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The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF). This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. An additional 46% were ages 30 to 64. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. A few months later, he expanded that gift to include the parents of those students. Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. Entrepreneurs Summit An estimated 47.2 million people in the U.S. identified as Black in 2021. Eight are Americans. 13. In 2018, there was a record of 23 African billionaires on the list. A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. San Francisco is third, with 6,740 millionaires. In. Statista. 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. And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million. For the under 35 group, 46% of white families are homeowners, but for Black families at the same age, only 17% are homeowners. 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. 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. For example, the median income in the West is 20% higher than that in the South. 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). How many millionaires are in the US in 2020? The total Black Hispanic population is also quite young. 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. The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. Chart. Much of. How old were they when they started accumulating serious wealth? 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. 20.3% of them benefited from a combination of inheritance and self-created wealth. How many billionaires in the U.S.? West is the thirdrichest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 billion). When he was approved for the deal in March 2010, the franchise was valued at $175 million. 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). His net worth is currently estimated at $7.7 billion. Today, WWT has revenues of $12 billion and is one of the largest private companies and one of the largest black-owned businesses in America. statistic alerts) please log in with your personal account. Read our research on: Congress | Economy | Gender. Less than 1% of all billionaires in the United States are Black. Florida comes in a close second with 3.8 million, and Georgia comes in third, with 3.6 million. The homeownership rate for couples with children in 2019 was 75.7%, and for singles with children the rate was 50.4%. Chris Hogan, radio host and author of the book "Everyday.
Since 1992, the median wealth of black families has not grown by any real measurable amount, while the median net worth of white families has increased by more than $50,000. Higher median incomes by region account for net worth differences too. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. Roughly one-in-five (19%) are religiously unaffiliated, while smaller shares of adults identify as Catholic (5%), or with other Christian denominations (3%) or non-Christian faiths (3%). Both per capita and in absolute numbers, California takes the lead. 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. 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. Roughly two-in-five (41%) members of the single-race Black population in the U.S. were under 30 in 2021. U.S. Census Bureau - The Wealth of Households: 2017 Who are these millionaires, though? You come to America, work your butt off, and boom youre a millionaire. The number is an increase from 2000, when 260,000 Black Hispanic people were foreign born. Roughly three-in-ten single-race Black people (32%) live in households with female household heads, and 5% live in male-headed households. 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. Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. The charts below use quintiles and quartiles to break up the data in the 2019 SCF. 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. Access to this and all other statistics on 80,000 topics from, Show sources information So you still have a chance to become a part of our statistics. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). 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%). 5. Register in seconds and access exclusive features. Unless otherwise noted, adults are those who are ages 18 and older. By 2030, millennials are expected to control five times as much wealth as they have now. Feb. 6, 2023, 4 Things You Must Do Before The Next Recession. Use Ask Statista Research Service. What is the poorest city in Mississippi? Federal Reserve Report on the Economic Well-Being of U.S. 9 How many Black billionaires in the U.S.? Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. Wealth flows through us, not to us, says J.D. All seven black American billionaires are self-made. How quickly and what does it mean? A similar share (31%) has completed some college, while four-in-ten have, at most, graduated from high school or its equivalent. There are a total of 89,510 people in the United States with net assets of at least $50 million. 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%. Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. The number of super-rich individuals has gone up for the 10th year in a row! 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. Thats 43%, over seven times the national rate of 6%. The Missouri-based billionaire still has a majority stake in the company. Examining net worth across age, education, race, and more can be very useful when trying to set yourself up for financial well-being now and in the future. U.S. Census Bureau - Survey of Income and Program Participation: 2018
Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%).
Number of high net . Equifax - Millennials, Mortgages and Student Debt
The company has more than 70 Fortune 100 companies as customers as well as several major federal purchasing contracts. This is just another example of the widening gap between the economic opportunities given to black and white Americans. As soon as this statistic is updated, you will immediately be notified via e-mail. It has grown from 1.5 million in 2000, marking a 238% increase. We go to school and have to take on additional jobs to fund our education and overall living expenses. 4. 51.5 million families are in this group. 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. Only about 20% of Americans inherit their riches. The Multiracial population has changed considerably since 2010. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. The middle 40% of U.S. families own 22% of the wealth. Black workers are concentrated in lower wage jobs. Your Money, Your Life, LATEST LISTS The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. 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. The company provides planning, procurement, and deployment of IT products and solution selling. 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.
Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. Roughly 14% of all UHNW individuals engage in it as their primary industry. Kanye West is now the richest Black person in American history. Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. About 38% of US millionaires are over 65 years of age. The sum of these factors and centuries of inequities have contributed to the growing wealth gap we see today. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. At one time, she was the world's only African American billionaire. Roughly four-in-ten Black Hispanic people (42%) live in U.S. households headed by married couples in 2021. In any given year, Michael earns $80 $100 million from Nike royalties. Get in touch with us. 17. Is the number of millionaires increasing? According to Forbes, the number of U.S. billionaires rose from 614 in 2020 to 724 in 2021. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. Registry of Corporate Directors. Contact 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. Black American and Asian millionaires each accounted for just 8%. Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. You can update your choices at any time in your settings. Her work has helped many people leave the debt cycle and enter the dividend circle. This week, McKinsey & Company released a new study examining the major factors that contribute to wealth gaps facing Black Americans. The average student loan debt increased by 18.38% to $41,410. About 14% of the millennial millionaires live in New York State. The most important key figures provide you with a compact summary of the topic of "Millionaires in the United States" and take you straight to the corresponding statistics. Just under half of the U.S. Black population (45%) was younger than 30 in 2021. 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. (+1) 202-857-8562 | Fax Please do not hesitate to contact me. He was a minority investor in the team starting in 2006 and took control of the team in 2010. In fact, 14 of the worlds richest billionaires reside in the United States. Ultimately, you are responsible for your financial decisions. According to a 2016 report, only 46 people became billionaires before the age of 40. Starting in 2000, the Census Bureau has provided respondents with the option to identify as more than one race. FinanceBuzz has partnered with CardRatings for our coverage of credit card products. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. There are approximately 51,882,000 people who own one million USD or more worldwide. However, the White alone population decreased by 8.6% since 2010. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. A year later, he's going through a divorce from Kim Kardashian and has more than doubled his net worth. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. 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. [1] Based on data from Phoenix Marketing International List [ edit] References [ edit] 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. The average family in the U.S. in 2017 had 1.9 children. She enjoys writing money, career, and travel articles for publications all over the web. Median household income increased across all quintiles from 2016 to 2019. This means that since then, there has been a whopping 53% growth in the total number of billionaires in the country in 10 years. 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. 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. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. A similar share (43%) was between 30 and 64 years old. 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). 9 Thats why Koski advocates saving a consistent amount every week to achieve financial goals. Privacy Policy In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. policy and terms. 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. 48.2 million. 2023 Celebrity Net Worth / All Rights Reserved. This quintile chart is determined by income. Here are the richest African Americans and where they rank on the list of the world's billionaires. 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. Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. 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 - Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances Yet, they still have a commanding share of home equity. data than referenced in the text. Roughly 27% of the single-race Black population was below the age of 20, and 13% were 65 or older. 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. When figuring out how to calculate net worth for yourself or your household, first add up all your assets such as bank accounts, investments, and property. 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). To use individual functions (e.g., mark statistics as favourites, set 8.
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%). About 8,046,080 US households earn $2 million or more, covering about 6.25% of American households. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. This trend is expected to grow. How did they get rich, and how do they stay rich? 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 American and Asian millionaires each accounted for just 8%. The term also refers to those born abroad to a parent who was a U.S. citizen. When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 By 2010, revenue was more than $3.2 billion. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. Aliko Dangote: $14 billion Africa's richest man, Aliko Dangote saw his fortune grow from around $11.5 billion on. 12. As of 2022, here are the world's 15 Black billionaires: 1. In fact, Kanye West recently became the wealthiest black American billionaire of all time. The general fertility rate among Black Hispanic females ages 15 to 44 in the U.S. was 5.7% in 2021, meaning that 5.7% of females in this age group had a birth in the previous 12 months. The average net worth is largely dependent upon the total dollar value in the survey. Jordan's timing in buying majority control of the Hornets could not have been better. (March 31, 2013). Subscribe to Newsletter Overall, 235.4 million people reported White alone or in combination with another group. BLACK ENTERPRISE is the premier business, investing, and wealth-building resource for African Americans. In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. Pew Research Center - The Growing Diversity of Black America Additionally, 400,000 members of the multiracial Black population are foreign born (8%), as of 2021. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the highest number of multiracial Black residents (320,000). 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. Wheres the highest concentration of US millionaires and other rich people? About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. She is best known for her award-winning talk show, which ran from 1986 to 2011. The terms foreign born and immigrant are used interchangeably. About 14% of the U.S. population is Black or African American. The single-race, non-Hispanic Black population is also young. When millennial renters (age range 23 to 38 in 2019 per the Pew Research Center) were asked by the Federal Reserve Bank of New Yorks Survey of Consumer Expectations what was holding them back from purchasing a home, 55.7% responded too much debt/not saved enough, largely referring to student loan debt. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the nations largest single-race Black population, with roughly 3.0 million. 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. 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. The U.S. Black population is young. 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). 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. 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. 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. Smith is the first African American to sign the Giving Pledge.