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. Use Ask Statista Research Service. The U.S. Black population is young. FinanceBuzz.com does not make any credit decisions. 5. How many millionaires are in the US in 2020? Thats more than 10% of households in the US. Have you ever wondered how many decamillionaires are in the US? About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. The number of millionaires, their households, and how they got their wealth. That's not to say that she doesn't work hard for her success no one works harder than Oprah. (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) Most research on families with children focuses on income levels and distribution, yet researchers have noted net worth impacts childrens well-being more than a familys income. She is one of the wealthiest African Americans of the 20thand 21stcenturies. Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. Of those billionaires, only 15 of them are black globally and seven black billionaires live in the United States. The charts below use quintiles and quartiles to break up the data in the 2019 SCF. This is an increase of nearly 90% from 2000, when the foreign-born population stood at 2.4 million, or 7% of the overall U.S. Black population. All seven black American billionaires are self-made. For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. Black workers are concentrated in lower wage jobs. 48.2 million. The difference in net worth between regions can be attributed to varying rates of median home equity. The youngest millionaires are millennials, and their wealth is steadily growing. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. The detailed tables which have been made available display unrounded tabulations using IPUMS data. And by age 65 and older, single women have 90% of the median net worth of single men, a difference the U.S. Census Bureau does not consider statistically significant. Premium Statistic. Other top metropolitan areas for this subgroup include Miami, Los Angeles and Boston. Kevin Mazur / Contributor / Getty. 17. At one time, she was the world's only African American billionaire. The top 10% comprises 13% of the wealthiest white families, 1% of all Black families, and 3% of all Hispanic families. Additionally, as baby boomers pass on, millennials will inherit an accumulated $68 trillion from their rich parents and relatives. The Missouri-based billionaire still has a majority stake in the company. (Plus, how many billionaires are there really? A quintile is when the data is separated into five different yet equal sections. to incorporate the statistic into your presentation at any time. This is almost the same wealth gap between Black and white families as before the Great Recession (in 2007) when white families median net worth was a bit over 7 times that of Black and Hispanic families. March 31, 2013. This trend is expected to grow. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. As of 2013, about 76 percent of U.S. millionaires were White/Caucasian. U.S. Census Bureau - The Wealth of Households: 2017 In comparison, more than one in. That is a gigantic wealth difference of $11.12 trillion for Black families and an even larger difference of $17.41 trillion for Hispanic families. The median net worth is more heavily influenced by the distribution of wealth across all families in the survey the number of respondents is more important than the total dollar value of wealth and is equivalent to the 50th percentile. Women of Power Summit Roughly two-in-five (41%) members of the single-race Black population in the U.S. were under 30 in 2021. The homeownership rate for couples with children in 2019 was 75.7%, and for singles with children the rate was 50.4%. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. This text provides general information. How quickly and what does it mean? Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. 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. The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively. According to Wealth-X, about 71.9.% of UHNW millionaires were self-made. [Online]. 3. William Alexander Leidesdorff (1810-1848) was likely America's first Black millionaire. Get in touch with us. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. If you need a clearer example ofUS income inequalityyou just need to know that almost half of the US wealth (31.4%) is owned by the top 1%, which is almost 16 times more than the bottom 50% who own 2% of it. Most Black immigrants (88%) were born in African or . Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . 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). 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 is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. Individuals who are from Africa, but don't reside in the continent (such as Elon Musk and . Smith is the first African American to sign the Giving Pledge. This group is not the same as the nations Afro-Latino population as not all Black Hispanics identify as Afro-Latino and not all Afro-Latinos identify as Black or Hispanic. Obviously, theres a huge wealth disparity. 29.1% of those with a college degree have student loans with an average balance of $55,880. The average family in the U.S. in 2017 had 1.9 children. Read our research on: Congress | Economy | Gender. Thats why Koski advocates saving a consistent amount every week to achieve financial goals. What percentage of Americans are millionaires then? Black people. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. This suggests there is likely a discrepancy between the number of multiracial Black people in the U.S., as reported through demographic data analysis, and the number of multiracial Black people who identify themselves in this way. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. Median net worth for Black families rose from $18,240 in 2016 to $24,100 in 2019. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). ", Annalect, Distribution of U.S. millionaires by race/ethnicity, as of 2013 Statista, https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/ (last visited March 04, 2023), Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph], Annalect, March 31, 2013. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. The median household income for single-race, non-Hispanic Black U.S. households in 2021 is $45,300, meaning half of households headed by a single-race Black person earn more than that and half earn less than that. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. Federal Reserve 2019 Survey of Consumer Finances (SCF) Hence, half of all U.S. families have a net worth below the 50th percentile value of $121,700, and half of all families have a net worth above that. We appreciate the public's cooperation as we continuously measure America's people, places and economy. Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. But if it was that easy, wouldnt we be all millionaires? According to the report, Black wealth could skyrocket if financial barriers were dismantled. Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. Households in 2018 - May 2019 Roughly three-in-ten single-race Black people (32%) live in households with female household heads, and 5% live in male-headed households. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. U.S. Census Bureau - Survey of Income and Program Participation: 2018 Unless otherwise noted, adults are those who are ages 18 and older. Equifax - Millennials, Mortgages and Student Debt By submitting this form you agree to receive emails from FinanceBuzz and to the privacy In 2064, the average white family likely will possess $2,782,727 in wealth while the Black family wealth will be $789,164, a report by Elliott and Abacus Wealth . The Black population has grown by more than 10 million since 2000, when 36.2 million of the U.S. population identified as Black, marking a 30% increase over two decades.In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. It is a subsidiary of The Pew Charitable Trusts. The rest of them (80%) are self-made, first-generation millionaires. According to the report, more than two out of five Black workers earn less than $30,000 a year. We are happy to help. French or Haitian Creole is spoken by 2% of the multiracial Black population that is over age 5, as is Spanish.3 Meanwhile, 1% of the population speaks Portuguese. Federal Reserve Report on the Economic Well-Being of U.S. (+1) 202-419-4300 | Main It is important to note that we are talking about a household, not an individual. Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. Wealth flows through us, not to us, says J.D. Management The Charlotte Hornets NBA team is far and away Jordan's biggest asset. Feb. 6, 2023, 4 Things You Must Do Before The Next Recession. There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. Seven. As soon as this statistic is updated, you will immediately be notified via e-mail. The share of white millionaires in the United States has doubled in the past quarter-century, with 1 in 7 white families now worth more than $1 million, according to new Federal Reserve data.. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. Here is a breakdown of the average net worth of Americans by age. This measure of fertility does not account for the birth of more than one child by a single female in a 12-month period. When looking deeper behind the numbers and demographics of net worth, trends emerge such as heavier debt loads for working-age families and a widening of inequality in wealth distribution. In 2021, two-thirds (66%) of multiracial Black people in the U.S. were under 30, while about three-in-ten (28%) were ages 30 to 64. Over his NBA career, Jordan earned $93 million. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. Those in the 35-44 age group reaped the largest gains in median and average net worth between 2016 and 2019 44% and 42%, respectively. If you are an admin, please authenticate by logging in again. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. The richest Black man in the world is Nigerian businessman Aliko Dangote, the man who founded Dangote Cement. Jackie Cummings Koski started investing her money and reached financial independence at age 46. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. The terms Black population and Black people are used interchangeably in this fact sheet. 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. Pretty much everything she touches turns to gold. Click here for a downloadable spreadsheet of these findings. The number of millionaires and billionaires in the U.S. Federal Reserve 2019 Survey of Consumer Finances (SCF), Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. WWT has more than 6,500 employees across 20 offices across the globe. The median is less influenced by the extreme wealth of a very small group of survey respondents. This statistic shows the number of millionaire households in the United States from 2006 to 2020. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. About Jordan didn't make as much playing basketball during his 15 seasons in the NBA as he made off the court with endorsements. The general fertility rate among single-race Black females ages 15 to 44 in the U.S. was 5.9% in 2021, meaning that 5.9% of females in this age group had a birth in the previous 12 months. By 2003, WWT had revenues topping $1 billion. As a Premium user you get access to the detailed source references and background information about this statistic. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. This button displays the currently selected search type. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. There are a total of 89,510 people in the United States with net assets of at least $50 million. You can update your choices at any time in your settings. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). Privacy Policy policy and terms. The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. In contrast, the bottom half of the wealth pyramid manages 1.4% of global wealth, showing there is an almost insurmountable disparity in the global distribution of wealth. 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. Jordan's stake in the Hornets is worth more than $1 billion alone. Over time, tracking your net worth can help you assess your financial health and see if your current money habits are on track with your financial goals. 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. Lets check the US millionaire distribution by age and race. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). An estimated 47.2 million people in the U.S. identified as Black in 2021. Starting in 2000, the Census Bureau has provided respondents with the option to identify as more than one race. "Distribution of U.S. millionaires by race/ethnicity, as of 2013." (March 31, 2013). If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. Register in seconds and access exclusive features. Learn more in our Cookie Policy. According to a 2016 report, only 46 people became billionaires before the age of 40. Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). 18. Instead, the term couple is used and includes respondents who are married or living together as partners.2. To use individual functions (e.g., mark statistics as favourites, set Many people have more than a single million, and some have much, much more. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. Net home equity from owning real estate is one of the largest contributors to net worth for most families in the U.S.6 Yet when too high a percentage of a familys wealth is concentrated in the primary residence, the family can be vulnerable to downturns in the housing market. Yet, they still have a commanding share of home equity. Besides English, other languages spoken at home by the U.S. Black population ages 5 and older include Spanish (3%), French or Haitian Creole (3%) and Amharic and other Ethiopian languages (1%).1, The vast majority (97%) of the single-race Black population in 2021 speaks either only English (91%) or, if they speak another language at home, say they also speak English very well (6%). This lower 50% is less educated 79% of all respondents without a high school diploma find themselves in the lower 50%; 58% of those with a high school diploma but no college are also here. [1] About 44% of the millennial millionaires of the US are concentrated in California, which is pretty consistent with the population of older millionaires as well. Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). This large gap between white and Black families just starting out as homeowners may reflect different levels of parental wealth as Black families are much less likely to receive cash assistance from parents to meet down payment requirements. Please create an employee account to be able to mark statistics as favorites. In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities. 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). Ultimately, you are responsible for your financial decisions. B.E. Their fortunes range from finance to sports to media to music and fashion. Of course, millionaires are only one part of the equation. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. Median household income increased across all quintiles from 2016 to 2019. 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. What is the poorest city in Mississippi? Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 However, most millennials prefer Traverse City, Michigan, as their second home since the price of luxury homes there starts from $500,000 a far cry from $2 million in Silicon Valley. Profit from the additional features of your individual account. [1] Based on data from Phoenix Marketing International List [ edit] References [ edit] Almost three-in-ten Black Hispanic U.S. adults ages 25 and older (29%) have earned a bachelors degree or higher as of 2021. 9 Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. 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. 10. Credit Suisse Global Wealth Report 5,671,005 US households earn over $3 million or more, covering about 4.41% of all US households. Only 7.7% became wealthy solely through inheritance. Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. The middle 40% of U.S. families own 22% of the wealth. And this pattern doesnt stop after graduation. Over $80 million paid to members so far - how much can you earn. When there is a large gap between the median and the average values, as there is here, that indicates there is significant skew in the data and the average net worth will have less relevance for your typical household. Aliko Dangote: $14 billion Africa's richest man, Aliko Dangote saw his fortune grow from around $11.5 billion on. So you still have a chance to become a part of our statistics. Select Accept to consent or Reject to decline non-essential cookies for this use. The single-race, non-Hispanic Black population is also young. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. This is just another example of the widening gap between the economic opportunities given to black and white Americans. He worked for Kraft from 1986 to 1992. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. For investors, real estate offers the biggest opportunity to develop wealth. There are seven Black billionaires in the United States. The couple . For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. He was a minority investor in the team starting in 2006 and took control of the team in 2010. Less than 1% of all billionaires in the United States are Black. About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. This means that since then, there has been a whopping 53% growth in the total number of billionaires in the country in 10 years. When he was approved for the deal in March 2010, the franchise was valued at $175 million. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. (+1) 202-419-4372 | Media Inquiries. 1. Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. 5, Federal Reserve - Survey of Consumer Finances, 1989 - 2019, Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics, Federal Reserve - Distribution of Household Wealth in the U.S. since 1989, U.S. Census Bureau - The Wealth of Households: 2017, Federal Reserve Report on the Economic Well-Being of U.S. 2023 Celebrity Net Worth / All Rights Reserved. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. Jordan's timing in buying majority control of the Hornets could not have been better. The vast majority (98%) of the multiracial Black population in 2021 speaks either only English (92%) or if they speak another language at home, say also they speak English very well (6%). US Millionaire Demographics, 2021. . Your Money, Your Life, LATEST LISTS Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). Then you can access your favorite statistics via the star in the header. Wheres the highest concentration of US millionaires and other rich people? Keep on reading to find out. 25.8% of those with some college have student loans with an average balance less than half of the college crowd at $26,820. Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. Charlene is on a mission to help more people build stock portfolios that are bigger than their shoe collection. As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values.