The median household income for the group is more than 30 percent higher than for the overall U.S. population, more than half hold at least a bachelor's degree, and census data has shown significant growth in the number of Chinese-American-owned businesses. It is also a community that places a high premium on hard work, saving and creating a legacy.
And it's a demographic that looks set to keep on growing, notably at the upper end of the income scale. Studies have shown that increasing numbers of mainland Chinese millionaires are looking to move to—and invest in—the U.S. Some 60 percent of China-based millionaires have relocated abroad or intend to, with many stating a preference for the States, according to the Shanghai-based Hurun Report.
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In fact, the State Department has, for the second year in a row, stopped handing out EB-5 immigration visas—awarded to foreigners investing at least $500,000 in a U.S. business creating at least 10 jobs—for the rest of the year because the program is maxed out. An estimated 85 percent to 90 percent of 10,000 available EB-5 visas were awarded to Chinese last year, according to public and private sources.
By most accounts, Chinese-Americans—millionaires or not—would seem like a client base that advisor dreams are made of. Plus, there's the added benefit that focusing an advisory practice on any niche of the population has the potential to boost profitability.
A recent study by Cerulli Associates found that while just 15 percent of financial advisors in the U.S. focus on a particular client niche, those advisors account for 29 percent of overall advisor assets under management.