bureau's Wealth and Asset Ownership Data, in 2014, the segmentation of age of householders versus net worth was as follows:
  • 45 to 54 years had a net worth of 258,900.
  • 55 to 64 years had a net worth of 369,800.
  • 65 years and over had a net worth of 390,900.
  • 65 to 69 years had a net worth of 397,500.
  • 70 to 74 years had a net worth of 423,300.
  • 75 and over had a net worth of 368,300.

*** This information is presented in Table 5 of the attached spreadsheet.

HOUSEHOLD INCOME

According to the U.S. Census Bureau's Wealth and Asset Ownership Data, in 2014, the Household Income Above Poverty Threshold was 284,800.
*** This information is presented in Table 5 of the attached spreadsheet.

GENDER

According to the U.S. Census Bureau's Wealth and Asset Ownership Data, in 2014, female householders of age 65 years and over had a net worth of 265,300 while male householder of age 65 years and over had a net worth of 289,100. We considered this age groups because they are the ones that met the given range of $250,000 to $500,000.

** This information is presented in Table 5 of the attached spreadsheet.
RACE
According to the U.S. Census Bureau's Wealth and Asset Ownership Data, in 2014, race and Hispanic origin of householders versus net worth was segmented into:

  • Asian alone with a net worth of 328,400.
  • Not of Hispanic origin with a net worth of 280,000.

** This information is presented in Table 5 of the attached spreadsheet.

LOCATION
According to Knight Frank’s 2018 Wealth Report, "New York is home to the most High-Net-Worth Individuals — defined as households earning $250,000 or more a year — with 1.167 million hefty earners." This figure was almost double the figure for Los Angeles which had 637,700 households. After New York and Los Angeles, Chicago and San Francisco followed with 400,416 households and 396,431 households, respectively.

ADDITIONAL FINDINGS
According to the Catalyst website, buying power is defined as “the total personal income of residents that is available, after taxes, for spending on virtually everything that they buy, but it does not include dollars that are borrowed or that were saved in previous years.”

Buying power in the United States by race/ethnicity is as follows below:
Share of U.S. Population (2018) Share of Buying Power (2018)
According to the U.S. Federal Reserve, the average net worth for the upper middle class by age for all Americans is as follows:

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Part
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LGBTQ Individuals - Demographic

The United States cities with the largest percentage of LGBT residents are San Francisco, Portland, Austin, New Orleans, Seattle, Boston, Salt Lake City, and Los Angeles. San Francisco has the largest proportion of LGBT residents in the country, accounting for 6.2% of the entire population. Additionally, Portland has the second-largest LGBT community accounting for 5.4%.

Methodology

In order to address this request, we searched directly for demographic information of LGBTQ Individuals in the United States within related media reports or articles, surveys, studies, reports and data sources such as Statista, Gallup, Financial Samurai, and Wilmington Trust. This search returned general LGBTQ demographic such as age, gender, and location but not specific to High-Net-Worth LGBTQ individuals with assets of $250,000 to $500,000. We then broadened our search and checked some government websites such as census.gov, williamsinstitute.law, ucla.edu, and usa.gov to determine if they have had any data about LGBTQ individuals which matched our criteria.
From a combination of sources mentioned above, we determined the total number of LGBTQ in the USA was 10.7 million where 68% of LGBTQ investors have at least $250,000 in savings and investments. Therefore, the majority of LGBTQ individuals have the required net worth. The LGBTQ community also has an average of $346,000 net worth which is in the range of the high net worth specified within the criteria.

We used these figures for our calculations below assuming that the average net worth of 68% of 10.7 million LGBTQ individuals is at least $250,000 and it might not exceed the required $500,000 because the average is $346,000. We subsequently calculated the gender split using the total number of LGBTQ individuals with high net worth. Please see the calculations below.
(a) 68% of LGBT investors have at least $250,000 net worth.
There is a total of 10.7 million LGBTQ in the USA
Therefore, 10.7 million x 68% = 7,276,000 = number of LGBTQ with at least $250,000 net worth
(b): % of Male or Female x 7,276,000 (number of LGBTQ with at least $250,000 net worth)
Male: 42% x 7,276,000 = 3,055,920 = number of male LGBTQ with at least $250,000 net worth
Female: 58% 7,276,000= 4,220.080 = number of female LGBTQ with at least $250,000 net worth
We then expanded our search for the demographic profile of the LGBTQ community as a whole and searched through reputable media sites such as Forbes, Gay Star News, and The Street. From there, we obtained some general demographics profile for the LGBTQ community, but there was nothing that could be correlated to high net worth LGBTQ individuals. What we found are statistics of LGBTQ individuals with household income below $250k-$500k. We also found their average age, and top cities resident of LGBTQ. We have outlined general findings related to the entire LGBTQ community in this report as helpful findings.
After an exhaustive search, we could reasonably deduce that there were no publicly available studies or reports that provide the demographic profile of High-Net-Worth LGBTQ individuals with assets of $250,000 to $500,000 who are looking to build their wealth.

Age

  • The average age of LGBT individuals in the United States is 37.3 years.

Household income

  • The average gross household income of same-sex male couples in the United States is $166,000.
  • The average gross household income of same-sex female couples in the United States is $118,400.
  • 3.9% of LGBT individuals have an average annual income of $90,000 or more.
  • 68% of LGBT investors have at least $250,000 in savings and investments.

Gender

  • There are 3,055,920 male LGBTQ individuals with at least $250,000 net worth (as calculated above)
  • There are 4,220.080 female LGBTQ individuals with at least $250,000 net worth (as calculated above)

Location

  • Cities with the largest percentage of LGBT residents are in San Francisco, Portland, Austin, New Orleans, Seattle, Boston, Salt Lake City, and Los Angeles.
  • San Francisco has the largest proportion of LGBT residents in the country; 6.2%. Additionally, Portland has the second-largest LGBT community; 5.4%.

