It was just last year that rapper and sneaker mogul Kanye West rocketed into the billionaire's club with a net worth of $3.2 billion. Median net worth for Black families rose from $18,240 in 2016 to $24,100 in 2019. Moreover, respondents perceptions of the questions and their own racial and ethnic identity can change in response to individual circumstances and the way the nation sees race and itself. There are a total of 89,510 people in the United States with net assets of at least $50 million. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Number of people with wealth over one million U.S dollars 2021, by country, Distribution of assets by category and wealth percentile U.S. Q1 2021, Countries with the highest millionaire rate in 2021, Distribution of wealth in the United States 1990-2022, States with the most billionaires in the U.S. 2022, Countries with the most individuals with a net worth over one million U.S. dollars in 2021 (in thousands), Countries with the highest proportion of millionaires in 2021, Ultra high net worth individuals: population of global 1 percent 2021, by country, Number of people belonging to the global top 1 percent of wealth holders* in 2021, by country (in 1,000s), Wealth distribution in the United States in the third quarter of 2022, Number of millionaire households U.S. 2006-2020, Number of millionaire households in the United States from 2006 to 2020 (in millions), United States: estimated net worth of the 20 richest people as of 2022 (in billion U.S. dollars), Distribution of net wealth in the United States from Q1 1990 to Q3 2022, U.S. high net worth individuals 2008-2021, Number of high net worth individuals in the United States from 2008 to 2021 (in millions), North America wealth of high net worth individuals 2008-2021, Total wealth of high net worth individuals in North America from 2008 to 2021 (in billion U.S. dollars), Asset allocation of high net worth individuals in North America 2021, Asset allocation of high net worth individuals in North America in 2021, Distribution of asset holdings in the United States in Q1 2020, by asset category and wealth percentile, Share of households who are millionaires by state U.S. 2020, Share of households in the United States with one million or more U.S. dollars in investible assets in 2020, by state, Number of households who are millionaires. In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities. Oprah Winfrey is the Queen of all Media. BE 100s Smith graduated from Cornell University and Columbia Business School. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. The median household income for Black Hispanic U.S. households is $51,000, meaning half of households with a Black Hispanic household head earn more than that and half earn less in 2021. Thats more than 10% of households in the US. WWT focuses on telecommunications networks and enterprise-wide conversion services. The Black population, either alone or in combination with one or more races, in the United States in 2019. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. An estimated 47.2 million people in the U.S. identified as Black in 2021. A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. In practical terms, this means looking at your financial situation and: 1. Since that time, NBA values have skyrocketed. Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. The sum of these factors and centuries of inequities have contributed to the growing wealth gap we see today. Hispanic families experienced a strong rise in median net worth in 2019, rising to $36,050 from $22.040 in 2016, an increase of 64%. Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. According to the 2021 Forbes ranking of the world's billionaires, Nigerian business magnate Aliko Dangote had a net worth of $11.5 billion and was the world's richest black man. 5 Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 According to the USDA, the average cost in 2017 of raising a child in the United States was $233,610 (from birth to age 17). Get vetted side hustles and proven ways to earn extra cash sent to your inbox. More than 4.6 million Black people in the U.S. were born outside the country as of 2019, meaning that 10% of the Black population was foreign born. Related: Key facts about the nations 47.2 million Black Americans. Submit a correction suggestion and help us fix it! The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. In comparison, more than one in every seven White households have surpassed the million dollar mark. For the fourth quarter of 2019, total wealth in the U.S. was $111.04 trillion. She makes investing in the stock market as simple as shopping at the mall! Hispanics made up 7% of the total . Black workers are concentrated in lower wage jobs. Select Accept to consent or Reject to decline non-essential cookies for this use. This text provides general information. The richest Black man in the world is Nigerian businessman Aliko Dangote, the man who founded Dangote Cement. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession The top 10% is well-educated you are most likely to land in this group if you have a postgraduate degree, as 27% of respondents with a higher degree are in the top 10%. Then you can access your favorite statistics via the star in the header. Today he brings home more than $100 million a year from his endorsement deal with Nike, alone. And how much of wealth overall do they control? FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. Statista assumes no Leidesdorff, who had immigrated to the U.S. from the Danish West Indies, owned the . Learn more about how Statista can support your business. The number of foreign-born members of this group has increased from 250,000 people in 2000, but their share of the multiracial Black population has decreased from 16% in 2000. The U.S. had about 17.4 million of the globe's 42.2 million millionaires in 2018, the report that would have been current at the time of the viral Facebook post. For more, read Faith Among Black Americans. Wealth flows through us, not to us, says J.D. Additionally, 