In 2019, more than 50 percent of minority-owned businesses were owned by which group?

• A. African Americans
• B. Asian Americans
• C. Hispanic Americans
• D. Native Americans

Answer: (B)

This question highlights how minority-owned businesses are distributed across different racial and ethnic groups. A minority-owned business is one where a member of a minority group owns at least 51 percent of the company. In 2019, Asian Americans owned the largest share of these firms, accounting for more than half of all minority-owned businesses. This reflects both their larger representation within the overall minority population and relatively high rates of business ownership within many Asian American communities, including numerous immigrant-founded small businesses in sectors like professional services, retail, and food. Other minority groups—African Americans, Hispanic Americans, and Native Americans—own smaller shares of minority-owned firms, which is why Asian Americans constitute the majority in this context.