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African American News About African Americans African Americans are the second largest minority market in the United States, comprising 13 percent of the Population. In 2007 African Americans buying power reached $845 billion. If African Americans were a country they would be the 16th largest economy in the world based on gross domestic product (GDP). African Americans like most American families spend 80% of their disposable income within a 20 mile radius of home. More than half of African Americans live in just 10 states: New York, California, Texas, Florida, Georgia, Illinois, North Carolina, Maryland, Michigan and Louisiana. In 2002, more than 1.2 million African American owned businesses generated nearly $90 billion in revenues. World Wide Technology with revenues in excess of $2 billion is the largest black-owned business in the United States. More Than 4 million African Americans hold bachelor’s degrees and over 1 million hold advanced degrees. Over 2.4 million African-American households earn $75,000 or more. With an average annual income of $122,000, affluent African-American households account for only 17% of all African American households but control 45% of total buying power among African Americans. In 2007 the 10 largest African American markets accounted for 61% of buying power. New York ($78 billion) Texas ($63 billion) Georgia ($58 billion) California ($58 billion) Florida ($57 billion) Maryland ($50 billion) Illinois ($42 billion) North Carolina ($38 billion) Virginia ($36 billion) New Jersey ($33 billion) Bob Johnson on Black Enterprise Business Report | ||||||||||
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