In the 2010 census, Miami had a population of approximately 399,500 residents. While judging by its population, Miami might be regarded as a mid-sized city, it forms the center of a much larger metropolitan region of more than 2.25-million, known as Miami-Dade County. The city's racial composition is 72.4% white, 19% African American, and the remainder Asian. Nearly 70% of Miami residents identify as Hispanic or Latino. Roughly 60 percent of Miami's population is foreign-born, giving Miami the highest concentration of foreign-born residents among the 100 largest metropolitan areas in the United States. Cuba is one obvious source of immigrants, but immigrants come from all over the Caribbean and Central and South America.
Miami is widely regarded as the gateway city to Latin America in terms of trade and business. Yet Miami also suffers from some unique challenges. Although located right across the causeway from the resort town of Miami Beach, the city of Miami itself is one of the nation's poorest – ranking fifth in the most recent (2006) census survey. Not surprisingly, perhaps, this gap between rich and poor is reflected in census figures: Dade County has the tenth highest degree of income inequality among 244 ranked counties. The city's median household income ranked last among the 100 largest cities in the United States in 2000. The community development group Living Cities also reports that Miami has the fifth lowest home ownership rate and that only 16 percent of its adult residents have a bachelor's degree.
Faced with these formidable obstacles, community wealth building institutions in Miami have played a significant role. Miami has a productive group of community development corporations that in 2002 alone produced 450 units of housing. Some Miami-based CDCs have also branched out into commercial and community facilities development. Other community wealth building efforts are also growing. For instance, the Prosperity Campaign, an earned income tax credit outreach effort led by the Human Services Coalition of Dade County, generated an additional $62 million in revenue in the first year. The group estimates that due to the “multiplier” effect the money claimed through this program help generate $250 million in new spending for the local economy.
An overview of community wealth building efforts follows: