IMPACT INVESTING Q4 2023: Social | Page 6

Demographics in the US Are Set to Change Materially Into 2030 and Beyond

The Gen Z and Millennial generations are expected to be a more diverse population cohort than previous generations based on the change in expected population distribution among ethnicities.

U.S. Census Bureau data implies that U.S. population growth through 2060E from 2016 will be led by those that define as being of Two or More Races (+198% 2016-2060E), Asian (+101% 2016-2060E), and those that define as people of Hispanic origin but may be of any race at (+94% 2016-2060E).

The Census Bureau indicates that “immigration is projected to overtake natural increase as the primary driver of population growth.”

The Millennial & Gen Z Revolution on a Global Scale

Sources: Cowen, Bloomberg, BakerAvenue