As a Premium user you get access to background information and details about the release of this statistic. The multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. 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. He worked for Kraft from 1986 to 1992. SistersInc. And this pattern doesnt stop after graduation. The Richest Africans is an annual ranking of the richest African people, compiled and published by the American business magazine Forbes.The list has been published since 2015. 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. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. Pretty much everything she touches turns to gold. to incorporate the statistic into your presentation at any time. . Aged 26, hes worth $2.4 billion, and hes the founder of Luminar Technologies, a company that makes sensors and other tech for autonomous vehicles. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. 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. 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%). This population has grown from 960,000 in 2000 to 2.8 million in 2021, marking a 191% increase. Just under half of the U.S. Black population (45%) was younger than 30 in 2021. Clicking on the following button will update the content below. Three-in-ten Black households (31%) make $75,000 or more, including 20% that make $100,000 or more. 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. According to a 2020 report, New Jersey wrested the top spot from Maryland when it comes to millionaire per capita. 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). There are seven Black billionaires in the United States. 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%). Keep on reading to find out. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. Her work has helped many people leave the debt cycle and enter the dividend circle. You need at least a Starter Account to use this feature. 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. 13. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Households in 2018 - May 2019 The S&P 500 gained 27% last year, while the Nasdaq was up 21%. However, many of these millennials are earning good money all by themselves as well. According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. For the under 35 group, 46% of white families are homeowners, but for Black families at the same age, only 17% are homeowners. 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. Jordan's timing in buying majority control of the Hornets could not have been better. You come to America, work your butt off, and boom youre a millionaire. Your total assets minus your total liabilities equals your net worth. Although the wealth statistics are startling for Black families, there are a growing number of individuals who are moving closer to their financial goals every day. Roughly two-in-five (41%) members of the single-race Black population in the U.S. were under 30 in 2021. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. [1] They are also paid less than white workers for doing the same job. 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%. Most Black immigrants (88%) were born in African or . Derek Major February 7, 2023 4348. You can only download this statistic as a Premium user. According to Forbes, the number of U.S. billionaires rose from 614 in 2020 to 724 in 2021. Chris Hogan, radio host and author of the book "Everyday. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. Since that time, NBA values have skyrocketed. In 2021, 62% of the Black Hispanic population in the U.S. were under the age of 30. Read to find out the power of courage and vision.. 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%. Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. This button displays the currently selected search type. Understanding net worth in the United States is about more than just doing the math of assets minus debts. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. Statista assumes no The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. Chart. The U.S. Black population is young. 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. What percentage of Americans are millionaires then? FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. More than half of these households (53%) earn less than $50,000, with the other 47% making $50,000 or more. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. A few months later, he expanded that gift to include the parents of those students. The number of super-rich individuals has gone up for the 10th year in a row! Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. 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. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. Thats 43%, over seven times the national rate of 6%. In this publication, the general fertility rate refers to the share of females who gave birth in the previous 12 months. David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. Those with a college degree have family wealth almost three and half times that of those with some college, more than four times those with a high school diploma, and almost 15 times the group without a high school diploma. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. Of those billionaires, only 15 of them are black globally and seven black billionaires live in the United States. 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. BLACK ENTERPRISE is the premier business, investing, and wealth-building resource for African Americans. 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. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. 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%). It is a subsidiary of The Pew Charitable Trusts. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. In, Annalect. Only about 20% of Americans inherit their riches. 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. 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. The fortunes of billionaires have been on the rise across the board. 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. There was little variation across income groups, though the 90th percentile received the largest percentage gain. 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). WWT focuses on telecommunications networks and enterprise-wide conversion services. 106, No. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 More Black people are retiring early and showing others how to build their net worth at any age. Investing in real estate is still the most popular of all millionaire investment and spending choices. So you still have a chance to become a part of our statistics. San Francisco is third, with 6,740 millionaires. 2. [Online]. A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. 1615 L St. NW, Suite 800Washington, DC 20036USA Roughly 20% own two, and only 8.5% of them own five or more. The average millionaire is 57 years old. We need to allocate more money toward investing if we want to build wealth.. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. In contrast, the bottom half of the wealth pyramid manages 1.4% of global wealth, showing there is an almost insurmountable disparity in the global distribution of wealth. The company has more than 70 Fortune 100 companies as customers as well as several major federal purchasing contracts. Are you interested in testing our business solutions? Millionaires are defined as individuals with a household net worth of at least 2 million U.S. dollars. Instead, the term couple is used and includes respondents who are married or living together as partners.2. Use Ask Statista Research Service. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . Black American billionaires have seen their net worths surge over the past year of the COVID pandemic. A majority (69%) of single-race Black adults identify as Protestant. She is best known for her award-winning talk show, which ran from 1986 to 2011. Jordan's stake in the Hornets is worth more than $1 billion alone. 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. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. Click here for a downloadable spreadsheet of these findings. Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. 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. By focusing on building wealth and not simply income, you can align your behaviors to suit your long-term personal finance goals better. 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. About 38% of US millionaires are over 65 years of age. As soon as this statistic is updated, you will immediately be notified via e-mail. 