Helpful findings:

  • There are approximately 10.7 million LGBT people in the United States.
  • 42% of LGBT individuals are male while 58% are female.
  • There are 3.9 %LGBT with an average annual income of $90,000 or more.
  • A 2013 study indicated that 68% of LGBT investors with at least $250,000 in investible assets rated their risk tolerance as aggressive, somewhat aggressive.
  • Male same-sex couples have a median household income of $104,130 U.S. dollar.
  • 6 to 7 percent of the entire United States population identify as lesbian, gay, bisexual or transgender (approximately 16 million individuals aged 18 years or older).
  • The average saving and investment of LGBT investors working with an adviser is $346,000.
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Part
14

Investing Habits - LGBTQ

Information on LGBTQ high net worth individuals (HNWI) who are investors is sparse. However, we were able to find related insights about LGBTQ investors as well as some data on HNWI LGBTQ investors. About 15% of LGBTQ investors assume they are knowledgable about investments. LGBTQ individuals state they devote about 11% to savings or investments. Below, we will discuss our methodology as well as provide insights into your question.

Methodology

Our first strategy in attempting to find information on the investing habits of LGBTQ HNWI who are looking to build their wealth was to search reputable news, business news, survey, and research organizations. The organizations and sites we searched include Money Maven, Forbes, Pink News, Wilmington Trust, Marketwatch, Black Enterprise, Investors, PRNewswire, the Financial Times, Entrepreneur, NCBI, Compass Working Capital, Nielsen, Investment News, the N.Y. Times, Harrisonbrook, Ranker, Assetmark, Financial Planner L.A, and A.P.A. These sources may have had some news or small bits of information on LGBTQ investors, but we were not able to find enough information to write a full brief.

Our second strategy was to look at specific LGBTQ HNWI such as David Geffen, Giorgio Armarni, or Peter Thiel. We attempted to find information on their investment strategies, but we primarily found information on how they became rich in general rather than information on their investments.

Our third strategy was to expand to older sources. Sources older than two years contained more or less the same information was was found by our first two strategies. General information on HNWI who are investors or rich LGBTQ individuals was found. One potential reason information is so sparse is that this topic is extremely specific. Articles on investment in general were available, but investment information pertaining to specific demographics was absent. We were not able to write a brief that met Wonder's quality standards with the small amount of information available.

Insights

About 15% of LGBTQ investors believe that they are knowledgeable about investments. Around 25% of LGBTQ investors assume they will be financially independent in later life. Confidence is an issue for LGBTQ investors, as the low numbers show. A 2013 study, however, found that 63% of surveyed LGBTQ investors with at least $250000 in investable assets ranked their risk tolerance as aggressive, somewhat aggressive, or moderate. This was higher than the general investment population in which 55% ranked their risk tolerance as such.

Forbes' 2017 list of richest gay men on the planet listed David Geffen, Giorgio Armani, and Peter Thiel as the top three. About 3.9% U.S. adults who identify as LGBTQ have an income of over $90000. LGBTQ individuals devote about 11% of their income to savings or investment.

In terms of HNWIs in general, real estate was the largest asset class (about 30% of total assets), with 70% in equities, business interests, bonds, alternatives, and cash.

Part
15
of seventeen
Part
15

Investing Habits - Multicultural

Minority, high net worth individuals (HNWI) who are angel investors make up less than 10% of the total angel investment population. While information on multicultural HNWI investors is sparse, we were able to find useful insights into your questions. Below, we will discuss our methodology for finding this information as well as our insights.

Methodology

We began our search of the investment habits of multicultural high net worth individuals by searching business and financial news sites and blogs as well as some research organizations. We searched a wide range of reputable sources including Bloomberg, FINRA, Harvard Business, Black Enterprise, Forbes, Financial Samurai, Investors, Moneymaven, BlackAmericaWeb, CompassWorkingCapital, MarketWatch, St, Louis Fed, Knight Frank, Financial Times, PEW, US Census, Marketing Charts, the Federal Reserve, NerdWallet, CNN Business, PRNewswire, Business Insider, Mondaq, CNBC, Entrepreneur, PricewaterCooper, and NCBI. None of these sites had enough information to reliably answer your question.

Our next strategy was to revisit survey and research organizations such as PwC or Pew for general information on high net worth investors to see if we may glean any information to provide insights into your question. Information on the investment practices of high net worth individuals, in general, was available, but ethnicity data was largely nonexistent. However, we were able to find data from research by the Angel Capital Association which had some general statistics on multicultural HNWI. While the information provides useful insights, the data is not detailed enough to write a full research brief.

Our final strategy was to search broadly for any statistics on black, Hispanic, or Asian HNWI in terms of actual investments. Our assumption here was that individual investments may provide some useful data. Unfortunately, we were only able to find general statistics again which were useful for insights but not for a full brief.

We were not able to answer your question up to Wonder's standards. We will provide the information found below which should still provide some insights into your inquiry.

Insights

In terms of demographics, 1.3% of angel investors are African-American, 5.7% are Asians, and 2.3% are Hispanic. The total angel investor pool is about 1593. About 41% of angel investors note that they are influenced by friends for their investment decisions. About 66% are influenced by their angel investment group, 17% base their decisions on prior entrepreneurial experience, 24% on their own individual endeavors, and 5% by information read online.

