The median family net worth from that same survey is $121,700. 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. Learn more about how Statista can support your business. Hispanics made up 7% of the total millionaire population. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. Increases in net worth for the 35-44 age group from 2016 are attributed to gains in net home equity. Hispanics made up 7% of the total . 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. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 It also includes Hispanics or Latinos who say their race is Black. Yet, they still have a commanding share of home equity. The total Black Hispanic population is also quite young. Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. The richest Black man in the world is Nigerian businessman Aliko Dangote, the man who founded Dangote Cement. He owns about 90% of the franchise, which was most recently valued at a minimum of $1.15 billion. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. 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. For the under 35 group, 46% of white families are homeowners, but for Black families at the same age, only 17% are homeowners. 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. 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. 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%). Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. (+1) 202-857-8562 | Fax Both per capita and in absolute numbers, California takes the lead. As soon as this statistic is updated, you will immediately be notified via e-mail. (+1) 202-419-4300 | Main 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. Approximately 6.4% of people who are Black, college-educated, and middle-aged are estimated to be or to become millionaires. In any given year, Michael earns $80 $100 million from Nike royalties. Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). 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. Black American and Asian millionaires each accounted for just 8%. An estimated 47.2 million people in the U.S. identified as Black in 2021. According to a census report in 2020, there are 788 billionaires in the United States with a combined net worth of $3.431 trillion. 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. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. The second spot belongs to Los Angeles, with 16,295 millionaires. 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. 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. Two-thirds (66%) of all Black adults identify as Protestant. Masthead. Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. This group consists of people with varied racial and ethnic identities and experiences. Many of them are very famous with well-known names and careers. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. Aliko Dangote: $14 billion Africa's richest man, Aliko Dangote saw his fortune grow from around $11.5 billion on. By 2010, revenue was more than $3.2 billion. A few months later, he expanded that gift to include the parents of those students. It was measured at 9 million people in 2010 and is now 33.8 million people in 2020, a 276% increase. California is home to the second-highest number of this population (310,000), and Florida comes in third with 300,000 people. Black workers are concentrated in lower wage jobs. Due to varying update cycles, statistics can display more up-to-date 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. Obviously, theres a huge wealth disparity. We need to allocate more money toward investing if we want to build wealth.. 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. 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. About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. Keep on reading to find out. This text provides general information. You can only download this statistic as a Premium user. The multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. How did they get rich, and how do they stay rich? 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. Forbes Billionaires 2021: The Richest People in the World 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. Premium Statistic. 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. 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. This quintile chart is determined by income. A year later, he's going through a divorce from Kim Kardashian and has more than doubled his net worth. Roughly two-in-five (41%) members of the single-race Black population in the U.S. were under 30 in 2021. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. A similar share (31%) has completed some college, while four-in-ten have, at most, graduated from high school or its equivalent. All of this helped Kanye's net worth increase to $6.6 billion. The vast majority (97%) of the Black population as of 2021 speaks either only English (89%) or, if they speak another language, say they also speak English very well (8%). An estimated 7.8 million Black families have a net worth of less than $10,000. 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. (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) They are all trailblazers in their industries. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. So the US is definitely the country with the most millionaires. What percentage of Americans are millionaires then? 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. The terms Black population and Black people are used interchangeably in this fact sheet. It may take a while to really get your head around things like me, but it happens, and when it does, it is very, very powerful.. More than 8% of adults in the U.S. have enough assets to fit the definition, according to the Global Wealth Report 2020 by Credit Suisse. As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values. According to new valuations prepared by investment bank UBS, Kanye's sneaker/apparel partnership with Adidas is worth between $3.2 billion and $4.7 billion. About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. 48.2 million. 10. Credit Suisse Global Wealth Report 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 . Higher median incomes by region account for net worth differences too. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. 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). 51.5 million families are in this group. As a Premium user you get access to background information and details about the release of this statistic. Roughly three-in-ten single-race Black people (32%) live in households with female household heads, and 5% live in male-headed households. The number is an increase from 2000, when 260,000 Black Hispanic people were foreign born. 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. A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. The difference in net worth between regions can be attributed to varying rates of median home equity. Have you ever wondered how many decamillionaires are in the US? The charts below use quintiles and quartiles to break up the data in the 2019 SCF. 20.3% of them benefited from a combination of inheritance and self-created wealth. By submitting this form you agree to receive emails from FinanceBuzz and to the privacy Federal Reserve 2019 Survey of Consumer Finances (SCF) Equifax - Millennials, Mortgages and Student Debt Many people have more than a single million, and some have much, much more. 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. Wealth flows through us, not to us, says J.D. 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. The number of super-rich individuals has gone up for the 10th year in a row! liability for the information given being complete or correct. Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth. Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. When figuring out how to calculate net worth for yourself or your household, first add up all your assets such as bank accounts, investments, and property. The Missouri-based billionaire still has a majority stake in the company. An additional 46% were ages 30 to 64. For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. 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 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. In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. This marks an increase of 16% since 2000, when the population was 33.8 million. Jordan's stake in the Hornets is worth more than $1 billion alone. For more, read Faith Among Black Americans. Your Money, Your Life, LATEST LISTS Smith, author of Financial Distancing: How to Economically Quarantine Your Wealth, in an interview with Black Enterprise. It has grown from 1.5 million in 2000, marking a 238% increase. Her work has helped many people leave the debt cycle and enter the dividend circle. Median net worth for Black families rose from $18,240 in 2016 to $24,100 in 2019. The bottom 50% includes a large majority of Black and Hispanic families, 75% of all Black families and 67% of all Hispanic families fall in this tier. A quintile is when the data is separated into five different yet equal sections. Pew Research Center does not take policy positions. Today he brings home more than $100 million a year from his endorsement deal with Nike, alone. The bottom half of families (the first two quintiles and half of the third) represent those bringing in an income of less than $59,000. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession 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. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the largest Black Hispanic population (580,000 people). 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. Is the number of millionaires increasing? There are a total of 89,510 people in the United States with net assets of at least $50 million. 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. Pew Research Center - The Growing Diversity of Black America Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 The average net worth is largely dependent upon the total dollar value in the survey. 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. Industrial conglomerates come in second, with 9.1%, and theyre closely followed by the business and customer services industry at 9%. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. That's not to say that she doesn't work hard for her success no one works harder than Oprah. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. Please create an employee account to be able to mark statistics as favorites. Use Ask Statista Research Service. About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. They own $173.3 trillion of wealth, according to the Global Wealth Report. 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. 9 This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. (March 31, 2013). 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. Understanding net worth in the United States is about more than just doing the math of assets minus debts. You need a Statista Account for unlimited access. We have not included all available products or offers. So you still have a chance to become a part of our statistics. Here are the richest African Americans and where they rank on the list of the world's billionaires. Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. 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. 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%). 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. 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. In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. We appreciate the public's cooperation as we continuously measure America's people, places and economy. 9 How many Black billionaires in the U.S.? 11. The couple . A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. 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). Their fortunes range from finance to sports to media to music and fashion. Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 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. It is important to note that we are talking about a household, not an individual. About 14% of the millennial millionaires live in New York State. MACON, Miss. data than referenced in the text. This represents a gain of more than 30% but still below the pre-Recession median net worth of $25,920 in 2007.
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