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 list is compiled annually by market research firm Phoenix Marketing International. Single women under the age of 35 have just 13.0% of the median net worth compared to their single male counterparts ($1,310 vs. $10,110), and women 35 to 54 have just under 35% ($13,730 vs. $39,260) of the median net worth of single men that age. She makes investing in the stock market as simple as shopping at the mall! A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. 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. 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). It also becomes clear which assets gain value over time and the difference between debt that weighs you down, such as credit card debt, and debt that helps you build wealth, such as a mortgage. EVENTS There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 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. Higher median incomes by region account for net worth differences too. This group consists of people with varied racial and ethnic identities and experiences. Learn more about how we make money and our editorial policies. Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. About 14% of the U.S. population is Black or African American. About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. The generational wealth gap continues. Just 46% of all white families are included in the bottom 50%. Additionally, as baby boomers pass on, millennials will inherit an accumulated $68 trillion from their rich parents and relatives. There are seven Black billionaires in the United States. Over his NBA career, Jordan earned $93 million. Median student loan debt for those married or living with a romantic partner was $10,400 and $7,900, respectively, while single young adults owed $20,000. 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. The largest fraction (43%) of millionaires in the US owns only one house. by state U.S. 2020, Number of households in the United States with one million or more U.S. dollars in investible assets in 2020, by state, U.S. states with highest ratio of millionaire households per capita 2020, American states with highest ratio of millionaire households per capita in 2020, U.S. metropolitan areas with the highest share of millionaire households 2020, Metropolitan areas in the United States with the highest share of millionaire households in 2020, by share of total households, Richest self-made women in the United States 2022, based on net worth, Richest self-made women in the United States in 2022, based on net worth (in billion U.S. dollars), Distribution of UHNW individuals by gender U.S. 2019, Distribution of ultra-high net worth individuals in the United States in 2019, by gender, Share of U.S. families who are millionaires 2016, by ethnicity, Share of families in the United States who are millionaires in 2016, by ethnicity, Number of billionaires in the United States from 1990 to 2020, Distribution of billionaires in the U.S. by gender 2022, Distribution of billionaires in the United States in 2022, by gender, States with the largest population of billionaires in the United States in 2022, Combined value of billionaire wealth in the United States 2020-2022, Combined value of billionaire wealth in the United States from March 2020 to November 2022 (in trillion U.S. dollars), Americans opinions on billionaires in the United States in 2022, Opinion of U.S. adults on whether billionaires are a good or bad thing 2021, by age, Opinion of adults in the United States on whether the existence of billionaires is a good or bad thing in 2021, by age, Opinion of U.S. adults on whether billionaires should pay a wealth tax by party 2020, Opinion of adults in the United States on whether billionaires should pay a wealth tax to reduce inequality in 2020, by political party, The world's leading billionaires as of December 2022, based on net worth (in billion U.S. dollars), Ultra high net worth individuals 2021, by country, Number of ultra high net worth individuals in selected countries in 2021, Share of the world's billionaires by region 2021, Share of the world's billionaires in 2021, by region, Global fastest growing markets for centi-millionaires 2022-2032, Fastest growing markets for centi-millionaires worldwide between 2022 and 2032, Cities with the highest number of UHNW individuals worldwide 2020, Cities with the highest number of ultra high net worth (UHNW) individuals in the world in 2020, Most affluent women worldwide 2022, by net worth, Wealthiest women worldwide as of April 2022, by net worth (in billion U.S. dollars), Youngest billionaires globally 2022, by net worth, Youngest billionaires in the world as of April 2022, based on net worth (in billion U.S. dollars), Value added to the wealth of the world's leading billionaires during pandemic 2021, Value added to the net worth of the world's leading billionaires during the COVID-19 pandemic from September 2019 to September 2022 (in billion U.S. dollars). Although the wealth statistics are startling for Black families, there are a growing number of individuals who are moving closer to their financial goals every day. Fewer than two-in-ten (16%) are part of non-family households. There are approximately 51,882,000 people who own one million USD or more worldwide. Charlene is on a mission to help more people build stock portfolios that are bigger than their shoe collection. Get in touch with us. Learn more in our Cookie Policy. For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. For example, the median income in the West is 20% higher than that in the South. [Online]. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. In. In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal. The general fertility rate among multiracial Black females ages 15 to 44 in the U.S. was 5.5% in 2021, meaning that 5.5% of females in this age group had a birth in the previous 12 months. From 2016 to 2019, the median home value rose 14% across age groups to $225,000, yet the median value of home-secured debt (mortgages, home equity loans, etc.) 5,671,005 US households earn over $3 million or more, covering about 4.41% of all US households. A majority (69%) of single-race Black adults identify as Protestant. Compensation may impact where offers appear. Other top metropolitan areas for this subgroup include Miami, Los Angeles and Boston. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. We need to allocate more money toward investing if we want to build wealth.. Find your information in our database containing over 20,000 reports, The number of American households with assets of one million U.S. dollars or more, high net-worth individuals in North America, 110,850 individuals with net assets of at least 50 million U.S. dollars. Lets start with the basics. We go to school and have to take on additional jobs to fund our education and overall living expenses. His net worth is currently estimated at $7.7 billion. Eight are Americans. 