The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. 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. The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. Overall, 235.4 million people reported White alone or in combination with another group. Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. For more, read Faith Among Black Americans. For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. Roughly 20% own two, and only 8.5% of them own five or more. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. Notably, the Black Hispanic U.S. population is not necessarily the same population as the nations Afro-Latino population, as not all people who say they are Black and Hispanic identify as Afro-Latino and not all Afro-Latinos self-identify as Black, Hispanic or with both identities. U.S. presidential candidates net worth 1992-2020, Opinion of U.S. adults on whether billionaires should pay a wealth tax 2020, 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. According to 2019 estimates, there are about 2,153 billionaires in the world and only 13 of them are Black. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. That works out . Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics The middle 40% of U.S. families own 22% of the wealth. Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. Profit from the additional features of your individual account. Households in 2018 - May 2019 Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . San Francisco is third, with 6,740 millionaires. Pew Research Center - The Growing Diversity of Black America U.S. high net worth individuals 2008-2021. This group consists of people with varied racial and ethnic identities and experiences. 29.1% of those with a college degree have student loans with an average balance of $55,880. 5. And the vast majority of them are not people of color.. 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. Buzzery, LLC NMLS ID # 2317173 NMLS Consumer Access, What can you learn about growing your wealth by taking a closer look at U.S. net worth statistics? Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession Oprah Winfrey is the Queen of all Media. Fewer than two-in-ten (16%) are part of non-family households. In practical terms, this means looking at your financial situation and: 1. The U.S. Black population is young. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. 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%). The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. Black workers are concentrated in lower wage jobs. They are all trailblazers in their industries. 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. 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. This fact sheet rely on respondent self-identification of race and ethnicity in the Census Bureaus 2021 ACS to identify the nations Black population. According to the most recent data available, 76% of US millionaires were white or Caucasian. 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. 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. 6. 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. Black American and Asian millionaires each accounted for just 8%. So if your income placed you in the 65th percentile, 65% of the population would earn less than you, and 35% would earn more than you. Your Money, Your Life, LATEST LISTS U.S. high net worth individuals 2008-2021. 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. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. The multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. It is important to note that we are talking about a household, not an individual. The detailed tables which have been made available display unrounded tabulations using IPUMS data. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. 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. And this pattern doesnt stop after graduation. What percentage of Americans are millionaires then? 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. But if it was that easy, wouldnt we be all millionaires? Over his NBA career, Jordan earned $93 million. About 14% of the millennial millionaires live in New York State. 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. About 14% of the U.S. population is Black or African American. Most self-made billionaires earned their first million dollars within five years. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The list is compiled annually by market research firm Phoenix Marketing International. The median net worth for the 35-44 group, $91,300, is still more than 16% below the pre-Recession median net worth of $109,430 in 2007. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. 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. The number is an increase from 2000, when 260,000 Black Hispanic people were foreign born. A majority (69%) of single-race Black adults identify as Protestant. The company provides planning, procurement, and deployment of IT products and solution selling. Roughly one-in-five (10%) Black Hispanic people lived in non-family households. His net worth is currently estimated at $7.7 billion. The number of millionaires increased substantially between 2020 and 2021. Number of high net . 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. Before launching Vista, Robert F. Smith worked for Goldman Sachs in the Mergers & Acquisitions division from 1994 to 2000. Submit a correction suggestion and help us fix it! Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. How many billionaires in the U.S.? After many years of increasing audience numbers and media reach, Viacom bought the company in 2000 for $2.9 billion, making the Johnsons the first Black billionaires in America. She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals. However, this represents a decline in the share of the Black Hispanic population who are immigrants: That share has decreased from 27% in 2000 to 18% in 2021. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. As a Premium user you get access to the detailed source references and background information about this statistic. 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. An estimated 47.2 million people in the U.S. identified as Black in 2021. Eight are Americans. [Online]. She only had $5,000 in savings after her marriage ended. By 2030, millennials are expected to control five times as much wealth as they have now. For example, the median income in the West is 20% higher than that in the South. (March 31, 2013). California is home to the second-highest number of this population (310,000), and Florida comes in third with 300,000 people. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. Your total assets minus your total liabilities equals your net worth. It also includes Hispanics or Latinos who say their race is Black. The number of super-rich individuals has gone up for the 10th year in a row! For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. This text provides general information. The most recent version of the SCF is from 2019. Regionally, the South is home to the highest concentration of the multiracial Black population in the U.S., with a plurality (42%) of the total as of 2021. There are a lot of inspiring people both fictional and real that have made it big that way. Black American billionaires have seen their net worths surge over the past year of the COVID pandemic. Jordan didn't make as much playing basketball during his 15 seasons in the NBA as he made off the court with endorsements. Simmons reached her goals by managing her expenses, maxing out her retirement accounts, and investing in brokerage accounts. Subscribe to Newsletter By submitting this form you agree to receive emails from FinanceBuzz and to the privacy The study explores ways in which occupational choices, spending decisions, debt load, and saving habits contribute to the net worth of Black families. Premium Statistic. He owns about 90% of the franchise, which was most recently valued at a minimum of $1.15 billion. Of families with an undergraduate degree, the wealthiest 16% of degree holders land in the top 10%. (Plus, how many billionaires are there really? also rose 14% to $134,800. Available: https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Distribution of U.S. millionaires by race/ethnicity, as of 2013, Available to download in PNG, PDF, XLS format, Number of people with wealth over one million U.S dollars 2021, by country, Countries with the highest millionaire rate in 2021, Ultra high net worth individuals: population of global 1 percent 2021, by country, Number of millionaire households U.S. 2006-2020, U.S. high net worth individuals 2008-2021, North America wealth of high net worth individuals 2008-2021, Asset allocation of high net worth individuals in North America 2021, Distribution of assets by category and wealth percentile U.S. Q1 2021, Share of households who are millionaires by state U.S. 2020, Number of households who are millionaires. 