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. Roughly 20% own two, and only 8.5% of them own five or more. Broader analysis shows that 52% of Black U.S. households earn less than $50,000, while 48% make $50,000 or more. 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. Submit a correction suggestion and help us fix it! According to the report, more than two out of five Black workers earn less than $30,000 a year. Wheres the highest concentration of US millionaires and other rich people? 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. Many people have more than a single million, and some have much, much more. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. B.E. She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals. This group consists of people with varied racial and ethnic identities and experiences. By 2030, millennials are expected to control five times as much wealth as they have now. 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. 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. His net worth is currently estimated at $7.7 billion. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. The median age of Black people in 2021 was 33 years, five years younger than the U.S. populations median age of 38. Clicking on the following button will update the content below. This is the highest median net worth for Hispanic families since the SCF began in 1989. If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. 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. You need at least a Starter Account to use this feature. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. Get in touch with us. WWT focuses on telecommunications networks and enterprise-wide conversion services. Other top metropolitan areas for this subgroup include Miami, Los Angeles and Boston. 28 Millionaire Statistics: What Percentage of Americans Are - LinkedIn 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. Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth. The second spot belongs to Los Angeles, with 16,295 millionaires. Entrepreneurs Summit According to 2019 estimates, there are about 2,153 billionaires in the world and only 13 of them are Black. A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). Hence, half of all U.S. families have a net worth below the 50th percentile value of $121,700, and half of all families have a net worth above that. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. Women of Power TECH, PODCASTS There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. A year later, he's going through a divorce from Kim Kardashian and has more than doubled his net worth. 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. Additionally, 400,000 members of the multiracial Black population are foreign born (8%), as of 2021. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. 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). 5. 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. The generational wealth gap continues. 7. Women of Power Summit It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics Each quartile increase of student debt as a fraction of financial assets lowers the representation of these risky asset classes in the mix of total financial assets by 20%. A similar share (31%) has completed some college, while four-in-ten have, at most, graduated from high school or its equivalent. As 2020, the number households with a net worth of one million U.S. dollars or more (excluding . Lets start with the basics. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. 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). 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. 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. There are 21,951,000 millionaires in the U.S., according to the 2021 Global Wealth Report by Credit Suisse. For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 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. 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). Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. It is important to note that we are talking about a household, not an individual. Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. "Distribution of U.S. millionaires by race/ethnicity, as of 2013." The youngest millionaires are millennials, and their wealth is steadily growing. Roughly 14% of all UHNW individuals engage in it as their primary industry. 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. Median net worth for those without high school has been on a downward trajectory since this survey began in 1989. 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. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. The median is less influenced by the extreme wealth of a very small group of survey respondents. Yet, they still have a commanding share of home equity. 18. Here's how 22 million Americans became millionaires - CNBC Roughly two-in-five (41%) members of the single-race Black population in the U.S. were under 30 in 2021. Equifax - Millennials, Mortgages and Student Debt 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. 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. Millionaires are defined as individuals with a household net worth of at least 2 million U.S. dollars. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). Select Accept to consent or Reject to decline non-essential cookies for this use. Chris Hogan, radio host and author of the book "Everyday. 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). Profit from the additional features of your individual account. As a Premium user you get access to background information and details about the release of this statistic. Black American and Asian millionaires each accounted for just 8%. Contact The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. You can only download this statistic as a Premium user. Masthead. Statista assumes no Households in 2018 - May 2019 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. Millionaires in the United States -Statistics & Facts | Statista 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. Premium Statistic. Obviously, theres a huge wealth disparity. Just under half (47%) of the Black Hispanic population was below the age of 20, and 6% were 65 or older. This is coincidentally quite close (less than a 2% difference) to the $435,340 gap in average net worth between married couples with kids and those without in the chart above. [1] Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. The Charlotte Hornets NBA team is far and away Jordan's biggest asset. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. Due to varying update cycles, statistics can display more up-to-date 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. For more, read Faith Among Black Americans. About 38% of US millionaires are over 65 years of age. A similar share (43%) was between 30 and 64 years old. liability for the information given being complete or correct. Lets check the US millionaire distribution by age and race. Federal Reserve 2019 Survey of Consumer Finances (SCF) She makes investing in the stock market as simple as shopping at the mall! Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. Despite being half of all American families, they earn about 15% of the countrys total household income. Dangote Group founder Aliko Dangote has topped the 2018 list. Following the South, 17% live in each the Midwest and the Northeast and 10% live in the West. 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). Robert L. Johnson Created the Most Black Millionaires In US History An additional 46% were ages 30 to 64. 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. Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. The average net worth is largely dependent upon the total dollar value in the survey. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. 12. ), Last updated 106, No. Ultimately, you are responsible for your financial decisions. There are approximately 51,882,000 people who own one million USD or more worldwide. 