Thats 43%, over seven times the national rate of 6%. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 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. 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. Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. U.S. Census Bureau - The Wealth of Households: 2017 Premium Statistic. The multiracial non-Hispanic Black population is the second-largest subgroup among Black Americans, with 5.2 million people accounting for 11% of the overall Black population in 2021. This statistic shows the number of millionaire households in the United States from 2006 to 2020. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. The median family net worth from that same survey is $121,700. Homeownership participation for the 35-44 age group 61.4% in 2019 is still significantly below the pre-Recession high of 68.3% in 2004. The company provides planning, procurement, and deployment of IT products and solution selling. How many billionaires in the U.S.? Chart. 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). Most Black immigrants (88%) were born in African or . Subscribe to Newsletter Are you interested in testing our business solutions? Despite being half of all American families, they earn about 15% of the countrys total household income. 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%). Who are these millionaires, though? 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. This gap is primarily the result of lower average incomes and wealth. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. The couple . 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. Leidesdorff, who had immigrated to the U.S. from the Danish West Indies, owned the . According to Forbes, the number of U.S. billionaires rose from 614 in 2020 to 724 in 2021. 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. Just under half (47%) of the Black Hispanic population was below the age of 20, and 6% were 65 or older. In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. 19. Click here for a downloadable spreadsheet of these findings. 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. This text provides general information. . The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. (March 31, 2013). The largest fraction (43%) of millionaires in the US owns only one house. Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. Masthead. In any given year, Michael earns $80 $100 million from Nike royalties. Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . That's not to say that she doesn't work hard for her success no one works harder than Oprah. However, many of these millennials are earning good money all by themselves as well. According to a 2016 report, only 46 people became billionaires before the age of 40. 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%). Yet, they still have a commanding share of home equity. 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. [Online]. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth. As a Premium user you get access to the detailed source references and background information about this statistic. 30.7% By 2010, revenue was more than $3.2 billion. This fact sheet rely on respondent self-identification of race and ethnicity in the Census Bureaus 2021 ACS to identify the nations Black population. 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. Jordan's stake in the Hornets is worth more than $1 billion alone. 106, No. New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. 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%). It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. 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. Submit a correction suggestion and help us fix it! According to 2019 estimates, there are about 2,153 billionaires in the world and only 13 of them are Black. At one time, she was the world's only African American billionaire. The median age of multiracial Black people in 2021 was 20, making this the youngest subgroup of the Black population and significantly younger than the U.S. population overall (which had a median age of 38). 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. 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). Jackie Cummings Koski started investing her money and reached financial independence at age 46. 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). Black Men XCEL 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. "Distribution of U.S. millionaires by race/ethnicity, as of 2013." 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. There were 2.8 million Black Hispanic people in the U.S. in 2021, which was 6% of the total Black population that year, making this subgroup the smallest population group included in this analysis. An estimated 7.8 million Black families have a net worth of less than $10,000. Starting in 2000, the Census Bureau has provided respondents with the option to identify as more than one race. Smith graduated from Cornell University and Columbia Business School. San Francisco is third, with 6,740 millionaires. 51.5 million families are in this group. The median age of this population group in 2021 was 22 years, making Black Hispanics the second-youngest group included in this analysis, and notably younger than the U.S. population, which had a median age of 38 years. 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. The United States also added 2,251,000 new millionaires from 2019 to 2020 alone, which puts it at the very top of the list of countries with the most millionaires. Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. 10. Credit Suisse Global Wealth Report 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. 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). This trend is expected to grow. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. Sales Partnership Solutions Women of Power Summit 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. 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. (+1) 202-857-8562 | Fax 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. 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? California is home to the second-highest number of this population (310,000), and Florida comes in third with 300,000 people. Women of Power TECH, PODCASTS Moreover, 83.9% of the worlds wealth is owned by the top 10% richest people. Youre not going to be saving or investing unless in your mind you believe it will make a difference, Koski toldMarket Watch. Seven. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. Black American and Asian millionaires each accounted for just 8%. Learn more about how Statista can support your business. Only 7.7% became wealthy solely through inheritance. 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. Lets check the US millionaire distribution by age and race. Much of. Read our research on: Congress | Economy | Gender. Your total assets minus your total liabilities equals your net worth. 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%. WWT focuses on telecommunications networks and enterprise-wide conversion services. 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. The average student loan debt increased by 18.38% to $41,410. Only 1% are below 35. WWT has more than 6,500 employees across 20 offices across the globe. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. The multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. Statista. Kevin Mazur / Contributor / Getty. When he was approved for the deal in March 2010, the franchise was valued at $175 million. 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. Many of them are very famous with well-known names and careers. In. The average net worth of a U.S. family is $748,800, according to the most recent Survey of Consumer Finances (SCF) conducted by the Federal Reserve in 2019. The average millionaire is 57 years old. Florida is home to 370,000 multiracial Black people, while Texas has 350,000. MACON, Miss. Distribution of net wealth in the United States from Q1 1990 to Q3 2022. They are all trailblazers in their industries. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. Since that time, NBA values have skyrocketed. Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. 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. Black workers are concentrated in lower wage jobs. In 2018, there was a record of 23 African billionaires on the list. We have not included all available products or offers. 20.3% of them benefited from a combination of inheritance and self-created wealth. For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. Read to find out the power of courage and vision.. You need a Statista Account for unlimited access. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Thats why Koski advocates saving a consistent amount every week to achieve financial goals. In 2021, the single-race, non-Hispanic Black population was the largest demographic subgroup of U.S. Black population, numbering 39.3 million or 83% of the total. 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. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). [1] Based on data from Phoenix Marketing International List [ edit] References [ edit] Pretty much everything she touches turns to gold. 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. SistersInc. The total Black Hispanic population is also quite young. The price of that gap can be huge. 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. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. statistic alerts) please log in with your personal account. Keep on reading to find out. Black people. 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. We shouldnt be six feet apart when it comes to building wealth., He continues, We are constantly transferring money from one institution to another. Instead, the term couple is used and includes respondents who are married or living together as partners.2. Entrepreneurs Summit There are seven Black billionaires in the United States. In comparison, more than one in. You can only download this statistic as a Premium user. 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. 9. Just 46% of all white families are included in the bottom 50%. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. 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. About INFORMATION This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. Net worth tends to trend upward with age. According to a census report in 2020, there are 788 billionaires in the United States with a combined net worth of $3.431 trillion. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). By focusing on building wealth and not simply income, you can align your behaviors to suit your long-term personal finance goals better. Approximately 6.4% of people who are Black, college-educated, and middle-aged are estimated to be or to become millionaires. She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals. Many people have more than a single million, and some have much, much more. A new survey has found that there are 13.61 million households that have a net worth of $1 million or more, not including the value of their primary residence. The fortunes of billionaires have been on the rise across the board. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. The bottom half of families (the first two quintiles and half of the third) represent those bringing in an income of less than $59,000. Florida comes in a close second with 3.8 million, and Georgia comes in third, with 3.6 million. 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. 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. Roughly 14% of all UHNW individuals engage in it as their primary industry. 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. 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. Hispanics made up 7% of the total . In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. FinanceBuzz.com does not make any credit decisions. 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.