Currently, you are using a shared account. The multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. The rest of them (80%) are self-made, first-generation millionaires. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. 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). You need at least a Starter Account to use this feature. data than referenced in the text. The median age of single-race Black people in 2021 was 35, three years younger than the full U.S. populations median age of 38. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. Is the number of millionaires increasing? Read to find out the power of courage and vision.. However, many of these millennials are earning good money all by themselves as well. Following the South, 17% live in each the Midwest and the Northeast and 10% live in the West. Wealth flows through us, not to us, says J.D. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. Other top metropolitan areas for this subgroup include Miami, Los Angeles and Boston. 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.. A paid subscription is required for full access. Are you interested in testing our business solutions? 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. [1] Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt. 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. Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. 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. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics 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. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. San Francisco is third, with 6,740 millionaires. 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. Investments of high-net-worth individuals, Get the best reports to understand your industry. The richest Black man in the world is Nigerian businessman Aliko Dangote, the man who founded Dangote Cement. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. Pew Research Center - The Growing Diversity of Black America 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). Thats why Koski advocates saving a consistent amount every week to achieve financial goals. 29.1% of those with a college degree have student loans with an average balance of $55,880. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the greatest number of Black residents (3.9 million). Pew Research Center does not take policy positions. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. For singles and unmarried couples aged 25 to 34, student loans are the primary debt before credit cards and secured loans and seem to cause the most stress. Three-in-ten Black households (31%) make $75,000 or more, including 20% that make $100,000 or more. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. His net worth is currently estimated at $7.7 billion. This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. We appreciate the public's cooperation as we continuously measure America's people, places and economy. There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth Connect with Charlene on Instagram @charlenerhinehart or get access to weekly money insights, investing ideas, and travel tips by subscribing to Wealthy Women Daily Free Newsletter at www.wealthywomendaily.com. The average millionaire is 57 years old. The largest fraction (43%) of millionaires in the US owns only one house. This is coincidentally quite close (less than a 2% difference) to the $435,340 gap in average net worth between married couples with kids and those without in the chart above. 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. The median is less influenced by the extreme wealth of a very small group of survey respondents. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. (Plus, how many billionaires are there really? It is a subsidiary of The Pew Charitable Trusts. The average family in the U.S. in 2017 had 1.9 children. statistic alerts) please log in with your personal account. In fact, high net worth individuals have such extreme concentrated wealth that the Federal Reserve deliberately leaves off the members of the Forbes 400 list of wealthiest Americans from the survey, yet the upper 10% of families have enough wealth to skew the net worth values significantly. How old were they when they started accumulating serious wealth? For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. The generational wealth gap continues. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. Roughly two-in-five (41%) members of the single-race Black population in the U.S. were under 30 in 2021. And how much of wealth overall do they control? 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. In fact, 14 of the worlds richest billionaires reside in the United States. Use Ask Statista Research Service. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. 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. Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. Millionaires on the West Coast are slightly older, as well. They are also paid less than white workers for doing the same job. The median household income for single-race, non-Hispanic Black U.S. households in 2021 is $45,300, meaning half of households headed by a single-race Black person earn more than that and half earn less than that. 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. The number of millionaires increased substantially between 2020 and 2021. This is an increase of nearly 90% from 2000, when the foreign-born population stood at 2.4 million, or 7% of the overall U.S. Black population. Roughly four-in-ten Black Hispanic people (42%) live in U.S. households headed by married couples in 2021. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). 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. 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). Smith is the first African American to sign the Giving Pledge. As soon as this statistic is updated, you will immediately be notified via e-mail. Contact So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. 