Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. 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. The median is less influenced by the extreme wealth of a very small group of survey respondents. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. She makes investing in the stock market as simple as shopping at the mall! (+1) 202-419-4372 | Media Inquiries. Despite being half of all American families, they earn about 15% of the countrys total household income. data than referenced in the text. Roughly 20% own two, and only 8.5% of them own five or more. The term Black Hispanic is used to refer to those who self-identify as Hispanic or Latino and as Black, either alone or in combination with other races. 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. 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. 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. The Black population of the United States is growing. Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth They are also paid less than white workers for doing the same job. Millionaires on the West Coast are slightly older, as well. Are you interested in testing our business solutions? You can only download this statistic as a Premium user. About 38% of US millionaires are over 65 years of age. The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. Quintile table with fifth quintile split and the tenth decile indicated: Quartile table with fifth quartile split and the tenth decile indicated: Net worth is a measure of individual or household wealth what you own minus what you owe. 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. 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. 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.. Before launching Vista, Robert F. Smith worked for Goldman Sachs in the Mergers & Acquisitions division from 1994 to 2000. Learn more about how Statista can support your business. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. She is best known for her award-winning talk show, which ran from 1986 to 2011. If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. 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. The detailed tables which have been made available display unrounded tabulations using IPUMS data. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. Of those billionaires, only 15 of them are black globally and seven black billionaires live in the United States. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession Millionaire Status Is On The Rise With 5.2 Million People Joining The Club Dangote Group founder Aliko Dangote has topped the 2018 list. Lakisha Simmons, an associate professor of analytics at Belmont University, started her wealth building journey in 2016. Jackie Cummings Koski started investing her money and reached financial independence at age 46. It is important to note that we are talking about a household, not an individual. That's not to say that she doesn't work hard for her success no one works harder than Oprah. Profit from the additional features of your individual account. to incorporate the statistic into your presentation at any time. 16. The list is compiled annually by market research firm Phoenix Marketing International. A paid subscription is required for full access. The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. Individuals who are from Africa, but don't reside in the continent (such as Elon Musk and . 28 Millionaire Statistics: What Percentage of Americans Are - LinkedIn An estimated 7.8 million Black families have a net worth of less than $10,000. The report summarizes occupational representation in various industries within the United States. In fact, Kanye West recently became the wealthiest black American billionaire of all time. As soon as this statistic is updated, you will immediately be notified via e-mail. 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, the single-race, non-Hispanic Black population was the largest demographic subgroup of U.S. Black population, numbering 39.3 million or 83% of the total. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. 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). 1615 L St. NW, Suite 800Washington, DC 20036USA A similar share (43%) was between 30 and 64 years old. This marks an increase of 16% since 2000, when the population was 33.8 million. In 2019, Black household spending totaled approximately $835 billion. Breakdown of U.S. millionaires by race/ethnicity 2013 | Statista The Richest Black People In America 2021 | Celebrity Net Worth SistersInc. There are seven Black billionaires in the United States. In any given year, Michael earns $80 $100 million from Nike royalties. Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. Meet The Seven Black Billionaires In America - All That's Interesting Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. EVENTS Use Ask Statista Research Service. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. 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). 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 two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. Instead, the term couple is used and includes respondents who are married or living together as partners.2. FinanceBuzz and CardRatings may receive a commission from card issuers. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Hispanic families experienced a strong rise in median net worth in 2019, rising to $36,050 from $22.040 in 2016, an increase of 64%. At one time, she was the world's only African American billionaire. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. Click here for a downloadable spreadsheet of these findings. 20.3% of them benefited from a combination of inheritance and self-created wealth. Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 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). There are approximately 51,882,000 people who own one million USD or more worldwide. Over $80 million paid to members so far - how much can you earn. There are a total of 89,510 people in the United States with net assets of at least $50 million. We shouldnt be six feet apart when it comes to building wealth., He continues, We are constantly transferring money from one institution to another. In, Annalect. Just 46% of all white families are included in the bottom 50%. 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.. Kevin Mazur / Contributor / Getty. 1 in 7 white families are now millionaires. For black families, it's 1 His net worth is currently estimated at $7.7 billion. Fewer than two-in-ten (16%) are part of non-family households. Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. 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. Who are these millionaires, though? 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 population has changed considerably since 2010. Related: Key facts about the nations 47.2 million Black Americans. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. How did they get rich, and how do they stay rich? The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. An estimated 47.2 million people in the U.S. identified as Black in 2021. Investments of high-net-worth individuals, Get the best reports to understand your industry. The total Black Hispanic population is also quite young. (+1) 202-857-8562 | Fax FinanceBuzz has partnered with CardRatings for our coverage of credit card products. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. Additionally, 400,000 members of the multiracial Black population are foreign born (8%), as of 2021. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. They own $173.3 trillion of wealth, according to the Global Wealth Report. 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. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. According to the report, Black wealth could skyrocket if financial barriers were dismantled. A quintile is when the data is separated into five different yet equal sections. 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. The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values. She only had $5,000 in savings after her marriage ended. How old were they when they started accumulating serious wealth? She is a talk show host, actress, producer, pitchwoman, and philanthropist. From 2016 to 2019, the median home value rose 14% across age groups to $225,000, yet the median value of home-secured debt (mortgages, home equity loans, etc.) (+1) 202-419-4300 | Main Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. The top 10% comprises 13% of the wealthiest white families, 1% of all Black families, and 3% of all Hispanic families. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics Less than 1% of all billionaires in the United States are Black. Source: Federal Reserve - Survey of Consumer Finances, 1989 - 20193, Source: U.S. Census Bureau - The Wealth of Households: 2017.6 Note this chart is in 2017 dollars. 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. The median age of Black people in 2021 was 33 years, five years younger than the U.S. populations median age of 38. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. Money typically goes from our jobs to the education system. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. 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. It was measured at 9 million people in 2010 and is now 33.8 million people in 2020, a 276% increase. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. Millionaires are defined as individuals with a household net worth of at least 2 million U.S. dollars. They are all trailblazers in their industries. 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. 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. The second spot belongs to Los Angeles, with 16,295 millionaires. To use individual functions (e.g., mark statistics as favourites, set About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. 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%). Odds are you know at least one millionaire. Here are the richest African Americans and where they rank on the list of the world's billionaires. U.S. Census Bureau Releases Key Statistics on Nation's African American This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. Wheres the highest concentration of US millionaires and other rich people? Investor Robert F. Smith is the richest black man in the country. This fact sheet is a profile of the demographic, geographic and economic characteristics of the U.S. 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. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. Most affluent women worldwide 2022, by net worth, Distribution of wealth in the United States 1990-2022. (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . Learn more in our Cookie Policy. Black billionaires - Wikipedia Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. 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. Based in Missouri, WWT is the top U.S. reseller of Cisco solutions and second in the world. Florida is home to 370,000 multiracial Black people, while Texas has 350,000. In fact, 14 of the worlds richest billionaires reside in the United States. Keep on reading to find out. The U.S. Black population is young. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. Only 2% of Black Families Have a Net Worth Above $1 - Black Enterprise Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt. 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. Regionally, Black Hispanic people are largely concentrated in the Northeast and South (71% in total). Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. Households in 2018 - May 2019 Other top metropolitan areas include Atlanta, Washington, D.C., Chicago and Philadelphia. WWT has more than 6,500 employees across 20 offices across the globe. In 2021, 62% of the Black Hispanic population in the U.S. were under the age of 30. We go to school and have to take on additional jobs to fund our education and overall living expenses. And how much of wealth overall do they control? It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. An estimated 47.2 million people in the U.S. identified as Black in 2021. About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. The company has more than 70 Fortune 100 companies as customers as well as several major federal purchasing contracts. 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. She enjoys writing money, career, and travel articles for publications all over the web. 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 terms Black population and Black people are used interchangeably in this fact sheet. In this publication, the general fertility rate refers to the share of females who gave birth in the previous 12 months. In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal. 11. 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. 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 button displays the currently selected search type. Median household income increased across all quintiles from 2016 to 2019. By 2010, revenue was more than $3.2 billion. This group consists of people with varied racial and ethnic identities and experiences. For example, the median income in the West is 20% higher than that in the South. Annalect. How quickly and what does it mean? Roughly 14% of all UHNW individuals engage in it as their primary industry. US Millionaire Demographics, 2021. . If you do not have a four-year college degree, youre least likely to be in the top 10% as only the wealthiest 4% with some college or less occupy this top tier of wealth. This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. The issue of racial inequality in . Other top metropolitan areas for this subgroup include Atlanta, Washington, D.C., and Philadelphia. Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . ABOUT Why the huge difference between the average and the median? But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. We need to allocate more money toward investing if we want to build wealth.. The youngest millionaires are millennials, and their wealth is steadily growing. Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. According to the Federal Reserve, the top 10% in the US own 69.6% of the nations wealth. According to a 2020 report, New Jersey wrested the top spot from Maryland when it comes to millionaire per capita. Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. BE 100s Of families with an undergraduate degree, the wealthiest 16% of degree holders land in the top 10%.