Research by the Harvard Business Review found that 5% of African-Americans are more likely to invest in savings accounts, life insurance, CDs, and real estate. In terms of African-Americans with an income of at least $50,000, 67% invested in stocks or stock mutual funds. Wealthy black Americans invest relatively conservatively. Most are first-generation HNWIs with only 7% gaining their riches from an inheritance. About 41% of African-Americans claim that the stock market is the best way to invest.

A Wells-Fargo survey found that 71% of Hispanic investors are interested in mutual funds, stocks, and bonds. Surveyed HNW millennials invest in private equity (41%), tangible assets (39%), private debt (34%), hedge funds (33%), and venture capital (31%). About 46% of HNW women either own or are interested in owning ESG (Environmental, Social, and Governance) investments. The Financial Industry Regulatory Authority notes that 22% of blacks, 25% of Hispanics, 36% of whites, and 47% of Asians held taxable investment accounts.
Part
16
of seventeen
Part
16

Spending Habits - LGBTQ

After an exhaustive search, we were unable to find information on the spending habits of LGBTQ high-net-worth-individuals with assets of $250,000-$500,000+ who are looking to build their wealth probably because no study or report has been done or is publicly available on that specific segment of the community. We have, however, provided some insights on the LGBTQ community in the US concerning their buying power, finances, and spending habits. For instance, according to a survey, around 44% of the LGBTQ community in the US struggle to maintain adequate savings, and 34% that recognize that they have bad spending habits want to improve. Also, 69% of the LGBTQ community in the US use credit cards to buy needed items, while the other 53% cited rewards programs as their reason for using credit cards.

METHODOLOGY

To find the spending habits of LGBTQ high-net-worth-individuals having assets of $250,000-$500,000+, we initially looked for market reports and financial studies such as IBIS World, Nielsen, as well as for demographic profiles dedicated to this segment of the LGBTQ community. We were, however, unable to gather any helpful insights for the spending habit of this group. Though there are articles on LGBTQ individuals around the world, the reports are mainly focused on the challenges they faced regarding their sexuality and how they overcome them. No reports were obtained detailing their spending habits.

We then expanded our search for the spending habits of the LGBTQ community as a whole and searched through reputable media sites such as Forbes and consumer reports such as the one from Experian. From there, we obtained some general spending habits for the community, but there was nothing specific to the high net worth LGBTQ individuals. What we found are statistics of their buying/spending habits and the factors affecting such behaviors which we have outlined below as helpful findings.

Next, we expanded the research again to specific individuals of the LGBTQ community. We searched for academic journals and databases such as Google Scholar and American Library Association, sites of American organizations such as American Psychological Association, and The Human Rights Campaign, as well as education portals such as UCLA, for studies or reports specific to the spending habits of the LGBTQ community. This approach was aimed at obtaining information that we could use for analysis of the community as a whole. However, this approach did not yield any info about their spending habits. What we obtained were insights on their socioeconomic status and other statistics on their finances/income.

After an exhaustive search, we can reasonably deduce that no study or report has been done or is publicly available on the spending habits of LGBTQ high-net-worth-individuals with assets of $250,000-$500,000+ who are looking to build their wealth.

HELPFUL FINDINGS

In 2016, the LGBT community's buying power was estimated to be $917 billion, and based on Hornet's survey of over 11,500 Americans aged 18 and up, the LGBTQ+ community is continually growing. The Hornet data shows that 8% of Baby Boomers, 13% of Gen Xers, 20% of Millennials and 31% of Centennials (born after 1997) identify as LGBTQ, representing around 32 million Americans or 13% of the total population.

Although there is a perception that the LGBTQ community is more affluent and more educated than the public, they also face economic challenges, and some tend to hit their community harder. Some of the difficulties which affect their financial status are: discrimination or harassment at work, being passed over for a job, marriage inequality laws that reduced retirement security for couples, discrimination leading to higher housing costs, and lower salary or decreased chance of promotion.

More than 25% of adults belonging to the LGBTQ community aged 18-44 (27%) — approximately 2.2 million people — participated in a SNAP study and expressed that they don't have enough money to feed themselves and their families. According to the American Psychological Association, 29% of bisexual women and 23% of lesbians, among women aged 18-44, are living in poverty compared to 21% of their heterosexual counterparts, while 20% of gay men and 25% of bisexual in the same age group are living at or below the federal level of poverty, compared to 15% of heterosexual men.

SPENDING HABITS

Most members of the LGBTQ community in the US say they are more inclined to save money than to spend it, but findings from a survey say otherwise. Around 44% of LGBTQ respondents in a survey done by Experian said they struggle to maintain adequate savings, and 34% said they have bad spending habits that they want to improve. The survey also found that the respondents devote 16% of their monthly income to discretionary spending and just 11% to savings or investments. 53% of respondents in the age group of 25-34 struggle to maintain savings, 49% do not agree with the statement "I am in control of my finances" and are reported to have bad spending habits. For those 25-34, paying off debt is also a major concern. Those in the age segments of 35-64 and 65 and up are much more in control of their finances and have wiser choices with regard to spending.

The biggest financial concern for LGBTQ members is saving for retirement as many don't have children who will take care of them as they age and others can no longer count on support from their other relatives as they got disconnected from them. Members of the LGBTQ community also find it more relevant to set aside money for entertainment than their non-LGBTQ counterparts. Since many of them don't have children, they have more disposable income to spend on leisure, housing, car, or travel.

Those in the age segments of 25-34 and 35-44 spend their money on a wide variety of categories, including personal hygiene, health and fitness, clothing, hobbies, dining out, home décor, charitable giving, drinking and partying, sporting events, and other entertainment. Those over 65 and likely to be retired prioritized travel more than any other age group. For 46% of all LGBTQ respondents, dining out was a significant source of overspending.

