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You come to America, work your butt off, and boom youre a millionaire. An estimated 47.2 million people in the U.S. identified as Black in 2021. Clicking on the following button will update the content below. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession From 2019 to mid-2020, 2,251,000 new millionaires joined the ranks of millionaires in the United States alone. FinanceBuzz.com does not make any credit decisions. 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. Just under half of the U.S. Black population (45%) was younger than 30 in 2021. 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. The rule of thumb is that with hard work, you can achieve anything in America. Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. Millionaires on the West Coast are slightly older, as well. Roughly 30% of the entire Black population was below the age of 20 while 12% were 65 or older. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively. Pretty much everything she touches turns to gold. Who are these millionaires, though? 12. This measure of fertility does not account for the birth of more than one child by a single female in a 12-month period. In 2018, there was a record of 23 African billionaires on the list. Lets take a deeper look at this trove of net worth statistics and see what the data has to say. It also includes Hispanics or Latinos who say their race is Black. This gap is primarily the result of lower average incomes and wealth. U.S. Census Bureau - The Wealth of Households: 2017 The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. 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. 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.. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 Your Money, Your Life, LATEST LISTS 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. Robert F. Smith is the Founder, Chairman, and CEO of Vista Equity Partners LLC. New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. When we get into the workforce, money often flows from our jobs to pay hefty mortgage and student debt payments to keep up with the lifestyles of our colleagues. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. She is best known for her award-winning talk show, which ran from 1986 to 2011. Lets check the US millionaire distribution by age and race. Hispanics made up 7% of the total millionaire population. 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. Black American and Asian millionaires each accounted for just 8%. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the nations largest single-race Black population, with roughly 3.0 million. All of this helped Kanye's net worth increase to $6.6 billion. Smith, author of Financial Distancing: How to Economically Quarantine Your Wealth, in an interview with Black Enterprise. 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. The largest fraction (43%) of millionaires in the US owns only one house. The generational wealth gap continues. The couple . We go to school and have to take on additional jobs to fund our education and overall living expenses. California is home to the second-highest number of this population (310,000), and Florida comes in third with 300,000 people. Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . 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%). 19. This suggests there is likely a discrepancy between the number of multiracial Black people in the U.S., as reported through demographic data analysis, and the number of multiracial Black people who identify themselves in this way. California is the top state of residence for multiracial Black people, with about 460,000 living there. 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. 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. An estimated 47.2 million people in the U.S. identified as Black in 2021. 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. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. WWT has more than 6,500 employees across 20 offices across the globe. 1615 L St. NW, Suite 800Washington, DC 20036USA When you break down the numbers, the inequities are even more depressing. It was measured at 9 million people in 2010 and is now 33.8 million people in 2020, a 276% increase. Net worth tends to trend upward with age. Statista assumes no Before launching Vista, Robert F. Smith worked for Goldman Sachs in the Mergers & Acquisitions division from 1994 to 2000. Additionally, as baby boomers pass on, millennials will inherit an accumulated $68 trillion from their rich parents and relatives. 4. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. The average net worth of a U.S. family is $748,800, according to the most recent Survey of Consumer Finances (SCF) conducted by the Federal Reserve in 2019. 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. You need at least a Starter Account to use this feature. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). At one time, she was the world's only African American billionaire. Higher median incomes by region account for net worth differences too. 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. Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. Your total assets minus your total liabilities equals your net worth. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. 3. Only 1% are below 35. (+1) 202-857-8562 | Fax 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.. Over time, tracking your net worth can help you assess your financial health and see if your current money habits are on track with your financial goals. About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. 9 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. Ultimately, you are responsible for your financial decisions. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. His net worth is currently estimated at $7.7 billion. He owns about 90% of the franchise, which was most recently valued at a minimum of $1.15 billion. 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. They own $173.3 trillion of wealth, according to the Global Wealth Report. 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. Privacy Policy Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. An additional 33% were ages 30 to 64. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. 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). 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. Black American and Asian millionaires each accounted for just 8%. The median is less influenced by the extreme wealth of a very small group of survey respondents. While California takes the lead here with 189 billionaires, the wealthiest Americans dont live in these two states, Mark Zuckerberg being the only exception. Kevin Mazur / Contributor / Getty. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). This is the highest median net worth for Hispanic families since the SCF began in 1989. The number of super-rich individuals has gone up for the 10th year in a row! Distribution of net wealth in the United States from Q1 1990 to Q3 2022. A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. Broader analysis shows that 52% of Black U.S. households earn less than $50,000, while 48% make $50,000 or more. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. Jordan didn't make as much playing basketball during his 15 seasons in the NBA as he made off the court with endorsements. 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. Entrepreneurs Summit An additional 46% were ages 30 to 64. (+1) 202-419-4372 | Media Inquiries. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. The single-race, non-Hispanic Black population is also young. The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. Well, our research shows that the number of millionaires will only grow in the future. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. When millennial renters (age range 23 to 38 in 2019 per the Pew Research Center) were asked by the Federal Reserve Bank of New Yorks Survey of Consumer Expectations what was holding them back from purchasing a home, 55.7% responded too much debt/not saved enough, largely referring to student loan debt. Another third (32%) have completed some college as of 2021, and roughly four-in-ten (42%) have, at most, graduated from high school (or earned an equivalent such as a GED certificate). In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. 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. 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. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Today, WWT has revenues of $12 billion and is one of the largest private companies and one of the largest black-owned businesses in America. Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. Median household income increased across all quintiles from 2016 to 2019. The company has more than 70 Fortune 100 companies as customers as well as several major federal purchasing contracts. This population has grown from 960,000 in 2000 to 2.8 million in 2021, marking a 191% increase. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. That's not to say that she doesn't work hard for her success no one works harder than Oprah. The top 10% comprises 13% of the wealthiest white families, 1% of all Black families, and 3% of all Hispanic families. Fewer than a two-in-ten (17%) live in non-family households. William Leidesdorff. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. Wheres the highest concentration of US millionaires and other rich people? We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. We are happy to help. SistersInc. [Online]. Based in Missouri, WWT is the top U.S. reseller of Cisco solutions and second in the world. U.S. Census Bureau - Survey of Income and Program Participation: 2018 Households in 2018 - May 2019 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. He was a minority investor in the team starting in 2006 and took control of the team in 2010. She is a talk show host, actress, producer, pitchwoman, and philanthropist. 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.In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. According to Wealth-X, about 71.9.% of UHNW millionaires were self-made. Get in touch with us. Seven. Lakisha Simmons, an associate professor of analytics at Belmont University, started her wealth building journey in 2016. 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. 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. 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. 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. 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. 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. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir.