For more, read Faith Among Black Americans. Only about 20% of Americans inherit their riches. (March 31, 2013). The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. The rest of them (80%) are self-made, first-generation millionaires. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. There are 2,825 billionaires in the world and 664 of them are United States citizens. (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) While California takes the lead here with 189 billionaires, the wealthiest Americans dont live in these two states, Mark Zuckerberg being the only exception. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. The median age of Black people in 2021 was 33 years, five years younger than the U.S. populations median age of 38. Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. By 2010, revenue was more than $3.2 billion. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. 14. Keep on reading to find out. The median household income for Black U.S. households in 2021 is $46,400, which means half of households headed by a Black person earn more than that and half earn less. Smith is the first African American to sign the Giving Pledge. 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. 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. How many millionaires are in the US in 2020? Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). It is important to note that we are talking about a household, not an individual. Youre not going to be saving or investing unless in your mind you believe it will make a difference, Koski toldMarket Watch. EVENTS In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal. 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. A quintile is when the data is separated into five different yet equal sections. Today the Nike-owned Jordan brand accounts for about 50% of the basketball sneaker marketand makes an average of $3 billion in revenue for Nike annually (give or take). 51.5 million families are in this group. There are 229 millionaires in Congress. The number is an increase from 2000, when 260,000 Black Hispanic people were foreign born. Wealth flows through us, not to us, says J.D. We are happy to help. However, the White alone population decreased by 8.6% since 2010. 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. Robert F. Smith is the Founder, Chairman, and CEO of Vista Equity Partners LLC. Roughly 27% of the single-race Black population was below the age of 20, and 13% were 65 or older. Industrial conglomerates come in second, with 9.1%, and theyre closely followed by the business and customer services industry at 9%. 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. Available: https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Distribution of U.S. millionaires by race/ethnicity, as of 2013, Available to download in PNG, PDF, XLS format, Number of people with wealth over one million U.S dollars 2021, by country, Countries with the highest millionaire rate in 2021, Ultra high net worth individuals: population of global 1 percent 2021, by country, Number of millionaire households U.S. 2006-2020, U.S. high net worth individuals 2008-2021, North America wealth of high net worth individuals 2008-2021, Asset allocation of high net worth individuals in North America 2021, Distribution of assets by category and wealth percentile U.S. Q1 2021, Share of households who are millionaires by state U.S. 2020, Number of households who are millionaires. 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. The company provides planning, procurement, and deployment of IT products and solution selling. Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. About 14% of the millennial millionaires live in New York State. 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 was little variation across income groups, though the 90th percentile received the largest percentage gain. A majority (69%) of single-race Black adults identify as Protestant. 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. Currently, you are using a shared account. The general fertility rate among single-race Black females ages 15 to 44 in the U.S. was 5.9% in 2021, meaning that 5.9% of females in this age group had a birth in the previous 12 months. In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession 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. The price of that gap can be huge. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. You can only download this statistic as a Premium user. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. Contact Concentration of millionaires: 4.21% Rank: 50 (Unchanged from last year) Median income for all households: $44,097 Median home value: $121,300 West Virginia has a relatively low concentration of. When you break down the numbers, the inequities are even more depressing. Odds are you know at least one millionaire. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. The average millionaire is 57 years old. This fact sheet is a profile of the demographic, geographic and economic characteristics of the U.S. Black population in 2021. If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. Researchers found that a borrowers experience with relentless student loan debt reduced portfolio risk taking and therefore lowered early investment in high return risky investments (defined as stocks, stock mutual funds, mixed mutual funds, or corporate bonds etc.). A paid subscription is required for full access. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. The average student loan debt increased by 18.38% to $41,410. Three-in-ten Black households (31%) make $75,000 or more, including 20% that make $100,000 or more. 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). The youngest American billionaire is Austin Russel. California is the top state of residence for multiracial Black people, with about 460,000 living there. 16. 18. 41.4% of families under 35 held student loans with an average (mean) balance of just over $41,000. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. 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. This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. Thats more than 10% of households in the US. Since that time, NBA values have skyrocketed. Then you can access your favorite statistics via the star in the header. In comparison, more than one in. What percentage of Americans are millionaires then? He was a minority investor in the team starting in 2006 and took control of the team in 2010. 106, No. also rose 14% to $134,800. Median household income increased across all quintiles from 2016 to 2019. All seven black American billionaires are self-made. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. 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. More than 4.6 million Black people in the U.S. were born outside the country as of 2019, meaning that 10% of the Black population was foreign born. This statistic shows the number of millionaire households in the United States from 2006 to 2020. 6. Roughly three-in-ten single-race Black people (32%) live in households with female household heads, and 5% live in male-headed households. When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. She only had $5,000 in savings after her marriage ended. Roughly one-in-five (19%) are religiously unaffiliated, while smaller shares of adults identify as Catholic (5%), or with other Christian denominations (3%) or non-Christian faiths (3%). The Black population of the United States is growing. Feb. 6, 2023, 4 Things You Must Do Before The Next Recession. Researchers and data scientists typically prefer the median net worth when discussing wealth as money values can have steep growth curves that skew the data. Since 1992, the median wealth of black families has not grown by any real measurable amount, while the median net worth of white families has increased by more than $50,000. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. Sales Partnership Solutions 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. 2023 Celebrity Net Worth / All Rights Reserved. Marital data was asked but not reported in the 2019 SCF. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. 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. What is the poorest city in Mississippi? Oprah Winfrey is the Queen of all Media. 10. Credit Suisse Global Wealth Report The most recent version of the SCF is from 2019. 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. Leidesdorff, who had immigrated to the U.S. from the Danish West Indies, owned the . The company has more than 70 Fortune 100 companies as customers as well as several major federal purchasing contracts. MACON, Miss. Most self-made billionaires earned their first million dollars within five years. 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. Women of Power Summit Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. 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). At one time, she was the world's only African American billionaire. Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. Just 46% of all white families are included in the bottom 50%. By submitting this form you agree to receive emails from FinanceBuzz and to the privacy But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. 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. Eight are Americans. This lower 50% is less educated 79% of all respondents without a high school diploma find themselves in the lower 50%; 58% of those with a high school diploma but no college are also here. Women of Power TECH, PODCASTS That news is bad enough, but according to the 24/7 Wall Street Special Report of the Top 10 Poorest Cities, Macon holds the distinction of being the poorest city in the nation. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. Wheres the highest concentration of US millionaires and other rich people? Federal Reserve - Survey of Consumer Finances, 1989 - 2019 A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. 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. How many billionaires in the U.S.? Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. In 2019, Black household spending totaled approximately $835 billion. 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.