Concerning credit card usage, 69% use them to buy needed items while the other 53% cited rewards programs for using credit cards.
Part
17
of seventeen
Part
17

Spending Habits - Multicultural

Unfortunately, an extensive search through the public domain was not successful in finding the information on the spending habits of Multicultural High-Net-Worth-Individuals with assets of $250k-$500k+ who are looking to build their wealth. However, we have provided relevant insights based on our research. Below is the detail of the strategies adopted in order to search the requested information and the likely reason for the unavailability of the information.

METHODOLOGY

Initially, we did an exhaustive search through government websites such as Census and market report websites such as IBIS World and looked if there are reports that pertain to spending habits of Multicultural High-Net-Worth-Individuals with assets of $250k-$500k+. But this search did not provide any report about their spending habits. We also tried searching for the reports about the high net worth multicultural individuals to check if it can provide some useful insights about the requested segment. But again, no fruitful results were found. However, we were able to gather insights about multicultural individuals in general.
Next, we tried to expand our research criteria to general multicultural individuals and searched for the websites that can provide information about spending habits. We searched through the Nielsen report and marketing websites such as Marketing Charts to see at least their general spending habits that could lead us to high net worth individuals. But we were not able to see any insights or to find any data specific to the spending habits of Multicultural High-Net-Worth-Individuals. However, we were able to find statistics and information related to their buying or spending habits on how language and culture influenced their spending habits. We also found that this group is pretty young and almost half are Multicultural Millennials. We included them in our findings due to the reason that their spending habits are also influenced by their age group.
Later we tried to expand the scope of this research to specific race groups within the Multicultural segment. We searched through different academic journals such as Google Scholar and also media websites such as Forbes and PR NewsWire and checked if there are studies or reports specific to High-Net-Worth Blacks, Biracial, Asians, and Hispanics providing information on their spending habits. Through this search, we could conduct an analysis as a whole but no reports were found that describe the spending habits of those individual groups. Therefore, based on our research, we have established that there are no reports available detailing the information on spending habits of Multicultural High-Net-Worth-Individuals with assets of $250k-$500k+ who are looking to build their wealth publicly.

HELPFUL FINDINGS

MULTICULTURAL SEGMENT:

  • Currently, there are over 120 million Multicultural Americans and it is the fastest growing segment. From 2000-2014, these individuals are responsible for 92% population growth.
  • According to the U.S. Census Bureau, the Multicultural is the majority with 50% or more representing Hispanic, African-American or Asian population.
  • Multicultural individuals are young and millennials tend to be more “multicultural” than any of the previous generation. Moreover, it was seen that more than half of the multicultural individuals are bilingual which affects their spending habits.
  • These groups are attracted to the brands that use their language and appreciate the influence of other cultures on the American way of life.
  • Many multicultural individuals also prefer to make a purchase or spend on a shop that uses their own language. This is significant to multicultural buying habits.

MULTICULTURAL MILLENNIALS:

  • Out of 75 million millennials, about 42% are multicultural and this percentage will increase in the next decades.
  • From the entire US GDP value, almost half came from the Multicultural Millennials.
  • These groups spend on the products that value their experience and also enhance the connections to their culture.
  • 21 of the country's 25 most populated counties boast the majority of the multicultural population and they represent the local markets that drive the US GDP.
  • They also have a unique spending habit and they have a profound effect on their peers, their parents, and their children.
  • Multicultural Millennials are heavily influenced by their parents but insist on expressing themselves on their own terms.



