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. The issue of racial inequality in . According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. 7. It has grown from 1.5 million in 2000, marking a 238% increase. Roughly two-in-five (41%) members of the single-race Black population in the U.S. were under 30 in 2021. Due to varying update cycles, statistics can display more up-to-date And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics 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. The largest fraction (43%) of millionaires in the US owns only one house. 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values. They are also paid less than white workers for doing the same job. That works out . 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. Understanding net worth in the United States is about more than just doing the math of assets minus debts. Your Money, Your Life, LATEST LISTS The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. 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. Since that time, NBA values have skyrocketed. There are approximately 51,882,000 people who own one million USD or more worldwide. Two-thirds (66%) of all Black adults identify as Protestant. 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. 11. The couple . Thats more than 10% of households 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. This button displays the currently selected search type. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively. 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. A similar share (43%) was between 30 and 64 years old. Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. 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. The multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. Black Men XCEL Yet, they still have a commanding share of home equity. 106, No. 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. There are 2,825 billionaires in the world and 664 of them are United States citizens. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. Robert F. Smith. Both per capita and in absolute numbers, California takes the lead. 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. Here is a breakdown of the average net worth of Americans by age. According to the USDA, the average cost in 2017 of raising a child in the United States was $233,610 (from birth to age 17). Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). Equifax - Millennials, Mortgages and Student Debt The detailed tables which have been made available display unrounded tabulations using IPUMS data. Clicking on the following button will update the content below. This measure of fertility does not account for the birth of more than one child by a single female in a 12-month period. The vast majority (98%) of the multiracial Black population in 2021 speaks either only English (92%) or if they speak another language at home, say also they speak English very well (6%). 33 Incredible Millionaire Statistics [2023]: 8.8% Of US Adults Are Premium Statistic. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. She has a cable network, her acting career, her magazine, the shows she produces, and let's not forget her lucrative endorsement deal with Weight Watchers, to name just a few of her income streams. Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt. Click here for a downloadable spreadsheet of these findings. Oprah Winfrey is the Queen of all Media. Simmons reached her goals by managing her expenses, maxing out her retirement accounts, and investing in brokerage accounts. Who are the Black billionaires? - ajc This quintile chart is determined by income. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. Lets check the US millionaire distribution by age and race. Black American billionaires have seen their net worths surge over the past year of the COVID pandemic. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. 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). 20.3% of them benefited from a combination of inheritance and self-created wealth. Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. 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). This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. Here's how 22 million Americans became millionaires - CNBC 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. Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. Jackie Cummings Koski started investing her money and reached financial independence at age 46. 6. Learn more about how Statista can support your business. The boomers generation was the richest generation in the history of the United States. Facts About the U.S. Black Population | Pew Research Center Just under half (47%) of the Black Hispanic population was below the age of 20, and 6% were 65 or older. Money typically goes from our jobs to the education system. Only 7.7% became wealthy solely through inheritance. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. Jordan's timing in buying majority control of the Hornets could not have been better. We have not included all available products or offers. 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). A majority (69%) of single-race Black adults identify as Protestant. About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. She makes investing in the stock market as simple as shopping at the mall! 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. Register in seconds and access exclusive features. If you are an admin, please authenticate by logging in again. 13. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. 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. When we get into the workforce, money often flows from our jobs to pay hefty mortgage and student debt payments to keep up with the lifestyles of our colleagues. Germany is next with 2.221 million millionaires, and France follows close behind with 2.192 million millionaires. Hispanics made up 7% of the total millionaire population. We need to allocate more money toward investing if we want to build wealth.. Have you ever wondered how many decamillionaires are in the US? 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 charts below use quintiles and quartiles to break up the data in the 2019 SCF. Contact About 8,046,080 US households earn $2 million or more, covering about 6.25% of American households. By 2003, WWT had revenues topping $1 billion. 48.2 million. 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. U.S. born refers to persons born in the 50 states, the District of Columbia, Guam, Puerto Rico, or the U.S. Virgin Islands. FinanceBuzz and CardRatings may receive a commission from card issuers. Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. Smith graduated from Cornell University and Columbia Business School. The top 10% is well-educated you are most likely to land in this group if you have a postgraduate degree, as 27% of respondents with a higher degree are in the top 10%. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. Marital data was asked but not reported in the 2019 SCF. U.S. Census Bureau Releases Key Statistics on Nation's African American Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 The Missouri-based billionaire still has a majority stake in the company. He worked for Kraft from 1986 to 1992. Registry of Corporate Directors. 