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. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. All of this helped Kanye's net worth increase to $6.6 billion. Roughly three-in-ten single-race Black people (32%) live in households with female household heads, and 5% live in male-headed households. Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. Unless otherwise noted, adults are those who are ages 18 and older. If you do not have a four-year college degree, youre least likely to be in the top 10% as only the wealthiest 4% with some college or less occupy this top tier of wealth. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. (March 31, 2013). 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. Available: https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Distribution of U.S. millionaires by race/ethnicity, as of 2013, Available to download in PNG, PDF, XLS format, Number of people with wealth over one million U.S dollars 2021, by country, Countries with the highest millionaire rate in 2021, Ultra high net worth individuals: population of global 1 percent 2021, by country, Number of millionaire households U.S. 2006-2020, U.S. high net worth individuals 2008-2021, North America wealth of high net worth individuals 2008-2021, Asset allocation of high net worth individuals in North America 2021, Distribution of assets by category and wealth percentile U.S. Q1 2021, Share of households who are millionaires by state U.S. 2020, Number of households who are millionaires. Distribution of net wealth in the United States from Q1 1990 to Q3 2022. Roughly 27% of the single-race Black population was below the age of 20, and 13% were 65 or older. Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). 19. 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. About 14% of the U.S. population is Black or African American. 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 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. In 2019, Black household spending totaled approximately $835 billion. 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. Increases in net worth for the 35-44 age group from 2016 are attributed to gains in net home equity. Learn more about how we make money and our editorial policies. Lets start with the basics. By submitting this form you agree to receive emails from FinanceBuzz and to the privacy 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. 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. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. Other top metropolitan areas for this subgroup include Miami, Los Angeles and Boston. An estimated 47.2 million people in the U.S. identified as Black in 2021. 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. Regionally, the South is home to the highest concentration of the multiracial Black population in the U.S., with a plurality (42%) of the total as of 2021. Jackie Cummings Koski started investing her money and reached financial independence at age 46. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals. Number of high net . Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics 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. As a Premium user you get access to the detailed source references and background information about this statistic. The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. The number of millionaires increased substantially between 2020 and 2021. In fact, Kanye West recently became the wealthiest black American billionaire of all time. Well, our research shows that the number of millionaires will only grow in the future. Statista. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. 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. FinanceBuzz.com does not make any credit decisions. This means that since then, there has been a whopping 53% growth in the total number of billionaires in the country in 10 years. Fewer than two-in-ten (16%) are part of non-family households. also rose 14% to $134,800. 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). Both per capita and in absolute numbers, California takes the lead. Here are some facts revealed by looking at net worth: Wealth distribution in America is often broken into equal sections, or percentiles, in order to understand better how wealth is accumulated, in what quantities, and by whom. Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. Of The 607 American Billionaires, Only Five Are Black, Kanye West's Net Worth Soars To $6.6 Billion He Is Now The Richest Black Person In US History, David Steward Is The Second Richest Black Man In America Here's How He Earned His $4 Billion Fortune. 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%). Homeownership helps families maintain and even increase wealth, up to one and half times over non-ownership families, while managing the added expenses children bring to household finances. 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%. (+1) 202-419-4300 | Main ABOUT New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. Their fortunes range from finance to sports to media to music and fashion. According to the most recent data available, 76% of US millionaires were white or Caucasian. From 2019 to mid-2020, 2,251,000 new millionaires joined the ranks of millionaires in the United States alone. 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 exact number is hard to determine since Congress members reveal their finances in ranges. California is the top state of residence for multiracial Black people, with about 460,000 living there. Individuals who are from Africa, but don't reside in the continent (such as Elon Musk and . statistic alerts) please log in with your personal account. Today he brings home more than $100 million a year from his endorsement deal with Nike, alone. U.S. high net worth individuals 2008-2021. When he was approved for the deal in March 2010, the franchise was valued at $175 million. Currently, you are using a shared account. 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. The youngest American billionaire is Austin Russel. Most affluent women worldwide 2022, by net worth, Distribution of wealth in the United States 1990-2022. An additional 33% were ages 30 to 64. Entrepreneurship Business Coach Pasha Carter. 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. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. By 2003, WWT had revenues topping $1 billion. Higher median incomes by region account for net worth differences too. The Black population has grown by more than 10 million since 2000, when 36.2 million of the U.S. population identified as Black, marking a 30% increase over two decades. There are 229 millionaires in Congress. An additional 46% were ages 30 to 64. U.S. Census Bureau - The Wealth of Households: 2017 Profit from the additional features of your individual account. Thats more than 10% of households in the US. liability for the information given being complete or correct. 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. 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. Women of Power Summit 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 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 text provides general information. 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. Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. Equifax - Millennials, Mortgages and Student Debt Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million. West is the thirdrichest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 billion). 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. White families held $93.55 trillion (84.2%), Black families held $4.43 trillion (3.99%), and Hispanic families held $2.58 trillion (2.32%). The youngest millionaires are millennials, and their wealth is steadily growing. Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. 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. All seven black American billionaires are self-made. Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. 9. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Lakisha Simmons, an associate professor of analytics at Belmont University, started her wealth building journey in 2016. Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. The single-race, non-Hispanic Black population is also young. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. According to a 2016 report, only 46 people became billionaires before the age of 40.