Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth. Aged 26, hes worth $2.4 billion, and hes the founder of Luminar Technologies, a company that makes sensors and other tech for autonomous vehicles. Fewer than two-in-ten (16%) are part of non-family households. 106, No. An additional 33% were ages 30 to 64. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. Federal Reserve - Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances 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. Regionally, Black Hispanic people are largely concentrated in the Northeast and South (71% in total). Millionaires on the West Coast are slightly older, as well. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. Show publisher information Median net worth for Black families rose from $18,240 in 2016 to $24,100 in 2019. Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt. Much of. Following the South, 17% live in each the Midwest and the Northeast and 10% live in the West. How did they get rich, and how do they stay rich? That's not to say that she doesn't work hard for her success no one works harder than Oprah. 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. 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. As of 2022, here are the world's 15 Black billionaires: 1. Forbes Billionaires 2021: The Richest People in the World More Black people are retiring early and showing others how to build their net worth at any age. Moreover, 83.9% of the worlds wealth is owned by the top 10% richest people. (+1) 202-419-4372 | Media Inquiries. 106, No. Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. According to the report, more than two out of five Black workers earn less than $30,000 a year. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. 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 couple . Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. 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. However, many of these millennials are earning good money all by themselves as well. In 2021, two-thirds (66%) of multiracial Black people in the U.S. were under 30, while about three-in-ten (28%) were ages 30 to 64. The median family net worth from that same survey is $121,700. Here are some facts revealed by looking at net worth: Wealth distribution in America is often broken into equal sections, or percentiles, in order to understand better how wealth is accumulated, in what quantities, and by whom. Access to this and all other statistics on 80,000 topics from, Show sources information Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. By 2003, WWT had revenues topping $1 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. 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%). Smith, author of Financial Distancing: How to Economically Quarantine Your Wealth, in an interview with Black Enterprise. 1615 L St. NW, Suite 800Washington, DC 20036USA The difference in net worth between regions can be attributed to varying rates of median home equity. As of 2013, about 76 percent of U.S. millionaires were White/Caucasian. Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. Hence, half of all U.S. families have a net worth below the 50th percentile value of $121,700, and half of all families have a net worth above that. 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. You need a Statista Account for unlimited access. Black people. The vast majority (98%) of the multiracial Black population in 2021 speaks either only English (92%) or if they speak another language at home, say also they speak English very well (6%). Investor Robert F. Smith is the richest black man in the country. 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. 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. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. San Francisco is third, with 6,740 millionaires. This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. U.S. Census Bureau - The Wealth of Households: 2017 Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. Besides English, other languages spoken by this part of the population ages 5 and older include French or Haitian Creole (3%), Spanish (1%) and Amharic and other Ethiopian languages (1%).2. Learn more about how Statista can support your business. Black American and Asian millionaires each accounted for just 8%. 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. Federal Reserve 2019 Survey of Consumer Finances (SCF) 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. For singles and unmarried couples aged 25 to 34, student loans are the primary debt before credit cards and secured loans and seem to cause the most stress. The racial and ethnic categories used in census data have changed over time including question wording, formatting and instructions and may affect how people identify by race and ethnicity. 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. The total Black Hispanic population is also quite young. Aliko Dangote: $14 billion Africa's richest man, Aliko Dangote saw his fortune grow from around $11.5 billion on. For the fourth quarter of 2019, total wealth in the U.S. was $111.04 trillion. 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%). Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. 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 bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. 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. US Millionaire Demographics, 2021. . Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. 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. A majority (69%) of single-race Black adults identify as Protestant. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. ), Last updated 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. (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million. Please do not hesitate to contact me. Then you can access your favorite statistics via the star in the header. Here is a breakdown of the average net worth of Americans by age. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics On average, black households had $8,762 in cash or equivalent liquid assets compared with $49,529 for white households, according to government data analyzed by the Economic Policy Institute.. 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). According to the Global Wealth Report, 43.4% of the worlds wealth is controlled by millionaires, or approximately $173.3 trillion. 5 What is the poorest city in Mississippi? Kanye West is now the richest Black person in American history. They are all trailblazers in their industries. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). Furthermore, according to UBS, his brand new partnership with The Gap is worth $1 billion. The number of foreign-born members of this group has increased from 250,000 people in 2000, but their share of the multiracial Black population has decreased from 16% in 2000. 11. She only had $5,000 in savings after her marriage ended. 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). Smith is the first African American to sign the Giving Pledge. The detailed tables which have been made available display unrounded tabulations using IPUMS data. Regionally, the South is home to the highest concentration of the multiracial Black population in the U.S., with a plurality (42%) of the total as of 2021. Women of Power TECH, PODCASTS Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. 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. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. The Charlotte Hornets NBA team is far and away Jordan's biggest asset. 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. 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. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. The number of millionaires and billionaires in the U.S. Federal Reserve 2019 Survey of Consumer Finances (SCF), Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. His net worth is currently estimated at $7.7 billion. The average net worth is largely dependent upon the total dollar value in the survey. Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. According to a 2020 report, New Jersey wrested the top spot from Maryland when it comes to millionaire per capita. Feb. 6, 2023, 4 Things You Must Do Before The Next Recession. Odds are you know at least one millionaire. Please create an employee account to be able to mark statistics as favorites. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. You come to America, work your butt off, and boom youre a millionaire. More than a third (38%) of single-race Black people live in U.S. households that are headed by married couples as of 2021. Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. 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. 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. 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. Ultimately, you are responsible for your financial decisions. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. You can only download this statistic as a Premium user. Privacy Policy The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. This trend is expected to grow. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. But if it was that easy, wouldnt we be all millionaires? Roughly three-in-ten single-race Black people (32%) live in households with female household heads, and 5% live in male-headed households. The sum of these factors and centuries of inequities have contributed to the growing wealth gap we see today. About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. Their fortunes range from finance to sports to media to music and fashion. policy and terms. BE 100s The vast majority of the 62.5 million global millionaires in 2021 had wealth between $1 million and $5 million, which reinforces the rapid rise in millionaire numbers seen in the United. The fortunes of billionaires have been on the rise across the board. Related: Key facts about the nations 47.2 million Black Americans. She is one of the wealthiest African Americans of the 20thand 21stcenturies. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. Yet, they still have a commanding share of home equity. Besides English, other languages spoken at home by the U.S. Black population ages 5 and older include Spanish (3%), French or Haitian Creole (3%) and Amharic and other Ethiopian languages (1%).1, The vast majority (97%) of the single-race Black population in 2021 speaks either only English (91%) or, if they speak another language at home, say they also speak English very well (6%). Contact 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). (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) However, the White alone population decreased by 8.6% since 2010.
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