Sources
Sources

From Part 01
Quotes
  • "They know better than anyone that by being careful shoppers they can achieve a lifestyle several rungs up the income ladder."
  • "Lots of rich people are frugal."
  • "Many dollar store shoppers make $100,000 a year or more, data released by research firm NPD Group found."
Quotes
  • "Asian Americans are active online shoppers—spending an average amount of $1,151 on internet purchases in the last 12 months, 20% higher than online spending by non-Hispanic Whites."
  • "Asian Americans also over index in online spending in many categories including hair care, oral hygiene, skin care, housewares, computers and equipment."
Quotes
  • "Affluent Americans do not necessarily view themselves as financially secure and many are thrifty spenders, the analysis found."
Quotes
  • "More conservative approach than their white counterparts; owning less in stocks and bonds, and more in CD’s savings bonds, and life insurance. The study also found a higher level of investment in real estate outside of the primary home."
Quotes
  • "They are most likely to purchase luxury travel, spa experiences and hotels via mobile device or on the internet. Yet other areas such as fashion and jewelry still require the touch and in person experience."
  • "This demographic segment is sophisticated, discerning, and rapidly growing into a significant segment of the American luxury consumer population."
  • "Both Asian Americans and Hispanic Americans also value a personal stylist, private shopping rooms and post sales follow-up."
From Part 02
Quotes
  • "Social media can also serve as a major source of news and social support for LGBTQ users. For instance, @TwitterOpen, @ItGetsBetter, @TheAdvocateMag, @outmagazine, @huffpostqueer, @glaad, @QueerHistoryQDM, and @QueerStoriesQDM news and community accounts each have over 100 K followers on Twitter."
Quotes
  • "2018 has been a bad year for the LGBTQ community in politics, but it’s been a record-breaking year in media, according to GLAAD’s annual TV diversity report. LGBTQ representation on television hit a record high this year, with 8.8 percent out of 857 series regulars on broadcast TV openly identified as on the gay, trans, or queer spectrum. And for the first time, LGBTQ people of color outnumbered white LGBTQ characters on-screen by 50 to 49 percent."
From Part 03
Quotes
  • "The share of Americans who often get news from TV – whether from local TV news, nightly network TV news or cable news – has fallen, while the portion of Americans often getting news online – either from news websites/apps or social media – has grown."
  • "2017, 45% of U.S. adults often get news on a mobile device, up from 36% in 2016 and 21% in 2013."
  • "Two-thirds of Americans (67%) get at least some news on social media."
  • "About three-quarters of nonwhites (74%) get news on social media sites, up from 64% in 2016. This means that nonwhites (including all racial and ethnic groups, except non-Hispanic white) are now more likely than whites (64%) to get news on social media. Social media news use also increased to 69% in 2017 among those with less than a bachelor’s degree, surpassing those with a college degree or higher (63%)."
  • "Just 5% of web-using U.S. adults have a lot of trust in the information they get from social media compared to national news organizations which is 72%."
Quotes
  • "According to a recent survey by Gallup for the Knight Foundation, the American people place the most trust in local newspapers, but even then, only 54 percent say have 'a lot' or 'a fair amount' of confidence. "
  • "Often under fire from the president, national network news and major national newspapers have the confidence of only 52 and 51 percent of the population, respectively. Least trusted are news aggregators (38 percent) and internet-only news websites (36 percent)."
Quotes
  • "Media trust is highly influenced by partisanship, with Democrats largely trusting the media and Republicans distrusting."
Quotes
  • "A new survey by the Trusting News Project helps shed more light on the state of trust in media, revealing the attitudes of 8,728 people in the United States. Administered through 28 media outlets around the country, the survey asked respondents how trusting they are of the media, whether they financially support news organizations, and which outlets are the most (and least) trustworthy."
From Part 06
Quotes
  • "As the number of LGBTQ, gender-fluid and ally individuals grows there also grows a greater demand for inclusivity and a strong preference to do business with companies known to be LGBTQ-friendly—and businesses are responding (first sentence of the second section of the main article)"
  • "LGBTQ investors are self-reliant, open to advice, and they feel underserved by financial services firms. (Third sentence in second paragraph of main article)"
Quotes
  • "In October 2016, Community Marketing & Insights surveyed a diverse group of 1,300 adults aged 21 and over who identify as LGBTQ. All participants have household incomes of at least $50,000 and investable assets of $25,000 or more, with a few exceptions."
Quotes
  • "In addition to saving for retirement, LGBTQ individuals are actively investing in funds to increase their net worth and ensure their fiscal self-reliance (page 2, last paragraph in bar on the left hand side of the page)"
  • "Nearly half (42%) of LGBTQ people have a preference to invest in companies that are LGBTQ-friendly or maintain a 100 score on the HRC Corporate quality Index. (Page 7, second bullet point on right hand column)"
Quotes
  • "Through the power of our network, founders are connected to a valuable, global network of LGBT/Ally investors, gaining access to capital, investors’ business acumen and contacts. In addition, as an affinity network, we care more, offer assistance, mentor and make introductions to propel these companies for further growth and M&A opportunities"
  • "Investors can insure their time and capital furthers the community while seeking to make profitable investments with above market returns."
Quotes
  • "Research still shows Hispanic and black Americans investing in stocks at much lower levels than whites with similar incomes and education. They also lag Asian-Americans, who outpace all of these groups when it comes to holding taxable trading accounts. (2nd sentence, third paragraph from top of article)"
  • "Among Hispanics, a 2014 Wells Fargo survey found that 47% of participants would prefer to place money in no-risk savings accounts, rather than in stocks or various funds. That compared with 35% for U.S. investors overall. (Last paragraph under bold title: The Racial Wealth Gap And The Stock Market)"
  • "To be sure, the internet has changed the process of investing in stocks. It can be entirely private, pursued in small groups or within larger communities chosen specifically by the individual investor. (First paragraph under bold title: Investing in Stocks: Group Support)"
  • "Over the past two years, savings rates have accelerated among Hispanics, Leon says. But the group channeled an even larger-than-normal share of those funds into lower risk savings and nontaxable retirement accounts. The money is essentially being socked away where it seems safest and most accessible. (4th paragraph under the bold title; Risk Adversity And The Racial Wealth Gap)"
