The median family net worth from that same survey is $121,700. 19. 51.5 million families are in this group. Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. It is important to note that we are talking about a household, not an individual. She is one of the wealthiest African Americans of the 20thand 21stcenturies. 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. Key findings about Black America in 2019 - Pew Research Center In this publication, the general fertility rate refers to the share of females who gave birth in the previous 12 months. Roughly 27% of the single-race Black population was below the age of 20, and 13% were 65 or older. The largest fraction (43%) of millionaires in the US owns only one house. 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%). Lets take a deeper look at this trove of net worth statistics and see what the data has to say. Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. 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. Get full access to all features within our Business Solutions. 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. Other top metropolitan areas for this subgroup include Atlanta, Washington, D.C., and Philadelphia. Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. The number is an increase from 2000, when 260,000 Black Hispanic people were foreign born. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. Thats why Koski advocates saving a consistent amount every week to achieve financial goals. 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. 1615 L St. NW, Suite 800Washington, DC 20036USA Most affluent women worldwide 2022, by net worth, Distribution of wealth in the United States 1990-2022. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. 5. 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. In fact, Kanye West recently became the wealthiest black American billionaire of all time. The Black population of the United States is growing. Black people. The rule of thumb is that with hard work, you can achieve anything in America. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. 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. They own $173.3 trillion of wealth, according to the Global Wealth Report. Related: Key facts about the nations 47.2 million Black Americans. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. 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. An estimated 7.8 million Black families have a net worth of less than $10,000. Due to varying update cycles, statistics can display more up-to-date Ultimately, you are responsible for your financial decisions. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. Individuals who are from Africa, but don't reside in the continent (such as Elon Musk and . Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. This button displays the currently selected search type. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. 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. Million new millionaires were created in U.S. last year, report says - CNBC Smith graduated from Cornell University and Columbia Business School. Most self-made billionaires earned their first million dollars within five years. 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. You need at least a Starter Account to use this feature. Black billionaires - Wikipedia The middle 40% of U.S. families own 22% of the wealth. Smith is the first African American to sign the Giving Pledge. Both per capita and in absolute numbers, California takes the lead. (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . 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. According to the report, more than two out of five Black workers earn less than $30,000 a year. 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. 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. 3. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. 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. 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. Click here for a downloadable spreadsheet of these findings. 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. Roughly three-in-ten single-race Black people (32%) live in households with female household heads, and 5% live in male-headed households. Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). Have you ever wondered how many decamillionaires are in the US? French or Haitian Creole is spoken by 2% of the multiracial Black population that is over age 5, as is Spanish.3 Meanwhile, 1% of the population speaks Portuguese. We go to school and have to take on additional jobs to fund our education and overall living expenses. 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. 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. Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. 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). Sales Partnership Solutions In contrast, the United States had 404 billionaires in 2010. (Plus, how many billionaires are there really? The terms Black population and Black people are used interchangeably in this fact sheet. Hispanics made up 7% of the total . Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century U.S. Net Worth Statistics: The State of Wealth in 2023 | FinanceBuzz Jordan's timing in buying majority control of the Hornets could not have been better. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. Just 46% of all white families are included in the bottom 50%. List of U.S. states by the number of millionaire households How many millionaires are in the US in 2020? Find your information in our database containing over 20,000 reports, The number of American households with assets of one million U.S. dollars or more, high net-worth individuals in North America, 110,850 individuals with net assets of at least 50 million U.S. dollars. (+1) 202-419-4300 | Main 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. 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). 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. As 2020, the number households with a net worth of one million U.S. dollars or more (excluding . Occurring every three years, this project gives a snapshot of the state of wealth in the U.S. so we can assess economic well-being and thorny issues of income inequality, including trends over time. U.S. Census Bureau - Survey of Income and Program Participation: 2018 In comparison, more than one in every seven White households have surpassed the million dollar mark. For investors, real estate offers the biggest opportunity to develop wealth. 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. Please do not hesitate to contact me. 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. 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. Legendary Black Entrepreneurs - Investopedia The sum of these factors and centuries of inequities have contributed to the growing wealth gap we see today. Masthead. Learn more about how we make money and our editorial policies. As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values. In 2019, Black household spending totaled approximately $835 billion. 106, No. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. Before launching Vista, Robert F. Smith worked for Goldman Sachs in the Mergers & Acquisitions division from 1994 to 2000. Get in touch with us. For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. Jackie Cummings Koski started investing her money and reached financial independence at age 46. Meet The Seven Black Billionaires In America - All That's Interesting Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities. The second spot belongs to Los Angeles, with 16,295 millionaires. Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. A paid subscription is required for full access. The Charlotte Hornets NBA team is far and away Jordan's biggest asset. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. In 2018, there was a record of 23 African billionaires on the list. The U.S. had about 17.4 million of the globe's 42.2 million millionaires in 2018, the report that would have been current at the time of the viral Facebook post. Today he brings home more than $100 million a year from his endorsement deal with Nike, alone. (+1) 202-857-8562 | Fax Thats more than 10% of households in the US. All seven black American billionaires are self-made. Researchers and data scientists typically prefer the median net worth when discussing wealth as money values can have steep growth curves that skew the data. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. Chris Hogan, radio host and author of the book "Everyday. U.S. born refers to persons born in the 50 states, the District of Columbia, Guam, Puerto Rico, or the U.S. Virgin Islands. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. The number of millionaires increased substantially between 2020 and 2021. Despite being half of all American families, they earn about 15% of the countrys total household income. 106, No. According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. A similar share (31%) has completed some college, while four-in-ten have, at most, graduated from high school or its equivalent. The detailed tables which have been made available display unrounded tabulations using IPUMS data. Learn more about how Statista can support your business. The Missouri-based billionaire still has a majority stake in the company. to incorporate the statistic into your presentation at any time. Of those billionaires, only 15 of them are black globally and seven black billionaires live in the United States. The company provides planning, procurement, and deployment of IT products and solution selling. A similar share (43%) was between 30 and 64 years old. 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. You come to America, work your butt off, and boom youre a millionaire. 12. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. Subscribe to Newsletter 2023 Celebrity Net Worth / All Rights Reserved. In practical terms, this means looking at your financial situation and: 1. Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. This group consists of people with varied racial and ethnic identities and experiences. The report summarizes occupational representation in various industries within the United States. 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. All displayed numbers are rounded. US Millionaire Demographics, 2021. . 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). Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. We shouldnt be six feet apart when it comes to building wealth., He continues, We are constantly transferring money from one institution to another. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). 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. So there may be more than one person earning in a single household. The number of millionaires, their households, and how they got their wealth. Improved Race, Ethnicity Measures Show U.S. is More Multiracial Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. 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. 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. 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. Overall, 235.4 million people reported White alone or in combination with another group. Forbes Billionaires 2021: The Richest People in the World Here's how 22 million Americans became millionaires - CNBC In. Odds are you know at least one millionaire. All of this helped Kanye's net worth increase to $6.6 billion. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). Management According to Wealth-X, about 71.9.% of UHNW millionaires were self-made.