CAAL releases new economic report: Redefining Wealth Through Cultural and Communal Assets
For Immediate Release
January 14, 2021
Contact
Julia Gay julia@caalmn.org | (216) 744-4956
St. Paul, Minnesota – The Coalition of Asian American Leaders (CAAL) released a new economic report, Redefining Wealth Through Communal and Cultural Assets in December of 2020. This is the first report of its kind in Minnesota. The report includes qualitative and quantitative data conducted over the course of two years on 10 different Asian ethnic groups in Minnesota – with a total of 228 participants. Data from the report builds on two previous CAAL research projects: Path Forwards in Education and Economics and Invisibility Perpetuated: The Complex Economics of Asian Minnesotans.
CAAL’s research breaks down, or disaggregates, economic data by looking at seven data points—geographic distribution, population growth, general demographics, employment, income and poverty, housing, and intergenerational wealth building—to unmask the possible economic spectrum within the Asian Minnesotan population as a whole.
CAAL’s research shares the nuanced, lived experiences of Asian Minnesotans, providing further understanding of the unique economic challenges and community assets across different Asian Minnesotan communities. The report also provides recommendations to policy makers, financial institutions, and service providers on how to create better systems that build on these existing assets and help Asian Minnesotans achieve intergenerational wealth. CAAL plans to work directly with 3-5 organizations to implement these recommendations in the next few years.
The report is now available to download on CAAL’s website.
Bo Thao-Urabe, Executive and Network Director and KaYing Yang, Director of Programs and Partnerships stated in the report’s introduction that, “The findings tell us that while Asian Minnesotans as a whole continue to be complex and idiosyncratic, key factors and themes are important to the population as a whole… In addition, this research shows that wealth is defined in many ways and goes beyond the accumulation of money and material possessions.”
On December 8, 2020, CAAL hosted a soft launch of the economic report where featured speakers from community organizations shared their impressions of the research:
Jen Racho, Program Officer of the Northwest Area Foundation shared, “I see a lot of possibilities…within philanthropy and I really hope it enlightens funders’ thinking around this topic in particular and how it can inform their grant making”.
Bao Vang, President and CEO of the Hmong American Partnership commented, “This report brings to light, not only the data piece, but the real people behind the story”.
CAAL is hosting a formal launch of the report on Wednesday, January 20, 2021 from 4:00 PM to 5:00 PM CT. The event features guest speakers: Tawanna A. Black, CEO, Center for Economic Inclusion, Alene Tchourumoff, Senior Vice President of Community Development and the Center for Indian Country Development, Federal Reserve Bank, Leona Thao, report author and Dr. Bruce Corrie, Economist and faculty member at Concordia University. Register in advance to receive the zoom link.
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About Coalition of Asian American LeadersThe Coalition of Asian American Leaders (CAAL) envisions a State where all Minnesotans, regardless of background, are actively engaged and can achieve prosperity. Our mission is to harness our collective power to improve community lives by connecting, learning, and acting together. To learn more, please visit www.caalmn.org.