400,000 members of the multiracial Black population are foreign born (8%), as of 2021. Marital data was asked but not reported in the 2019 SCF. Read to find out the power of courage and vision.. According to a 2016 report, only 46 people became billionaires before the age of 40. EVENTS Homeownership participation for the 35-44 age group 61.4% in 2019 is still significantly below the pre-Recession high of 68.3% in 2004. Source: Federal Reserve - Survey of Consumer Finances, 1989 - 20193, Source: U.S. Census Bureau - The Wealth of Households: 2017.6 Note this chart is in 2017 dollars. There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. So there may be more than one person earning in a single household. Black people. About 14% of the U.S. population is Black or African American. Entrepreneurship Business Coach Pasha Carter. There are nearly 22 million people in the U.S. with enough assets to fit the definition, according to a 2021 study by Credit Suisse. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century Besides English, other languages spoken by this part of the population ages 5 and older include French or Haitian Creole (3%), Spanish (1%) and Amharic and other Ethiopian languages (1%).2. 17. WWT has more than 6,500 employees across 20 offices across the globe. The total number of millionaires in the US is, New York is the city with the biggest concentration of ultra-rich millionaires with, The United States millennial millionaires own an average of three properties with a real estate portfolio worth. Pew Research Center - The Growing Diversity of Black America If Black and Hispanic wealth was proportional to their percentage of the population, Black families would hold $15.55 trillion and Hispanic families would hold $19.99 trillion in respective net worth. An estimated 2% of Black households, roughly 340,000 families, have a net worth over $1 million, according to the economic state of Black America report. The middle 40% of U.S. families own 22% of the wealth. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. The vast majority (97%) of the Black population as of 2021 speaks either only English (89%) or, if they speak another language, say they also speak English very well (8%). Florida comes in a close second with 3.8 million, and Georgia comes in third, with 3.6 million. Median household income increased across all quintiles from 2016 to 2019. 48.2 million. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. Roughly 30% of the entire Black population was below the age of 20 while 12% were 65 or older. Premium Statistic. Each quartile increase of student debt as a fraction of financial assets lowers the representation of these risky asset classes in the mix of total financial assets by 20%. The rule of thumb is that with hard work, you can achieve anything in America. The homeownership rate for couples with children in 2019 was 75.7%, and for singles with children the rate was 50.4%. There are 618,000 millennial millionaires in the United States, and 93% of them have a net worth ranging from $1 to $2.49 million. That works out . How many billionaires in the U.S.? The United States also added 2,251,000 new millionaires from 2019 to 2020 alone, which puts it at the very top of the list of countries with the most millionaires. Founded in 2000, today Vista Equity Partners controls more than $57 billion in assets and has delivered an average annual return north of 30% since its inception. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. The average millionaire is 57 years old. How many millionaires are in the US in 2020? As a Premium user you get access to the detailed source references and background information about this statistic. INFORMATION There are seven Black billionaires in the United States. Three-in-ten Black households (31%) make $75,000 or more, including 20% that make $100,000 or more. Obviously, theres a huge wealth disparity. Following the South, 17% live in each the Midwest and the Northeast and 10% live in the West. Here are some facts revealed by looking at net worth: Wealth distribution in America is often broken into equal sections, or percentiles, in order to understand better how wealth is accumulated, in what quantities, and by whom. Click here for a downloadable spreadsheet of these findings. Florida is home to 370,000 multiracial Black people, while Texas has 350,000. Pretty much everything she touches turns to gold. 14. Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. Concentration of millionaires: 4.21% Rank: 50 (Unchanged from last year) Median income for all households: $44,097 Median home value: $121,300 West Virginia has a relatively low concentration of. The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. We go to school and have to take on additional jobs to fund our education and overall living expenses. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. 5. We need to allocate more money toward investing if we want to build wealth.. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. According to Wealth-X, about 71.9.% of UHNW millionaires were self-made. 9 How many Black billionaires in the U.S.? We have not included all available products or offers. Profit from the additional features of your individual account. Youre not going to be saving or investing unless in your mind you believe it will make a difference, Koski toldMarket Watch. This is just another example of the widening gap between the economic opportunities given to black and white Americans. This population has grown from 960,000 in 2000 to 2.8 million in 2021, marking a 191% increase. California is the top state of residence for multiracial Black people, with about 460,000 living there. The racial and ethnic categories used in census data have changed over time including question wording, formatting and instructions and may affect how people identify by race and ethnicity. Fewer than a two-in-ten (17%) live in non-family households. to incorporate the statistic into your presentation at any time. The term also refers to those born abroad to a parent who was a U.S. citizen. In, Annalect. The median age of Black people in 2021 was 33 years, five years younger than the U.S. populations median age of 38. It may take a while to really get your head around things like me, but it happens, and when it does, it is very, very powerful.. A quintile is when the data is separated into five different yet equal sections. The charts below use quintiles and quartiles to break up the data in the 2019 SCF. Statista. Roughly one-in-five (10%) Black Hispanic people lived in non-family households. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics 106, No. Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . This trend is expected to grow. 2023 Celebrity Net Worth / All Rights Reserved. The median age of this population group in 2021 was 22 years, making Black Hispanics the second-youngest group included in this analysis, and notably younger than the U.S. population, which had a median age of 38 years. Additionally, 500,000 members of this population are immigrants to the U.S., meaning that almost one-in-five Black Hispanics (18%) are foreign born. 30.7% Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). Other top metropolitan areas for this subgroup include Atlanta, Washington, D.C., and Philadelphia. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. However, many of these millennials are earning good money all by themselves as well. The exact number is hard to determine since Congress members reveal their finances in ranges. About The vast majority of the 62.5 million global millionaires in 2021 had wealth between $1 million and $5 million, which reinforces the rapid rise in millionaire numbers seen in the United. We appreciate the public's cooperation as we continuously measure America's people, places and economy. Currently, you are using a shared account. Over his NBA career, Jordan earned $93 million. According to the Federal Reserve, the top 10% in the US own 69.6% of the nations wealth. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. A similar share (43%) was between 30 and 64 years old. In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. The company provides planning, procurement, and deployment of IT products and solution selling. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. Let's take a look at the five wealthiest black people in the U.S. Michael Jordan is the highest-paid athlete of all time, but not because of his salary from the Chicago Bulls. Most self-made billionaires earned their first million dollars within five years. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. (+1) 202-419-4300 | Main Roughly one-in-three of these households (35%) earn $75,000 or more, including about a quarter (24%) that make $100,000 or more. This statistic shows the number of millionaire households in the United States from 2006 to 2020. Occurring every three years, this project gives a snapshot of the state of wealth in the U.S. so we can assess economic well-being and thorny issues of income inequality, including trends over time. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. He was a minority investor in the team starting in 2006 and took control of the team in 2010. In contrast, the United States had 404 billionaires in 2010. William Alexander Leidesdorff (1810-1848) was likely America's first Black millionaire. Despite being half of all American families, they earn about 15% of the countrys total household income. 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals. Register in seconds and access exclusive features. liability for the information given being complete or correct. BLACK ENTERPRISE is the premier business, investing, and wealth-building resource for African Americans. The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. About 3.9 million members of this population are immigrants from other countries, meaning 10% of single-race Black people are foreign born in 2021. In any given year, Michael earns $80 $100 million from Nike royalties. The report summarizes occupational representation in various industries within the United States. Starting from zero or in debt in their 20s, a typical U.S. family will grow wealth during their main earning years and pay down debt, slow their rate of wealth accumulation as they reach retirement, and then draw on their retirement savings accounts along with Social Security and pensions. A new survey has found that there are 13.61 million households that have a net worth of $1 million or more, not including the value of their primary residence. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. The average family in the U.S. in 2017 had 1.9 children. Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). Annalect. Other top metropolitan areas include Atlanta, Washington, D.C., Chicago and Philadelphia. Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. There are 21,951,000 millionaires in the U.S., according to the 2021 Global Wealth Report by Credit Suisse. Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. Management As of 2013, about 76 percent of U.S. millionaires were White/Caucasian. Learn more about how we make money and our editorial policies. By 2030, millennials are expected to control five times as much wealth as they have now. The fortunes of billionaires have been on the rise across the board. All seven black American billionaires are self-made. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the greatest number of Black residents (3.9 million). 18. 9 How did they get rich, and how do they stay rich? FinanceBuzz has partnered with CardRatings for our coverage of credit card products. By 2010, revenue was more than $3.2 billion. U.S. high net worth individuals 2008-2021. The top decile (90-100 in quartile chart), or top 10% of high net worth U.S. families, own 76% of the wealth, according to analysis done by the Federal Reserve Bank of St. Louis. 