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%). The company has more than 70 Fortune 100 companies as customers as well as several major federal purchasing contracts. How did they get rich, and how do they stay rich? Have you ever wondered how many decamillionaires are in the US? 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. 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. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. You can only download this statistic as a Premium user. 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. In fact, high net worth individuals have such extreme concentrated wealth that the Federal Reserve deliberately leaves off the members of the Forbes 400 list of wealthiest Americans from the survey, yet the upper 10% of families have enough wealth to skew the net worth values significantly. 1. Median household income increased across all quintiles from 2016 to 2019. Registry of Corporate Directors. Learn more about how Statista can support your business. (+1) 202-419-4372 | Media Inquiries. 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.). 9 How many Black billionaires in the U.S.? Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. ABOUT The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. She enjoys writing money, career, and travel articles for publications all over the web. Jackie Cummings Koski started investing her money and reached financial independence at age 46. 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. Sales Partnership Solutions 12. As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values. 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. Other top metropolitan areas for this subgroup include Atlanta, Washington, D.C., and Philadelphia. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. Numbers, Facts and Trends Shaping Your World, Key facts about the nations 47.2 million Black Americans, do not describe their racial identity as two or more races, French or Haitian Creole combines those whose language was recorded by the American Community Survey as either French or French or Haitian Creole.. This is the highest median net worth for Hispanic families since the SCF began in 1989. You most probably still have time to become rich. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. The term Black Hispanic is used to refer to those who self-identify as Hispanic or Latino and as Black, either alone or in combination with other races. Two-thirds (66%) of all Black adults identify as Protestant. Its important to mention that the share of those in the United States not just Black Americans who identify with more than one race has grown in recent years. Annalect. According to the report, more than two out of five Black workers earn less than $30,000 a year. To present detailed data about this group, charts and analysis about the Black population are analyzed through the lens of four different demographic groups: Scroll down or click through the navigation bar on the leftto read about various demographic and economic characteristics of the U.S. Black population. The Missouri-based billionaire still has a majority stake in the company. 15. Currently, you are using a shared account. The total Black Hispanic population is also quite young. Median net worth for those without high school has been on a downward trajectory since this survey began in 1989. The rest of them (80%) are self-made, first-generation millionaires. Distribution of net wealth in the United States from Q1 1990 to Q3 2022. According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. Register in seconds and access exclusive features. Wealth flows through us, not to us, says J.D. (+1) 202-857-8562 | Fax More than half of these households (53%) earn less than $50,000, with the other 47% making $50,000 or more. 20.3% of them benefited from a combination of inheritance and self-created wealth. 3. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). 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. In, Annalect. Just under half of the U.S. Black population (45%) was younger than 30 in 2021. Many people have more than a single million, and some have much, much more. 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. 30.7% 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. The single-race, non-Hispanic Black population is also young. Learn more about how we make money and our editorial policies. How quickly and what does it mean? "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. How many millionaires are in the US in 2020? Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. BE 100s This represents a gain of more than 30% but still below the pre-Recession median net worth of $25,920 in 2007. Equifax - Millennials, Mortgages and Student Debt Germany is next with 2.221 million millionaires, and France follows close behind with 2.192 million millionaires. 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. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) In comparison, more than one in. About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. Most affluent women worldwide 2022, by net worth, Distribution of wealth in the United States 1990-2022. . 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. The generational wealth gap continues. 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. He is a major philanthropist who made big news in 2019 when he announced during the commencement speech at Morehouse College to pay off the students' collective $34 million in student loans. Privacy Policy So dont worry. We go to school and have to take on additional jobs to fund our education and overall living expenses. Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt. 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. US Millionaire Demographics, 2021. . Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. In 2021, 62% of the Black Hispanic population in the U.S. were under the age of 30. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. 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. Smith, author of Financial Distancing: How to Economically Quarantine Your Wealth, in an interview with Black Enterprise. There was little variation across income groups, though the 90th percentile received the largest percentage gain. 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. 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). This week, McKinsey & Company released a new study examining the major factors that contribute to wealth gaps facing Black Americans. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 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. Over $80 million paid to members so far - how much can you earn. FinanceBuzz has partnered with CardRatings for our coverage of credit card products. Federal Reserve Report on the Economic Well-Being of U.S. 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. BLACK ENTERPRISE is the premier business, investing, and wealth-building resource for African Americans. He worked for Kraft from 1986 to 1992. According to the Federal Reserve, the top 10% in the US own 69.6% of the nations wealth. She makes investing in the stock market as simple as shopping at the mall! 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). Management Black Men XCEL 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).