2023 Celebrity Net Worth / All Rights Reserved. Smith is the first African American to sign the Giving Pledge. Use Ask Statista Research Service. Facts About the U.S. Black Population | Pew Research Center Most self-made billionaires earned their first million dollars within five years. Entrepreneurship Business Coach Pasha Carter. A quintile is when the data is separated into five different yet equal sections. 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. FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. Fewer than two-in-ten (16%) are part of non-family households. But if it was that easy, wouldnt we be all millionaires? 1. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. Only 7.7% became wealthy solely through inheritance. Here is a breakdown of the average net worth of Americans by age. What percentage of Americans are millionaires then? The list is compiled annually by market research firm Phoenix Marketing International. Is the number of millionaires increasing? The study explores ways in which occupational choices, spending decisions, debt load, and saving habits contribute to the net worth of Black families. Roughly one-in-five (21%) are religiously unaffiliated, while smaller shares of adults identify as Catholic (6%), or with other Christian denominations (3%) or non-Christian faiths (3%). According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. 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. WWT has more than 6,500 employees across 20 offices across the globe. Oprah Winfrey is the Queen of all Media. 9 How many Black billionaires in the U.S.? 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. (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). That is a gigantic wealth difference of $11.12 trillion for Black families and an even larger difference of $17.41 trillion for Hispanic families. For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. Meet The Seven Black Billionaires In America - All That's Interesting All seven black American billionaires are self-made. Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . Read to find out the power of courage and vision.. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. Millionaire Statistics by Age The world's 100 richest individuals earned their first $1 million at age 37, on average. Jordan's timing in buying majority control of the Hornets could not have been better. . They are all trailblazers in their industries. 30.7% Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. The single-race, non-Hispanic Black population is also young. Click here for a downloadable spreadsheet of these findings. The middle 40% of U.S. families own 22% of the wealth. And the vast majority of them are not people of color.. All displayed numbers are rounded. Then you can access your favorite statistics via the star in the header. Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century 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%). Economic Equity & Racial Justice Townhall Series, Elevate Black Podcast sponsored by Fifth Third Bank, 100 Founders of Change by American Express, Chasing Success Podcast by JP Morgan Chase, Black Business Month Sponsored by Nationwide, 2022 Registry Of Corporate Directors Listing, 2021 BE Registry Of Corporate Directors Listing. 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. The median household income for Black Hispanic U.S. households is $51,000, meaning half of households with a Black Hispanic household head earn more than that and half earn less in 2021. 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. Germany is next with 2.221 million millionaires, and France follows close behind with 2.192 million millionaires. This large gap between white and Black families just starting out as homeowners may reflect different levels of parental wealth as Black families are much less likely to receive cash assistance from parents to meet down payment requirements. The number of super-rich individuals has gone up for the 10th year in a row! By 2003, WWT had revenues topping $1 billion. According to the Global Wealth Report, 43.4% of the worlds wealth is controlled by millionaires, or approximately $173.3 trillion. Hispanics made up 7% of the total millionaire population. 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%. 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.). This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. 13. 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, Profit from additional features with an Employee Account. The general fertility rate among Black females ages 15 to 44 was 5.8% in 2021, meaning that 5.8% of females in this age group had a birth in the previous 12 months. About 14% of the U.S. population is Black or African American. Updated August 5, 2021 If you've ever wondered how many Black people are in the one percent of the world's most wealthy, well, there are just under 20. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. The U.S. Black population is young. 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. Investments of high-net-worth individuals, Get the best reports to understand your industry. Since that time, NBA values have skyrocketed. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. We appreciate the public's cooperation as we continuously measure America's people, places and economy. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. Learn more about how Statista can support your business. 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). About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. 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. Pew Research Center does not take policy positions. The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. Over his NBA career, Jordan earned $93 million. In 2018, there was a record of 23 African billionaires on the list. You come to America, work your butt off, and boom youre a millionaire. U.S. high net worth individuals 2008-2021. U.S. born refers to persons born in the 50 states, the District of Columbia, Guam, Puerto Rico, or the U.S. Virgin Islands. 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. Roughly one-in-five (10%) Black Hispanic people lived in non-family households. That works out . But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. The company provides planning, procurement, and deployment of IT products and solution selling. 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. Get vetted side hustles and proven ways to earn extra cash sent to your inbox. 2. When expanded it provides a list of search options that will switch the search inputs to match the current selection. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. 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. (Plus, how many billionaires are there really? Related: Key facts about the nations 47.2 million Black Americans. 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. About 3.9 million members of this population are immigrants from other countries, meaning 10% of single-race Black people are foreign born in 2021. The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. For the under 35 group, 46% of white families are homeowners, but for Black families at the same age, only 17% are homeowners. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. Well, our research shows that the number of millionaires will only grow in the future. 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 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). An additional 33% were ages 30 to 64. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. And this pattern doesnt stop after graduation. Many of them are very famous with well-known names and careers. 14. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. Keep on reading to find out. 1 in 7 white families are now millionaires. For black families, it's 1 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? According to the Federal Reserve, the top 10% in the US own 69.6% of the nations wealth. Management 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. 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.
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