Photo by moooster/Flickr (Creative Commons)
Over the next several decades, what will be the color of money in Los Angeles? A new report from the California Community Foundation points to what some might find an unexpected driver of wealth in the region: entrepreneurial immigrants.
Along with entrepreneurship, immigration is expected to be one of the two most likely factors shaping the creation of wealth in the region in the coming 50 years, according to the report. An excerpt:
Los Angeles’ entrepreneurial community is diverse, with more women- and minority-owned businesses than any other county in the nation, according to the Federal Reserve.
There is a strong connection between entrepreneurial activity and immigration. Immigrants were, for example, more than twice as likely in 2010 to start businesses each month than were native-born U.S. residents.