  • "Online investing and education tools are helping to bridge those barriers. More employers also are offering 401(k)s. And demographic change — a U.S. population that is becoming young and more diverse — is producing a tech-savvy crop of budding investors. This is helping to propel avenues such as automated investing via so-called robo-advisors. (Second paragraph under bold heading: Pensions Vs. 401(k)s)"
  • ""
From Part 08
Quotes
  • "In the next year, they aspire to travel more, better manage their health and wellness, and prioritize long-term wealth and financial planning."
Quotes
  • "While increasing their own wealth and creating a path to wealth for their children are important life goals for many American HNWIs (35% each), their top goals are non-financial: improving mental and physical well-being (53%) and strengthening their relationship with their family (43%)."
Quotes
  • "The aspiration to retire earlier is strong, even among younger Chinese Americans, and reflects a need to establish security."
Quotes
  • "Latinos and Asian Americans both say being a good parent is their top priority (58% for Hispanics and 67% for Asian Americans), followed by having a successful marriage (39% and 54%, respectively)."
  • "Smaller shares consider homeownership, career success and living a religious life as important goals."
  • "About a third of Latinos (32%) but a somewhat smaller share of Asian Americans (27%) say being successful in a well-paying job is one of their most important goals. "
  • "Living a very religious life. This life goal ranked behind each of the other four as a top life priority for both Hispanics (23%) and Asian Americans (22%). "
Quotes
  • "Nearly half (48%) of US high net worth investors said achieving lifestyle goals in retirement is their most important financial target, according to a survey."
  • "The report found that increasing wealth (44 %) and protecting current wealth (42%) made up the top three for most important financial goals, where respondents could choose more than one answer."
Quotes
  • "Few high-net-worth individuals view general goals like “saving for retirement” or “travel” as a deeply held dream. "
Quotes
  • "First-generation African-American wealth builders often feel an understandable — and potentially costly — sense of responsibility to their families and the wider black community."
Quotes
  • "The top three priorities of the wealthy are probably the same as yours — health, family, and financial security, in that order."
From Part 09
Quotes
  • "The LGBT community is multicultural, but as a group we have very different media habits as compared to other cultural and ethnic marketplaces. The obvious difference between the LGBT consumer group and the next two largest - the Hispanic and African American consumer marketplaces - comes down to each segment's community media and the best venues to reach these important consumer groups."
  • "While LGBT consumers are ahead of the curve digitally - LGBTs were early cell- phone adapters, for example, much faster than the average American - print is still the unifying force. Yes, we have tons of LGBT websites and digital properties, but most of the content comes directly from the print properties."
  • "A recent survey of LGBT consumers by Community Marketing shows that local LGBT media reached a third of the gay market (it was a survey of just men), and that held true among gay African American, Latino and white consumers as well as gay Millennials, Gen Xers and Baby Boomers."
Quotes
  • "Certain specialty retail channels also stand out among LGBT consumers. Bookstores topped the list of retail channels that LGBT consumers were more likely to shop, as they were 72% more likely to have purchased something from a bookstore"
  • "Social media also has a feature role in the LGBT moviegoers’ theater experience. They were 59% more likely to say they’d become aware of a movie from a social media post from a friend of family member and 42% more likely to say that once they’re at the theater they’d watch their phones for text, email or social media posts"
  • " LGBT music fans spend 55% more on CDs and 66% more on digital albums. LGBT music fans are also making “old school” cool again spending 41% more on vinyl and cassettes. "
Quotes
  • "This statistic presents information on the change in LGBT (lesbian, gay, bisexual and transgender) media use among male LGBT consumers in the United States as of July 2017. During the survey, 41 percent of the gay/bisexual male respondents said that they had increased the interaction with the LGBT sites and blogs in the 12 months leading to the survey."
Quotes
  • "Gays and lesbians are more likely to have a broadband internet connection (86% vs. 53%), own a laptop computer (72% vs. 35%), own a DVR or Tivo (56% vs. 24%) and own a BlackBerry or other PDA (35% vs. 14%)."
  • "The abundance of devices translates to gay consumers' media consumption, as 68% of the study's respondents said they spend most of their free time on the web. TV viewing was a close second at 50%, followed by book reading (35%), music listening (19%) and reading newspapers and magazines (18% each). They're also more likely to multitask, as 39% of the total sample said they're also surfing the web while watching TV"
  • "While on the web, gay men more than lesbians tend to be heavier users of online dating sites and chat rooms (34% vs. 8%), travel sites (49% vs. 29%) and adult content sites (74% vs. 7%). Lesbians favor gaming (20% to 9%) and purchasing clothing, footwear and accessories (58% vs. 48%)."
  • ""
Quotes
  • " LGB respondents reported greater use of the Internet, especially social media. Media campaigns targeting LGB populations can maximize reach by utilizing social media alongside traditional media channels."
  • "A nationally representative sample of 12,900 U.S. adults completed an online questionnaire assessing media use, smoking status, and demographic information. Multivariable logistic regression was used to assess relationships between media use with sexual orientation and smoking status. Results: A total of 590 (4.6%) respondents identified as LGB"
  • "A greater percentage of LGB respondents reported owning a laptop, smartphone, and tablet; however, odds of ownership for these devices did not differ by sexual orientation in adjusted models. "
  • "a 2013 survey conducted by the Pew Research Center found that 80% of lesbian, gay, bisexual, and transgender (LGBT) Americans reported using social networking websites, and 55% reported meeting new LGBT friends online [19]."
  • "Similarly, a 2010 national survey conducted by Harris Interactive found that 54% of gay and lesbian adults read online blogs compared to 40% of heterosexual adults, and 73% had Facebook accounts compared to 65% of heterosexuals [20]. Such reports are similar to the data presented here, showing greater use of Facebook among LGB respondents."
Quotes
  • "According to the most recent Nielsen Total Audience Report, adults in the U.S. spent almost 10 and a half hours a day with media in the second quarter of 2018, even as the effects of seasonality played their typical role. With the vast amount of time Americans spend using their devices throughout the day, it is inevitable that some of this usage is occurring simultaneously. "
