Households in 2018 - May 2019 The median is less influenced by the extreme wealth of a very small group of survey respondents. Breakdown of U.S. millionaires by race/ethnicity 2013 | Statista Let's take a look at the five wealthiest black people in the U.S. Michael Jordan is the highest-paid athlete of all time, but not because of his salary from the Chicago Bulls. Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. MACON, Miss. 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. She is best known for her award-winning talk show, which ran from 1986 to 2011. You come to America, work your butt off, and boom youre a millionaire. The fortunes of billionaires have been on the rise across the board. Regionally, Black Hispanic people are largely concentrated in the Northeast and South (71% in total). Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). Investments of high-net-worth individuals, Get the best reports to understand your industry. So there may be more than one person earning in a single household. Additionally, 400,000 members of the multiracial Black population are foreign born (8%), as of 2021. Roughly 20% own two, and only 8.5% of them own five or more. 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. To present detailed data about this group, charts and analysis about the Black population are analyzed through the lens of four different demographic groups: Scroll down or click through the navigation bar on the leftto read about various demographic and economic characteristics of the U.S. Black population. 30.7% Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. Here is a breakdown of the average net worth of Americans by age. U.S. Census Bureau Releases Key Statistics on Nation's African American Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. The largest fraction (43%) of millionaires in the US owns only one house. 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. 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. You can only download this statistic as a Premium user. (+1) 202-857-8562 | Fax Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. However, the White alone population decreased by 8.6% since 2010. The median family net worth from that same survey is $121,700. Many people have more than a single million, and some have much, much more. When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million. There are 2,825 billionaires in the world and 664 of them are United States citizens. Register in seconds and access exclusive features. Jackie Cummings Koski started investing her money and reached financial independence at age 46. 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%. For investors, real estate offers the biggest opportunity to develop wealth. Only 2% of Black Families Have a Net Worth Above $1 - Black Enterprise We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. The number of super-rich individuals has gone up for the 10th year in a row! Show publisher information Numbers, Facts and Trends Shaping Your World, Key facts about the nations 47.2 million Black Americans, do not describe their racial identity as two or more races, French or Haitian Creole combines those whose language was recorded by the American Community Survey as either French or French or Haitian Creole.. Obviously, theres a huge wealth disparity. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. 17. Pretty much everything she touches turns to gold. You most probably still have time to become rich. The U.S. Black population is young. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. Is the number of millionaires increasing? Use Ask Statista Research Service. 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. Additionally, 500,000 members of this population are immigrants to the U.S., meaning that almost one-in-five Black Hispanics (18%) are foreign born. Who are the Black billionaires? - ajc 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. Based in Missouri, WWT is the top U.S. reseller of Cisco solutions and second in the world. 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. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. Odds are you know at least one millionaire. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Almost three-in-ten Black Hispanic U.S. adults ages 25 and older (29%) have earned a bachelors degree or higher as of 2021. 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. Florida is home to 370,000 multiracial Black people, while Texas has 350,000. Then you can access your favorite statistics via the star in the header. While California takes the lead here with 189 billionaires, the wealthiest Americans dont live in these two states, Mark Zuckerberg being the only exception. Jordan's timing in buying majority control of the Hornets could not have been better. Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). Submit a correction suggestion and help us fix it! Millionaires in the United States -Statistics & Facts | Statista According to Forbes, the number of U.S. billionaires rose from 614 in 2020 to 724 in 2021. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. 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. According to a 2016 report, only 46 people became billionaires before the age of 40. Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). 10. Credit Suisse Global Wealth Report When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). The term also refers to those born abroad to a parent who was a U.S. citizen. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. It also includes Hispanics or Latinos who say their race is Black. 2. Your net worth is a more powerful indicator of wealth than income because it speaks to what you actually do with your money, from spending to saving to investing, and what financial resources beyond income you have access to. He was a minority investor in the team starting in 2006 and took control of the team in 2010. The Multiracial population has changed considerably since 2010. Only Two Black People Made the 2021 Forbes 400 List - Black Enterprise Industrial conglomerates come in second, with 9.1%, and theyre closely followed by the business and customer services industry at 9%. They own $173.3 trillion of wealth, according to the Global Wealth Report. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. So if your income placed you in the 65th percentile, 65% of the population would earn less than you, and 35% would earn more than you. ABOUT 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. 29.1% of those with a college degree have student loans with an average balance of $55,880. Fact check: Meme is partly false about millionaires in U.S., Congress California is home to the second-highest number of this population (310,000), and Florida comes in third with 300,000 people. Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. 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 . Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. 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). List of Africans by net worth - Wikipedia Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 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. William Leidesdorff. Approximately 6.4% of people who are Black, college-educated, and middle-aged are estimated to be or to become millionaires. When you break down the numbers, the inequities are even more depressing. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. 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. Compensation may impact where offers appear. The average net worth is largely dependent upon the total dollar value in the survey. 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%). Most self-made billionaires earned their first million dollars within five years. 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. As a Premium user you get access to the detailed source references and background information about this statistic. As of 2013, about 76 percent of U.S. millionaires were White/Caucasian. Facts About the U.S. Black Population | Pew Research Center 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. 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 richest Black man in the world is Nigerian businessman Aliko Dangote, the man who founded Dangote Cement. The generational wealth gap continues. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. List of U.S. states by the number of millionaire households 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. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. 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 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. Broader analysis shows that 52% of Black U.S. households earn less than $50,000, while 48% make $50,000 or more. If you are an admin, please authenticate by logging in again. 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. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. About Roughly 14% of all UHNW individuals engage in it as their primary industry. Meet The Seven Black Billionaires In America - All That's Interesting 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. All of this helped Kanye's net worth increase to $6.6 billion. We appreciate the public's cooperation as we continuously measure America's people, places and economy. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). And the vast majority of them are not people of color.. Lets take a deeper look at this trove of net worth statistics and see what the data has to say. This further reaffirms that billionaires are not made overnight but are built through experience and time. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. 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. US Millionaire Demographics, 2021. . 5,671,005 US households earn over $3 million or more, covering about 4.41% of all US households. Looking at income another way, almost half of households with a multiracial Black householder (46%) make less than $50,000, and 54% make that sum or more. ", Annalect, Distribution of U.S. millionaires by race/ethnicity, as of 2013 Statista, https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/ (last visited March 04, 2023), Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph], Annalect, March 31, 2013. SistersInc. Sales Partnership Solutions The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. Starting from zero or in debt in their 20s, a typical U.S. family will grow wealth during their main earning years and pay down debt, slow their rate of wealth accumulation as they reach retirement, and then draw on their retirement savings accounts along with Social Security and pensions.
