29.1% of those with a college degree have student loans with an average balance of $55,880. Moreover, respondents perceptions of the questions and their own racial and ethnic identity can change in response to individual circumstances and the way the nation sees race and itself. In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. 1. We shouldnt be six feet apart when it comes to building wealth., He continues, We are constantly transferring money from one institution to another. Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. The terms multiracial, non-Hispanic Black and multiracial Black are used interchangeably throughout this fact sheet to refer to people who self-identify with two or more races and do not identify as Hispanic or Latino. 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. 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. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. Black American and Asian millionaires each accounted for just 8%. Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. The S&P 500 gained 27% last year, while the Nasdaq was up 21%. The economic state of Black America: What is and what could be For example, the median income in the West is 20% higher than that in the South. About It is important to note that we are talking about a household, not an individual. An additional 46% were ages 30 to 64. 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). Why the huge difference between the average and the median? The top decile (90-100 in quartile chart), or top 10% of high net worth U.S. families, own 76% of the wealth, according to analysis done by the Federal Reserve Bank of St. Louis. 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. 106, No. In fact, 14 of the worlds richest billionaires reside in the United States. 9. Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. 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 a total of 89,510 people in the United States with net assets of at least $50 million. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. Breakdown of U.S. millionaires by race/ethnicity 2013 | Statista Two-thirds (66%) of all Black adults identify as Protestant. In 2018, there was a record of 23 African billionaires on the list. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. Millionaires in the United States -Statistics & Facts | Statista Pretty much everything she touches turns to gold. As of 2022, here are the world's 15 Black billionaires: 1. This trend is expected to grow. Get full access to all features within our Business Solutions. Just under half of the U.S. Black population (45%) was younger than 30 in 2021. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. The rest of them (80%) are self-made, first-generation millionaires. Buzzery, LLC NMLS ID # 2317173 NMLS Consumer Access, What can you learn about growing your wealth by taking a closer look at U.S. net worth statistics? There are 2,825 billionaires in the world and 664 of them are United States citizens. According to the 2021 Forbes ranking of the world's billionaires, Nigerian business magnate Aliko Dangote had a net worth of $11.5 billion and was the world's richest black man. Distribution of net wealth in the United States from Q1 1990 to Q3 2022. Meet The Seven Black Billionaires In America - All That's Interesting Smith is the first African American to sign the Giving Pledge. 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. 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. California is the top state of residence for multiracial Black people, with about 460,000 living there. Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. The Missouri-based billionaire still has a majority stake in the company. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. Lets start with the basics. Key findings about Black America in 2019 - Pew Research Center 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. Charlene is on a mission to help more people build stock portfolios that are bigger than their shoe collection. 2023 Celebrity Net Worth / All Rights Reserved. 11. In, Annalect. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. In. 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. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. Roughly 30% of the entire Black population was below the age of 20 while 12% were 65 or older. According to the most recent data available, 76% of US millionaires were white or Caucasian. Derek Major February 7, 2023 4348. The boomers generation was the richest generation in the history of the United States. Kevin Mazur / Contributor / Getty. WWT focuses on telecommunications networks and enterprise-wide conversion services. U.S. Census Bureau - The Wealth of Households: 2017 So there may be more than one person earning in a single household. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 In comparison, this same wealth gap was a factor of 12 in 2016 and a factor of 7 in 1989. U.S. high net worth individuals 2008-2021. This population has grown from 960,000 in 2000 to 2.8 million in 2021, marking a 191% increase. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. US Millionaire Demographics, 2021. . In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal. 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. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. 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. He is a major philanthropist who made big news in 2019 when he announced during the commencement speech at Morehouse College to pay off the students' collective $34 million in student loans. Investor Robert F. Smith is the richest black man in the country. liability for the information given being complete or correct. A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. You can only download this statistic as a Premium user. When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. She is best known for her award-winning talk show, which ran from 1986 to 2011. 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. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. At one time, she was the world's only African American billionaire. 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. Read our research on: Congress | Economy | Gender. In comparison, more than one in every seven White households have surpassed the million dollar mark. Only Two Black People Made the 2021 Forbes 400 List - Black Enterprise also rose 14% to $134,800. He worked for Kraft from 1986 to 1992. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. Examining net worth across age, education, race, and more can be very useful when trying to set yourself up for financial well-being now and in the future. U.S. Net Worth Statistics: The State of Wealth in 2023 | FinanceBuzz 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. We have not included all available products or offers. The number of millionaires, their households, and how they got their wealth. The term also refers to those born abroad to a parent who was a U.S. citizen. Hispanics made up 7% of the total . 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. Entrepreneurship Business Coach Pasha Carter. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. Less than 1% of all billionaires in the United States are Black. Lakisha Simmons, an associate professor of analytics at Belmont University, started her wealth building journey in 2016. 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%). Only 7.7% became wealthy solely through inheritance. Here's Everyone On The Black Billionaire List Now - Essence Black billionaires - Wikipedia By 2003, WWT had revenues topping $1 billion. Median net worth for those without high school has been on a downward trajectory since this survey began in 1989. The largest fraction (43%) of millionaires in the US owns only one house. According to a 2016 report, only 46 people became billionaires before the age of 40. It has grown from 1.5 million in 2000, marking a 238% increase. For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. Robert F. Smith. 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. 6. Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. In comparison, more than one in. 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 . [1] Only 1% are below 35. 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 charts below use quintiles and quartiles to break up the data in the 2019 SCF. Have you ever wondered how many decamillionaires are in the US? 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. Then you can access your favorite statistics via the star in the header. Keep on reading to find out. She makes investing in the stock market as simple as shopping at the mall! 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. Understanding net worth in the United States is about more than just doing the math of assets minus debts. 28 Millionaire Statistics: What Percentage of Americans Are - LinkedIn Roughly four-in-ten Black Hispanic people (42%) live in U.S. households headed by married couples in 2021. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. 106, No. Most research on families with children focuses on income levels and distribution, yet researchers have noted net worth impacts childrens well-being more than a familys income. 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 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. There are seven Black billionaires in the United States. 13. Simmons reached her goals by managing her expenses, maxing out her retirement accounts, and investing in brokerage accounts. While California takes the lead here with 189 billionaires, the wealthiest Americans dont live in these two states, Mark Zuckerberg being the only exception. According to the report, more than two out of five Black workers earn less than $30,000 a year. An additional 33% were ages 30 to 64. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 Most Black immigrants (88%) were born in African or . Millionaires are defined as individuals with a household net worth of at least 2 million U.S. dollars. According to the Federal Reserve, the top 10% in the US own 69.6% of the nations wealth. Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). There are 21,951,000 millionaires in the U.S., according to the 2021 Global Wealth Report by Credit Suisse. 19. MACON, Miss. 4. So you still have a chance to become a part of our statistics. Black American billionaires have seen their net worths surge over the past year of the COVID pandemic. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century Regionally, Black Hispanic people are largely concentrated in the Northeast and South (71% in total). Other top metropolitan areas for this subgroup include Atlanta, Washington, D.C., and Philadelphia. Most millionaires have to work for the money and dont get rich once a relative dies, according to The Millionaire Next Door: The Surprising Secrets of Americas Wealthy by Thomas J Stanley. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. Both per capita and in absolute numbers, California takes the lead. In 2021, 62% of the Black Hispanic population in the U.S. were under the age of 30. by state U.S. 2020, U.S. states with highest ratio of millionaire households per capita 2020, U.S. metropolitan areas with the highest share of millionaire households 2020, Richest self-made women in the United States 2022, based on net worth, Distribution of UHNW individuals by gender U.S. 2019, Share of U.S. families who are millionaires 2016, by ethnicity, Distribution of billionaires in the U.S. by gender 2022, States with the most billionaires in the U.S. 2022, Combined value of billionaire wealth in the United States 2020-2022, Opinion of U.S. adults on whether billionaires are a good or bad thing 2021, by age, Opinion of U.S. adults on whether billionaires should pay a wealth tax by party 2020, Ultra high net worth individuals 2021, by country, Share of the world's billionaires by region 2021, Global fastest growing markets for centi-millionaires 2022-2032, Cities with the highest number of UHNW individuals worldwide 2020, Youngest billionaires globally 2022, by net worth, Value added to the wealth of the world's leading billionaires during pandemic 2021, Breakdown of U.S. millionaires by generation 2013, U.S. top metro areas ranked by high net worth population 2014, U.S. millionaire households 1997-2015, by net worth, Breakdown of high net worth individuals' luxury investments in North America 2014, Wealth in the U.S. - UHNW (super rich) population in 2014, by gender, Wealth in the U.S. - UHNW (super rich) population in 2014, by state, Number of HNWI's, UHNWI's and billionaires in Switzerland 2014-2024, Number of HNWI's, UHNWI's and billionaires in Ireland 2014-2024, Private wealth owned by top one percent of population in Europe 2014, Number of HNWI's, UHNWI's and billionaires in Sweden 2016-2021, Number of HNWI's, UHNWI's and billionaires in Germany 2014-2024, Number of HNWIs and UHNWIs in Russia 2016-2026, Number of HNWI's, UHNWI's and billionaires in Austria 2013-2023, Investments of high-net-worth individuals, Find your information in our database containing over 20,000 reports.