Research by Boston Consulting Group reveals the outsized impact of Indians in the US across economy and culture
San Francisco: Indiaspora, a nonprofit organization of global Indian diaspora leaders, on June 18, 2024, unveiled a report conducted by Boston Consulting Group, “Indiaspora Impact Report: Small Community, Big Contributions, Boundless Horizons.” The report is the first volume in a series to look at the impact of the Indian diaspora, with a special focus on public service, business, culture and innovation in the United States. In addition to a wealth of eye-opening statistics, the project will also profile inspiring individuals who epitomize the diaspora's contribution across the full range of economic and cultural areas.
As the second largest migrant group in the United States, with a young, highly educated population, the report evaluated the impact of Indian immigrants and Americans of Indian heritage on American life. The report analyzed the group’s impact across economic, cultural, scientific, civic, social and philanthropic areas. At a time when issues around immigration remain highly divisive, Indian Americans have broken through many barriers to become one of the most influential immigrant groups in the US today.
“Indian Americans account for only 1.5% of the US population, yet they continue to have an outsized and positive impact across different aspects of society,” said Indiaspora founder M.R. Rangaswami. “Indian American-driven innovation flows to the country’s bottom line and is laying the groundwork for the next phase of economic growth.”
The number of Indians living in the US has grown to 5 million in 2023 which represents a 50% increase since 2010. The population is split nearly evenly between the first generation and those who claim Indian ancestry. Their far-reaching impact on the lives of Americans includes:
U.S. economy:
- 16 (approximately 3%) of Fortune 500 companies are led today by CEOs of Indian origin, which make up approximately 5% ($ 978 billion) of total revenue.
- Indian companies have invested more than $40 billion in the U.S. since 2008, contributing to job creation and R&D efforts.
- Indian Americans pay 6% of all US taxes.
Philanthropy:
- There is a strong sense of “giving back” in the community with their donations to US universities totaling more than $3 billion, including 67 donations exceeding $1 million each to more than 40 universities.
Science and innovation:
- Members of the diaspora represent more than 10% of NIH grants and US patents and hold significant positions in academia.
Education:
- The diaspora is a highly educated group with 77% holding a college degree compared to only 36% of Americans overall.
- There are 23,000 full-time Indian professors at colleges and universities around the country, who have mentored countless students to reach their educational goals.
“Though spelling bee champions and CEOs may grab the limelight, as more Indians call America ‘home,’ their impact is reaching across US culture in ever more significant ways,” said Sesh Iyer, North America Regional Chair, BCG X. “From Indian traditions like Holi and Diwali, to the expanding popularity of Indian restaurants, yoga and cricket in US culture, India continues to add new spice to America’s 250 years of cultural confluence.”