  • "Even in the era of device fragmentation, prime time still reigns supreme. In second-quarter 2018, U.S. adults spent more time on media overall from 9-10 p.m. than any other hour throughout the day, with nearly 38 out of a possible 60 minutes being spent across Live+time-shifted TV, TV-connected devices, radio and digital (computer, smartphone, tablet) during that time."
  • "The 9 p.m. hour also seems to be the sweet spot for TV consumption, as both linear TV and TV-connected device usage peak at that time. Consumers spend well over half of their media consumption for this hour watching linear TV and interacting with TV-connected devices (think playing video games or streaming content through devices such as Roku, Apple TV, Amazon Firestick or Google Chromecast)."
From Part 10
Quotes
  • "African-Americans spend almost 44 hours per month on smartphone apps, using 157 app sessions per month for a wide variety of purposes. The highest income segment ($100,000+) spends the most time on Facebook, with more than 81 sessions per month and over 15 hours spent on the mobile app, and they are also the heaviest user of Google search."
Quotes
  • "Looking specifically at mobile apps, Facebook, Instagram, Twitter and LinkedIn have higher reach among African American adults than total U.S. adults. Facebook and Instagram are the social-media sites with the broadest mobile reach among African Americans, as well as the greatest length of time spent on the site."
Quotes
  • "Interestingly enough, data shows that a Hispanic household with an income $100K+/year tends to mirror the shopping behaviors of their under $100K/year Hispanic peers (despite having much more income to spend), instead of displaying similar purchasing characteristics to their high-income non-Hispanic peers."
Quotes
  • "Hispanics also consume news from radio and newspapers, but neither is as widely used as TV or the internet. In 2016, 55% of Hispanics got news from radio on a typical weekday, down from 64% in 2006 (but mostly unchanged from 2012). The use of newspapers as a news source continued its decline, falling from 58% in 2006 to 34% a decade later."
Quotes
  • "In general, Hispanics are more likely than the general population to perform a number of tasks on their smartphones, including listening to music, messaging, emailing, using the App Store and even using their cameras. "
Quotes
  • "Almost seven in 10 Hispanics have a smartphone, and it powers an outsize proportion of their digital activity. About one-third have a smartphone but no home broadband. Their daily time spent using mobile (3 hours) is more than an hour higher than the figure for non-Hispanics."
  • "Nearly two-thirds of Hispanics use social media. About half are on Facebook. Among adults, slightly more than one-third use Instagram and slightly less than one-third use Snapchat. WhatsApp is the social platform where Hispanics conspicuously overindex."
Quotes
  • "Hispanics use apps around the clock with 6 pm to 9 pm being the peak period (57% usage), according to the report Mobile Diversity, Mobile App-Study across Total Hispanic Market, Pulpo Media, Entravision, ThinkNow Research."
  • "More specifically, 87% of Hispanics in the study own a smartphone and 65% own a tablet, while 93% own one or the other, and nearly all download and use apps. Interestingly, low-acculturated Hispanics have the highest proportion of tablet users at 72%, a statistically significant result, while smartphone usage is uniformly high across all acculturation levels."
Quotes
  • "Asian Americans are the most affluent and educated of any U.S. racial and ethnic group, and have the highest average household income at $110,523. Fifty-two percent of Asian-Americans have at least a bachelor’s degree."
Quotes
  • "A glimpse into the future becomes clearer when looking at the types of technologies captured within multimedia devices. Gadgets, such as Apple TV, Roku, Google Chromecast and smartphones connected to the TV, can be found in 51% of Asian-American homes. This represents the highest penetration percentage of all racial/ethnic groups by far, not to mention being 22 percentage points higher than overall U.S. TV households."
Quotes
  • "Asian-American Millennials (ages 18–34) spend the majority of their digital time (51%)—and more time than Asian- Americans of other generations—on apps and the internet on a smartphone. They also spend more time than older Asian-Americans on watching video on their smartphone and using game consoles."
Quotes
  • "About 34% Asian Americans get the day's news online; 20% seek financial information on a typical day; and 19% look for political news and information on a daily basis. "
  • "Internet and ethnic newspapers are clearly the preferred medium of communication when targeting Asian Americans."
Quotes
  • "The 9 p.m. hour also seems to be the sweet spot for TV consumption, as both linear TV and TV-connected device usage peak at that time. Consumers spend well over half of their media consumption for this hour watching linear TV and interacting with TV-connected devices (think playing video games or streaming content through devices such as Roku, Apple TV, Amazon Firestick or Google Chromecast)."
Quotes
  • "The top 1 percent prefer Twitter and email over Facebook. They are also 73 percent more likely to use iOS devices, and they are light TV viewers. Common topics that interest this group are what you might expect: business news, elections, wine, yoga, and social clubs."
Quotes
  • "For example, multiracial adults with a black background—69% of whom say most people would view them as black or African American—have a set of experiences, attitudes and social interactions that are much more closely aligned with the black community. A different pattern emerges among multiracial Asian adults; biracial white and Asian adults feel more closely connected to whites than to Asians. "
From Part 11
Quotes
  • "Americans’ views toward those who identify as lesbian, gay, bisexual or transgender (LGBT) have changed substantially in recent years, and a majority of U.S. adults now say homosexuality should be accepted by society."
  • "Americans are becoming more accepting in their views of LGBT people and homosexuality in general, and the number of people identifying as LGBT has grown in recent years"
  • "Bisexuals make up the largest share of LGBT Americans. An analysis by UCLA’s Williams Institute in 2011 found that bisexuals accounted for about 1.8% of the total U.S. adult population at the time. A slightly smaller share (1.7%) were gay or lesbian."
  • "Overall, only 28% of bisexuals say that all or most of the important people in their lives are aware that they are LGBT. Meanwhile, 77% of gay men and 71% of lesbians say the same."
Quotes
  • "LGBT women would prefer the option of dressing in a more masculine way while at work. While supported, the majority of the participants would prefer that menswear brands would target them as a market, as opposed to ladieswear firms"
Quotes
  • "According to a recent Grindr study, the LGBTQ+ community spends nearly $100 billion dollars on travel, a leading spend in the LGBTQ+ community"
Quotes
  • "American LGBT households make 10% more shopping trips in a year than the average U.S. household, they buy more at checkout. In aggregate, LGBT households spent an average of $4,135 at retail stores in 2014—7% more than non-LGBT consumers"