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. The United States tops the list of countries with the most millionaires, with 20.27 million people whose net worth matches or exceeds one million USD. 8. It involves looking at wealth and income from a variety of lenses, including age, education, race, ethnicity, homeownership, family size, and more, across states and regions. Subscribe to Newsletter 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). You come to America, work your butt off, and boom youre a millionaire. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. In comparison, this same wealth gap was a factor of 12 in 2016 and a factor of 7 in 1989. According to a 2016 report, only 46 people became billionaires before the age of 40. The number of super-rich individuals has gone up for the 10th year in a row! Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession This includes those who say their race is only Black and that they are not Hispanic; those who say Black is one of two or more races in their identity and they are not Hispanic; and those who say they their race is Black alone or who say that one of their races is Black but also indicate they are of Hispanic or Latino origin. Industrial conglomerates come in second, with 9.1%, and theyre closely followed by the business and customer services industry at 9%. Jordan didn't make as much playing basketball during his 15 seasons in the NBA as he made off the court with endorsements. Of course, millionaires are only one part of the equation. Today the Nike-owned Jordan brand accounts for about 50% of the basketball sneaker marketand makes an average of $3 billion in revenue for Nike annually (give or take). 9 How many Black billionaires in the U.S.? Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. A substantial majority (84%) of the Hispanic Black population in 2021 speaks either only English (53%) or, if they speak another language at home, say they also speak English very well (31%). More than 8% of adults in the U.S. have enough assets to fit the definition, according to the Global Wealth Report 2020 by Credit Suisse. Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. 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. Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century The company has more than 70 Fortune 100 companies as customers as well as several major federal purchasing contracts. Shares and percent changes are calculated using unrounded numbers. INFORMATION March 31, 2013. 48.2 million. U.S. high net worth individuals 2008-2021. WWT has more than 6,500 employees across 20 offices across the globe. ", 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. The U.S. Black population is young. Black American and Asian millionaires each accounted for just 8%. SistersInc. 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. 1. In a distant second is the Atlanta metro area, with 2.2 million, and then the Washington, D.C., metro area, with 1.8 million Black residents. The multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. 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. For singles and unmarried couples aged 25 to 34, student loans are the primary debt before credit cards and secured loans and seem to cause the most stress. US Millionaire Demographics, 2021. . 6. 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. There are 229 millionaires in Congress. Before launching Vista, Robert F. Smith worked for Goldman Sachs in the Mergers & Acquisitions division from 1994 to 2000. According to the report, Black wealth could skyrocket if financial barriers were dismantled. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. 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. "Distribution of U.S. millionaires by race/ethnicity, as of 2013." Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. Dangote Group founder Aliko Dangote has topped the 2018 list. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. Clicking on the following button will update the content below. 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. More Black people are retiring early and showing others how to build their net worth at any age. 12. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). 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. Currently, you are using a shared account. Just under half (47%) of the Black Hispanic population was below the age of 20, and 6% were 65 or older. Number of high net . Median household income increased across all quintiles from 2016 to 2019. Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. Federal Reserve 2019 Survey of Consumer Finances (SCF) We appreciate the public's cooperation as we continuously measure America's people, places and economy. Please do not hesitate to contact me. 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. Statista assumes no Use Ask Statista Research Service. You can update your choices at any time in your settings. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. The bottom 50% includes a large majority of Black and Hispanic families, 75% of all Black families and 67% of all Hispanic families fall in this tier. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. Only 7.7% became wealthy solely through inheritance. Roughly one-in-five (10%) Black Hispanic people lived in non-family households. The second spot belongs to Los Angeles, with 16,295 millionaires. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. Chris Hogan, radio host and author of the book "Everyday. Annalect. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. This button displays the currently selected search type. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth Wheres the highest concentration of US millionaires and other rich people? Smith graduated from Cornell University and Columbia Business School. Entrepreneurs Summit Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. [1] Read our research on: Congress | Economy | Gender. Distribution of net wealth in the United States from Q1 1990 to Q3 2022. 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%). Simmons reached her goals by managing her expenses, maxing out her retirement accounts, and investing in brokerage accounts. Jordan's timing in buying majority control of the Hornets could not have been better. 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. Many of them are very famous with well-known names and careers. You can only download this statistic as a Premium user. 