8. White families held $93.55 trillion (84.2%), Black families held $4.43 trillion (3.99%), and Hispanic families held $2.58 trillion (2.32%). Quintile table with fifth quintile split and the tenth decile indicated: Quartile table with fifth quartile split and the tenth decile indicated: Net worth is a measure of individual or household wealth what you own minus what you owe. The median household income for Black U.S. households in 2021 is $46,400, which means half of households headed by a Black person earn more than that and half earn less. If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. U.S. Census Bureau - The Wealth of Households: 2017 The youngest American billionaire is Austin Russel. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. Median net worth for those without high school has been on a downward trajectory since this survey began in 1989. Aged 26, hes worth $2.4 billion, and hes the founder of Luminar Technologies, a company that makes sensors and other tech for autonomous vehicles. 19. It has grown from 1.5 million in 2000, marking a 238% increase. Their fortunes range from finance to sports to media to music and fashion. You need at least a Starter Account to use this feature. Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. In 2019, Black household spending totaled approximately $835 billion. Shares and percent changes are calculated using unrounded numbers. At one time, she was the world's only African American billionaire. Contact statistic alerts) please log in with your personal account. Two-thirds (66%) of all Black adults identify as Protestant. 41.4% of families under 35 held student loans with an average (mean) balance of just over $41,000. Why the huge difference between the average and the median? Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. by state U.S. 2020, U.S. states with highest ratio of millionaire households per capita 2020, U.S. metropolitan areas with the highest share of millionaire households 2020, Richest self-made women in the United States 2022, based on net worth, Distribution of UHNW individuals by gender U.S. 2019, Share of U.S. families who are millionaires 2016, by ethnicity, Distribution of billionaires in the U.S. by gender 2022, States with the most billionaires in the U.S. 2022, Combined value of billionaire wealth in the United States 2020-2022, Opinion of U.S. adults on whether billionaires are a good or bad thing 2021, by age, Opinion of U.S. adults on whether billionaires should pay a wealth tax by party 2020, Ultra high net worth individuals 2021, by country, Share of the world's billionaires by region 2021, Global fastest growing markets for centi-millionaires 2022-2032, Cities with the highest number of UHNW individuals worldwide 2020, Youngest billionaires globally 2022, by net worth, Value added to the wealth of the world's leading billionaires during pandemic 2021, Breakdown of U.S. millionaires by generation 2013, U.S. top metro areas ranked by high net worth population 2014, U.S. millionaire households 1997-2015, by net worth, Breakdown of high net worth individuals' luxury investments in North America 2014, Wealth in the U.S. - UHNW (super rich) population in 2014, by gender, Wealth in the U.S. - UHNW (super rich) population in 2014, by state, Number of HNWI's, UHNWI's and billionaires in Switzerland 2014-2024, Number of HNWI's, UHNWI's and billionaires in Ireland 2014-2024, Private wealth owned by top one percent of population in Europe 2014, Number of HNWI's, UHNWI's and billionaires in Sweden 2016-2021, Number of HNWI's, UHNWI's and billionaires in Germany 2014-2024, Number of HNWIs and UHNWIs in Russia 2016-2026, Number of HNWI's, UHNWI's and billionaires in Austria 2013-2023, Investments of high-net-worth individuals, Find your information in our database containing over 20,000 reports. You come to America, work your butt off, and boom youre a millionaire. About 14% of the millennial millionaires live in New York State. The median age of multiracial Black people in 2021 was 20, making this the youngest subgroup of the Black population and significantly younger than the U.S. population overall (which had a median age of 38). The median is less influenced by the extreme wealth of a very small group of survey respondents. Moreover, 83.9% of the worlds wealth is owned by the top 10% richest people. Your total assets minus your total liabilities equals your net worth. How quickly and what does it mean? For those 45-54, less than a fourth (23.3%) had a student loan, yet the average outstanding balance was still close to the younger groups at $39,600. Kevin Mazur / Contributor / Getty. 106, No. As 2020, the number households with a net worth of one million U.S. dollars or more (excluding . 12. About 38% of US millionaires are over 65 years of age. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. Looking at income another way, almost half of households with a multiracial Black householder (46%) make less than $50,000, and 54% make that sum or more. You can only download this statistic as a Premium user. The Missouri-based billionaire still has a majority stake in the company. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. Most Black immigrants (88%) were born in African or . policy and terms. This means that since then, there has been a whopping 53% growth in the total number of billionaires in the country in 10 years. 2. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. 6 This was just under 10 percent of the nation's total, and lower than the Black share of the US population (13.4 percent). That news is bad enough, but according to the 24/7 Wall Street Special Report of the Top 10 Poorest Cities, Macon holds the distinction of being the poorest city in the nation. Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. The median household income for multiracial, non-Hispanic Black U.S. households is $55,000, meaning half of households headed by a multiracial Black person earn more than that and half earn less than that sum as of 2021. Researchers found that a borrowers experience with relentless student loan debt reduced portfolio risk taking and therefore lowered early investment in high return risky investments (defined as stocks, stock mutual funds, mixed mutual funds, or corporate bonds etc.).