  • "This type of spending makes LGBT consumers attractive for marketing appeal across music, sports, TV and brand sponsorships. Not only are they watching and listening at higher rates than non-LGBT households, but in many cases, they're also influencing the content and characters in those outlets."
  • "Across all music channels, LGBT music fans show higher levels of engagement than their non-LGBT counterparts. For example, LGBT music fans over-index on spending on tickets to attend music festivals (index 123, or 23% more likely), subscribing to streaming services (126) and going to see a DJ they know perform (150). "
Quotes
  • "By 2020, Nielsen expects the Hispanic population in the U.S. to grow by 6.8 million, complemented by an additional 2.3 million Asian-Americans and 1.8 million African-Americans."
  • "While multicultural households purchase fewer private-label products than the general population, Hispanic and African-American dollar spend grew +0.7% and +0.5%, respectively, for the year-ended Aug. 12, 2017"
Quotes
  • " LGBT community puts more emphasis on discretionary spending versus savings, according to the survey."
  • " Paying credit card debt also ranked higher than saving. This kind of makes sense when you think about many of the stereotypes of the LGBT community and its large spending power"
  • "Entertainment, dining out and travel are a staple for many in the LGBTQ community. The discrepancy is more pronounced when you specifically break out the gay men. This group prioritized travel 11% more than the general population. Surprisingly, we prioritize spending on clothing 8% less than the general population."
  • "LGBTQ community loves credit cards. There always seems to be a conversation about which credit card everyone is using and why when the time comes to split the brunch or dinner bill"
  • "LGBTQ people are more likely to report bad spending habits (34% vs 28%). We are also more likely to struggle to maintain good saving habits (44% vs 38%)."
  • "The youngest group, ages 25-34, is most concerned with paying off debt while the oldest group, 65 and older, is most concerned with having money left over at month-end, after paying bills."
From Part 12
Quotes
  • "These tables highlight annual household net worth estimates at the national level and are broken down by selected characteristics, such as race, household structure and poverty status."
Quotes
  • "In the U.S., New York is home to the most high-net-worth individuals — defined as households earning $250,000 or more a year — with 1.167 million hefty earners. That was almost double the figure in Los Angeles, with 637,700 households. New York and LA were followed by Chicago (400,416) and San Francisco (396,431)."
From Part 13
Quotes
  • "Approximately 10.7 million LGBT people in the U.S."
  • "LGBT investors working WITH an advisor: $346,000 average in savings and investments"
  • "A 2013 study indicated that 68% of LGBT investors with at least $250,000 in investible assets rated their risk tolerance as aggressive, somewhat aggressive, or moderate, compared to just 55% of other investors."
Quotes
  • "In a statement, Witeck Communication – which works in partnership with Harris Interactive and MarketResearch.com – said that it reached the figure by basing its figures on 6-7% of the US population identifying as lesbian, gay, bisexual or transgender (approximately 16million+ adults of 18 years or older)."
Quotes
  • "In 2017, the median household income of a gay couple in the U.S. amounted to 104,130 U.S. dollars."
Quotes
  • "Same-sex couples also earned more. Average adjusted gross income was about $166,000 for male couples, $118,400 for female couples and $115,000 for opposite-sex ones."
From Part 14
Quotes
  • "This raises an important question: why do LGBT investors invest less? One reason may be a lack of confidence: just 15% consider themselves to be knowledgeable about financial products and investments compared to 21% of other investors.1"
Quotes
  • "the average asset allocation for respondents with over $3 million in investable assets is 55% stocks, 21% bonds, 15% cash, 6% alternatives, and 4% other."
Quotes
  • "LGBT identification is more common among those with lower incomes, as has been the case consistently since 2012. The income gap is larger this year than it has been, with 6.2% of those making less than $36,000 a year in household income identifying as LGBT, compared with 3.9% of those making $90,000 or more. There are no major differences in LGBT identification by educational attainment, although the percentage of postgraduates who self-reported as LGBT is slightly lower than those with less formal education."
Quotes
  • "LGBTQ respondents estimated they devote 16% of monthly income to discretionary spending, but just 11% to saving or investment."
Quotes
  • "The report found that from 2007 to the end of 2017 HNWIs decreased their real estate allocation from 33% in 2007 to 30% in 2017. At the end of 2017, real estate was the largest asset class for HNWIs (30% of total HNWI assets), followed by 70% in equities, business interests, bonds, alternatives and cash."
Quotes
  • "Looking how angels make their very first investment, we find that angels are mostly likely to get involved through traditional angel groups rather than via the influence of informal relationships, individual endeavor, or emerging online vehicles. Interestingly, the median time for an angel in our sample made their first investment during the Great Recession. This observation suggests that investors in that period shifted their investment interests towards alternatives to traditional securities, possibly because the perceived risk of startup investing might have been seen as more on par with the level of risk associated with public stocks and debt in that period."
Quotes
  • "High Net Worth millennials invests in Private equity (41%), Tangible assets (39%), Private debt (34%), Hedge funds (33%) and Venture capital (31%)."
  • "HNW millennials jumped into the stock market over the past year, cutting their large cash allocations from 47 percent to 21 percent of total portfolio holdings. Still, they have the lowest stock allocations of any age group. Instead, they are pursuing alternative strategies in both the public and private markets."
From Part 15
Quotes
  • "The Harvard Business Review reports that the top wealthiest 5% of black Americans are more likely to invest in more “conservative” investments such as savings accounts, life insurance, CDs, and real estate, compared to their white counterparts who hold more assets in stocks, bonds, and business equity ownership, which provide higher rewards for taking on more risk."
Quotes
  • "The Wells Fargo survey found 72% of Hispanic investors wanted to know more about investing in mutual funds, stocks and bonds."
  • "Data from the FINRA (Financial Industry Regulatory Authority) Foundation show that 22% of blacks, 25% of Hispanics, 36% of whites and 47% of Asians held taxable investment accounts."
Quotes
  • "Further, the percent of black people who feel that the stock market is the best way to invest rose from 28 to 41 percent."
  • "About 67 percent of African-Americans with incomes of at least $50,000 have money invested in stocks or stock mutual funds."