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. Contact The terms multiracial, non-Hispanic Black and multiracial Black are used interchangeably throughout this fact sheet to refer to people who self-identify with two or more races and do not identify as Hispanic or Latino. Get full access to all features within our Business Solutions. Only about 20% of Americans inherit their riches. She is also the Managing Director of CEO Unlimited Communications Firm where she helps others break down complex information into digestible concepts that audiences love. In contrast, the United States had 404 billionaires in 2010. Thats 43%, over seven times the national rate of 6%. However, many of these millennials are earning good money all by themselves as well. Roughly one-in-three of these households (35%) earn $75,000 or more, including about a quarter (24%) that make $100,000 or more. Seven. 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. She is one of the wealthiest African Americans of the 20thand 21stcenturies. So dont worry. About 14% of the millennial millionaires live in New York State. Millionaire Statistics by Age The world's 100 richest individuals earned their first $1 million at age 37, on average. According to the Federal Reserve, the top 10% in the US own 69.6% of the nations wealth. A similar share (31%) has completed some college, while four-in-ten have, at most, graduated from high school or its equivalent. This is the highest median net worth for Hispanic families since the SCF began in 1989. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. By 2010, revenue was more than $3.2 billion. The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. Statista. A similar share (43%) was between 30 and 64 years old. BE 100s Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. 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%). U.S. Census Bureau - The Wealth of Households: 2017 Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. The South is also the region with the highest concentration of the single-race U.S. Black population: 59% of that group lives there as of 2021. U.S. high net worth individuals 2008-2021. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. This further reaffirms that billionaires are not made overnight but are built through experience and time. About 38% of US millionaires are over 65 years of age. Most millionaires have to work for the money and dont get rich once a relative dies, according to The Millionaire Next Door: The Surprising Secrets of Americas Wealthy by Thomas J Stanley. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 There are 2,825 billionaires in the world and 664 of them are United States citizens. 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%). B.E. Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. The average student loan debt increased by 18.38% to $41,410. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. She is best known for her award-winning talk show, which ran from 1986 to 2011. Hispanics made up 7% of the total millionaire population. Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. The analysis presented in this fact sheet is based on Pew Research Center tabulations of microdata from the Census Bureaus 2021 American Community Survey (ACS), provided through the Integrated Public Use Microdata Series (IPUMS) from the University of Minnesota. 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. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. What is the poorest city in Mississippi? 17. 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. The state of Texas has the largest number of single-race Black people (around 3.4 million), followed by Georgia (roughly 3.3 million) and Florida (about 3.2 million). We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. For example, the median net home equity for a respondent in the South is $100,000 versus $200,000 for the median net home equity in the West. This is just another example of the widening gap between the economic opportunities given to black and white Americans. Those with a college degree have family wealth almost three and half times that of those with some college, more than four times those with a high school diploma, and almost 15 times the group without a high school diploma. The Black population, either alone or in combination with one or more races, in the United States in 2019. When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. The median is less influenced by the extreme wealth of a very small group of survey respondents. 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. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. As 2020, the number households with a net worth of one million U.S. dollars or more (excluding . 51.5 million families are in this group. Much of. Moreover, 83.9% of the worlds wealth is owned by the top 10% richest people. More than a third (38%) of single-race Black people live in U.S. households that are headed by married couples as of 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. Privacy Policy 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. Profit from the additional features of your individual account. Yet, they still have a commanding share of home equity. Is the number of millionaires increasing? 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. (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) Thats more than 10% of households in the US. Another third (32%) have completed some college as of 2021, and roughly four-in-ten (42%) have, at most, graduated from high school (or earned an equivalent such as a GED certificate). Many people have more than a single million, and some have much, much more. Keep on reading to find out. The median age of Black people in 2021 was 33 years, five years younger than the U.S. populations median age of 38. Households in 2018 - May 2019, Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession, Forbes Billionaires 2021: The Richest People in the World, Equifax - Millennials, Mortgages and Student Debt, Pew Research Center - The Growing Diversity of Black America, Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019, Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth, Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century, Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020, Federal Reserve - Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances, U.S. Census Bureau - Survey of Income and Program Participation: 2018, Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth, Do Not Sell or Share My Personal Information, Median net worth in the United States is $121,700, up 17.6 % from 2016, Average net worth is $748,800, up a more modest 2% from 2016, Black and Hispanic families had strong gains in median net worth between 2016 and 2019, 30% and 64% respectively, though the typical white family still has three to seven times the net worth, Four-year college degree holders have a median net worth more than four times that of someone with only a high school diploma, The top ten percent of households own 76% of all wealth in the U.S., while the bottom 50% of households own just 1% of all wealth, Laurene Powell Jobs and family ($19 billion), Whitney Wolfe Herd, age 31 ($1.3 billion).
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