These 5 Self-Made Hispanic Millionaires Prove That Immigrants Can Be Successful Too
United States is home to a vast Hispanic community. In fact, they make up 17.6 percent of the country's total population and is poised to increase up to 28.6 percent by 2060, according to the U.S. Census Bureau.
It is difficult to be a successful Hispanic immigrant in the United States. While there are 3.3 million Hispanic-owned businesses recorded as of 2012, the chances of middle-aged, college-educated Hispanics becoming millionaires are less than seven percent. On the other hand, chances for Caucasians who are in the same bracket to become millionaires are better than 21 percent.
In spite of this, immigrants possess exceptional audacity and determination. In fact, a recent study found that immigrants are almost twice as likely to be entrepreneurs compared to native-born Americans. While their failure rate is higher, there are some who emerged victorious.
Here are five of the most successful Hispanic immigrants in the United States:
1. Jorge Pérez, founder of The Related Group
Jorge Pérez moved to the Miami in 1968 from Argentina after finishing high school. Pérez has made a name in the real property development arena with The Related Group, which started in making affordable housing but evolved to be a multi-millionaire company specializing in high-end condominiums. Pérez might be responsible for Miami's famous skyline as he has been dubbed, "The condo king of South Florida" by the Wall Street Journal. According to Forbes, Pérez has a net worth of $2.8 billion.
2. Alberto "Beto" Perez, founder of Zumba
Who in the world is not familiar with Zumba? Maybe a few. The history of this exercise fitness program that has been popular for more than a decade, could be traced back to Colombia in 1986. Perez who was an aerobics instructor at the time, forgot the regular music for his class, so he improvised the track by recording a Latin music from the radio. It became a popular hit among Columbians and 13 years later, he found himself expanding his business in Miami. Today, there are already 15 million people from 200,000 locations in 180 countries who take Zumba classes, according to the company.
Zumba has transcended its original purpose as it launched its own clothing line, shoes, food items and even a cruise and video games. Raine Group and Insight Venture Partners in 2012 took a minority stake in Perez's business, giving it a valuation of $500 million.
Carlos Castro, president and CEO of Todos Supermarket
Carlos Castro initially entered the United States illegally from El Salvador in 1979 and was later deported. The following year, he was back, working a series of odd jobs and eventually bringing over his wife and children. By 1990, he founded Todos, a supermarket chain catering to Latino shoppers in the Washington, D.C. area. In the same year, he became a U.S citizen, after 11 years of residing in the country.
Todos might be a small chain, but it is a multimillion-dollar business that has gained respect among the Hispanic community. It has been included in Virginia Chamber of Commerce's Fantastic 50 businesses for three consecutive years starting in 2005. In 2007 it was hailed as business-of-the-year by the Virginia Merchant and Retailers Association. This year, Castro has received Charles J. Colgan Visionary Award from the Prince William Chamber of Commerce for the category of business and civic leadership.
Jordi Munoz, founder of 3D Robotics
Jordi Munoz's accidental invention of first autopiloted drone in 2007 has placed him in the pedestal of robotics. Two years later he launched 3D Robotics with his partner Chris Anderson, former editor in chief of Wired. In 2015, Munoz left the company but still remains a shareholder.
As of writing, 3D Robotics has raised a venture capital of $159 million, including a $53 million Series D round earlier this year.
Maria Contreras-Sweet, former administrator of the SBA and founder of ProAmérica Bank
Mexican Maria Contreras-Sweet is known for a number of accomplishments. She served as the SBA administrator for four years during the Obama administration. Later on, she has joined the board of directors at San Diego-based Sempra Energy. She founded the ProAmérica Bank, a financial institution serving the Latino business community as well as the Contreras-Sweet Enterprises, a marketing and research firm that serves companies like Coca-Cola, Pacific Gas and Electric and Walt Disney. She also co-founded the venture-capital firm Fortius Holdings. The Center for Responsive Politics estimates her net worth at $3.5 million.
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