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 terms single-race, non-Hispanic Black; single-race Black; and Black alone, non-Hispanic are used interchangeably throughout this fact sheet to refer to the same population. More than half of these households (53%) earn less than $50,000, with the other 47% making $50,000 or more. This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. 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. All of this helped Kanye's net worth increase to $6.6 billion. More Black people are retiring early and showing others how to build their net worth at any age. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. How old were they when they started accumulating serious wealth? It is a subsidiary of The Pew Charitable Trusts. 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. Kanye West is now the richest Black person in American history. 19. Dr. Dennis Kimbro, aka the Black millionaire "whisperer," shares the secret to building wealth. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. A few months later, he expanded that gift to include the parents of those students. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. Wheres the highest concentration of US millionaires and other rich people? FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. Eight are Americans. data than referenced in the text. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. 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. So dont worry. 2023 Celebrity Net Worth / All Rights Reserved. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. Well, our research shows that the number of millionaires will only grow in the future. 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. 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%). Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. Why the huge difference between the average and the median? Black American and Asian millionaires each accounted for just 8%. 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. America's First Black Millionaires - Investopedia 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. 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). West is the thirdrichest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 billion). 2. Read to find out the power of courage and vision.. "Distribution of U.S. millionaires by race/ethnicity, as of 2013." As soon as this statistic is updated, you will immediately be notified via e-mail. 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. According to a 2016 report, only 46 people became billionaires before the age of 40. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. But if it was that easy, wouldnt we be all millionaires? ), Last updated An estimated 47.2 million people in the U.S. identified as Black in 2021. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. We shouldnt be six feet apart when it comes to building wealth., He continues, We are constantly transferring money from one institution to another. In a distant second is the Atlanta metro area, with 2.2 million, and then the Washington, D.C., metro area, with 1.8 million Black residents. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. The list is compiled annually by market research firm Phoenix Marketing International. The second spot belongs to Los Angeles, with 16,295 millionaires. 9 Florida is home to 370,000 multiracial Black people, while Texas has 350,000. As of 2013, about 76 percent of U.S. millionaires were White/Caucasian. It is important to note that we are talking about a household, not an individual. Improved Race, Ethnicity Measures Show U.S. is More Multiracial This fact sheet rely on respondent self-identification of race and ethnicity in the Census Bureaus 2021 ACS to identify the nations Black population. A good way to dip your toes in the real estate business is to buy your first primary residence. Less than 1% of all billionaires in the United States are Black. This text provides general information. Seven. According to the most recent data available, 76% of US millionaires were white or Caucasian. The youngest American billionaire is Austin Russel. Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth 5. For example, the median net home equity for a respondent in the South is $100,000 versus $200,000 for the median net home equity in the West. U.S. high net worth individuals 2008-2021. In 2064, the average white family likely will possess $2,782,727 in wealth while the Black family wealth will be $789,164, a report by Elliott and Abacus Wealth . Here's Everyone On The Black Billionaire List Now - Essence We are happy to help. The nations Black population includes those who say their race is Black, either alone or in combination with other racial backgrounds. to incorporate the statistic into your presentation at any time. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). As of 2022, here are the world's 15 Black billionaires: 1. Meet The Seven Black Billionaires In America - All That's Interesting 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%). Of families with an undergraduate degree, the wealthiest 16% of degree holders land in the top 10%. The number of super-rich individuals has gone up for the 10th year in a row! Breakdown of U.S. millionaires by race/ethnicity 2013 | Statista Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. We go to school and have to take on additional jobs to fund our education and overall living expenses. Charlene is on a mission to help more people build stock portfolios that are bigger than their shoe collection. We appreciate the public's cooperation as we continuously measure America's people, places and economy. A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. 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. Florida comes in a close second with 3.8 million, and Georgia comes in third, with 3.6 million. By 2030, millennials are expected to control five times as much wealth as they have now. In 2021, two-thirds (66%) of multiracial Black people in the U.S. were under 30, while about three-in-ten (28%) were ages 30 to 64. Pew Research Center does not take policy positions. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. That's not to say that she doesn't work hard for her success no one works harder than Oprah. 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. There was little variation across income groups, though the 90th percentile received the largest percentage gain. Their fortunes range from finance to sports to media to music and fashion. Statista. 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. 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. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. Dangote Group founder Aliko Dangote has topped the 2018 list. When there is a large gap between the median and the average values, as there is here, that indicates there is significant skew in the data and the average net worth will have less relevance for your typical household. Compensation may impact where offers appear. US Millionaire Demographics, 2021. . There are a total of 89,510 people in the United States with net assets of at least $50 million. When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million. Unless otherwise noted, adults are those who are ages 18 and older. 9. Get full access to all features within our Business Solutions. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%.