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. Oprah Winfrey is the Queen of all Media. Have you ever wondered how many decamillionaires are in the US? Black American and Asian millionaires each accounted for just 8%. This fact sheet is a profile of the demographic, geographic and economic characteristics of the U.S. Black population in 2021. 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 best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Number of people with wealth over one million U.S dollars 2021, by country, Distribution of assets by category and wealth percentile U.S. Q1 2021, Countries with the highest millionaire rate in 2021, Distribution of wealth in the United States 1990-2022, States with the most billionaires in the U.S. 2022, Countries with the most individuals with a net worth over one million U.S. dollars in 2021 (in thousands), Countries with the highest proportion of millionaires in 2021, Ultra high net worth individuals: population of global 1 percent 2021, by country, Number of people belonging to the global top 1 percent of wealth holders* in 2021, by country (in 1,000s), Wealth distribution in the United States in the third quarter of 2022, Number of millionaire households U.S. 2006-2020, Number of millionaire households in the United States from 2006 to 2020 (in millions), United States: estimated net worth of the 20 richest people as of 2022 (in billion U.S. dollars), Distribution of net wealth in the United States from Q1 1990 to Q3 2022, U.S. high net worth individuals 2008-2021, Number of high net worth individuals in the United States from 2008 to 2021 (in millions), North America wealth of high net worth individuals 2008-2021, Total wealth of high net worth individuals in North America from 2008 to 2021 (in billion U.S. dollars), Asset allocation of high net worth individuals in North America 2021, Asset allocation of high net worth individuals in North America in 2021, Distribution of asset holdings in the United States in Q1 2020, by asset category and wealth percentile, Share of households who are millionaires by state U.S. 2020, Share of households in the United States with one million or more U.S. dollars in investible assets in 2020, by state, Number of households who are millionaires. Economic Equity & Racial Justice Townhall Series, Elevate Black Podcast sponsored by Fifth Third Bank, 100 Founders of Change by American Express, Chasing Success Podcast by JP Morgan Chase, Black Business Month Sponsored by Nationwide, 2022 Registry Of Corporate Directors Listing, 2021 BE Registry Of Corporate Directors Listing. There was little variation across income groups, though the 90th percentile received the largest percentage gain. Lets check the US millionaire distribution by age and race. All seven black American billionaires are self-made. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. This quintile chart is determined by income. 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. Net home equity from owning real estate is one of the largest contributors to net worth for most families in the U.S.6 Yet when too high a percentage of a familys wealth is concentrated in the primary residence, the family can be vulnerable to downturns in the housing market. 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%). 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). Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. The middle 40% of U.S. families own 22% of the wealth. Clicking on the following button will update the content below. Only 1% are below 35. There are 229 millionaires in Congress. A majority (69%) of single-race Black adults identify as Protestant. When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. Subscribe to Newsletter Her work has helped many people leave the debt cycle and enter the dividend circle. 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. About 38% of US millionaires are over 65 years of age. How many billionaires in the U.S.? Hispanics made up 7% of the total . policy and terms. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. The most recent version of the SCF is from 2019. In 2021, 62% of the Black Hispanic population in the U.S. were under the age of 30. From 2019 to mid-2020, 2,251,000 new millionaires joined the ranks of millionaires in the United States alone. The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 Smith, author of Financial Distancing: How to Economically Quarantine Your Wealth, in an interview with Black Enterprise. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. Please create an employee account to be able to mark statistics as favorites. Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. The number of millionaires and billionaires in the U.S. Federal Reserve 2019 Survey of Consumer Finances (SCF), Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. According to the report, more than two out of five Black workers earn less than $30,000 a year. Then you can access your favorite statistics via the star in the header. When he was approved for the deal in March 2010, the franchise was valued at $175 million. An estimated 7.8 million Black families have a net worth of less than $10,000. Dangote Group founder Aliko Dangote has topped the 2018 list. Roughly one-in-three of these households (35%) earn $75,000 or more, including about a quarter (24%) that make $100,000 or more. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. She is also the Managing Director of CEO Unlimited Communications Firm where she helps others break down complex information into digestible concepts that audiences love. Black American and Asian millionaires each accounted for just 8%. Derek Major February 7, 2023 4348. 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. New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. 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. Show publisher information 25.8% of those with some college have student loans with an average balance less than half of the college crowd at $26,820. The Charlotte Hornets NBA team is far and away Jordan's biggest asset. 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. Median student loan debt for those married or living with a romantic partner was $10,400 and $7,900, respectively, while single young adults owed $20,000.
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