Common meaning:

A group that has a smaller number of members than a majority group and has a lower status.

Hidden meaning of the Equity religion: 

A group that may be in the majority numerically but is still considered the victim of a powerful group.

Discussion:

Equity says that a group does not have to be in the minority to be oppressed. That it is possible, although not typical, for a group to be in the majority numerically but still be considered to be a victim of a powerful group.

One of the reasons that believers will often use the word minoritized instead of minority, is so they can make the oppressed group any size. For example, even if it is found that 80 percent of the people taking psychology degrees identify as women, they can still be identified as minoritized and oppressed by the 20 percent of men who are taking the class. 

The Equityists believe it is perfectly fine to implement programs to encourage more women to take a subject, where they are already the majority, and refrain from having any programs to encourage men to take the subject, even though self-identified men make up only a fraction of the class.

Create a group and build a grievance.