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African American Financial Institutions
Purchasing Power
UGA quote
In 2020, African American economic clout energized the U.S. consumer market as never before. The buying power of African Americans rose to $1trilion 600,000,000,000 bilion, or 9% of the nation’s total buying power.
In 2020, the 10 states with the largest African American markets were Texas ($149 billion), New York ($141 billion), Georgia ($118 billion), California ($118 billion), Florida ($116 billion), Maryland ($86 billion), North Carolina ($75 billion), Virginia ($67 billion), Illinois ($63 billion) and New Jersey ($57 billion). unquote
In 2022, African American purchasing power was greater than the Gross National Products, or GDP of 160 nations.
That buying power also eclipsed the GDP of the top 8 Sub Saharan African nations combined. which are listed below
Negeria
South Africa
Ethiopia
Kenya
Angola
Tanzania
The Democratic Republic of the Congo,
and Ghana.
Again African American buying power in 2022 was greater than the aforementioned top 8 Sub Saharan African nations combined