Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million. Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. For the under 35 group, 46% of white families are homeowners, but for Black families at the same age, only 17% are homeowners. Use Ask Statista Research Service. The rule of thumb is that with hard work, you can achieve anything in America. Federal Reserve - Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances The Richest Black People In America 2021 | Celebrity Net Worth Millionaires are defined as individuals with a household net worth of at least 2 million U.S. dollars. Keep on reading to find out. As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values. 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. Millionaires on the West Coast are slightly older, as well. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 Kevin Mazur / Contributor / Getty. All of this helped Kanye's net worth increase to $6.6 billion. Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. Since that time, NBA values have skyrocketed. What is the poorest city in Mississippi? Investor Robert F. Smith is the richest black man in the country. Learn more in our Cookie Policy. [1] Based on data from Phoenix Marketing International List [ edit] References [ edit] Please create an employee account to be able to mark statistics as favorites. So there may be more than one person earning in a single household. Well, our research shows that the number of millionaires will only grow in the future. He owns about 90% of the franchise, which was most recently valued at a minimum of $1.15 billion. The average millionaire is 57 years old. Of course, millionaires are only one part of the equation. Despite being half of all American families, they earn about 15% of the countrys total household income. Black American billionaires have seen their net worths surge over the past year of the COVID pandemic. 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. William Alexander Leidesdorff (1810-1848) was likely America's first Black millionaire. The Black population, either alone or in combination with one or more races, in the United States in 2019. By 2010, revenue was more than $3.2 billion. 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. Subscribe to Newsletter 33 Incredible Millionaire Statistics [2023]: 8.8% Of US Adults Are As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. California is the top state of residence for multiracial Black people, with about 460,000 living there. 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. More than a third (38%) of single-race Black people live in U.S. households that are headed by married couples as of 2021. Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 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%. Millionaire Status Is On The Rise With 5.2 Million People Joining The Club According to 2019 estimates, there are about 2,153 billionaires in the world and only 13 of them are Black. 48.2 million. Fact check: Meme is partly false about millionaires in U.S., Congress Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. List of Africans by net worth - Wikipedia 5,671,005 US households earn over $3 million or more, covering about 4.41% of all US households. 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. Oprah Winfrey is the Queen of all Media. Lets take a deeper look at this trove of net worth statistics and see what the data has to say. 28 Millionaire Statistics: What Percentage of Americans Are - LinkedIn Wheres the highest concentration of US millionaires and other rich people? Unless otherwise noted, adults are those who are ages 18 and older. Breakdown of U.S. millionaires by race/ethnicity 2013 | Statista FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. By 2003, WWT had revenues topping $1 billion. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. 4. 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. Registry of Corporate Directors. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 5. So you still have a chance to become a part of our statistics. America's First Black Millionaires - Investopedia In comparison, more than one in every seven White households have surpassed the million dollar mark. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. WWT has more than 6,500 employees across 20 offices across the globe. Federal Reserve Report on the Economic Well-Being of U.S. The S&P 500 gained 27% last year, while the Nasdaq was up 21%. Have you ever wondered how many decamillionaires are in the US? The youngest millionaires are millennials, and their wealth is steadily growing. The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. The report summarizes occupational representation in various industries within the United States. Your total assets minus your total liabilities equals your net worth. Forbes Billionaires 2021: The Richest People in the World 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.. His net worth is currently estimated at $7.7 billion. Marital data was asked but not reported in the 2019 SCF. For more, read Faith Among Black Americans. 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 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. Robert F. Smith is the Founder, Chairman, and CEO of Vista Equity Partners LLC. 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. It is a subsidiary of The Pew Charitable Trusts. The terms foreign born and immigrant are used interchangeably. A quintile is when the data is separated into five different yet equal sections. This is almost the same wealth gap between Black and white families as before the Great Recession (in 2007) when white families median net worth was a bit over 7 times that of Black and Hispanic families. 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. 5 Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. 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. Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. Money typically goes from our jobs to the education system. 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. Here's Everyone On The Black Billionaire List Now - Essence Are you interested in testing our business solutions? 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. Only 1% are below 35. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. [1] The total number of millionaires in the US is, New York is the city with the biggest concentration of ultra-rich millionaires with, The United States millennial millionaires own an average of three properties with a real estate portfolio worth. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. 16. The sum of these factors and centuries of inequities have contributed to the growing wealth gap we see today. 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. Homeownership helps families maintain and even increase wealth, up to one and half times over non-ownership families, while managing the added expenses children bring to household finances. Ultimately, you are responsible for your financial 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. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). 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, Profit from additional features with an Employee Account. From 2019 to mid-2020, 2,251,000 new millionaires joined the ranks of millionaires in the United States alone. There are a total of 89,510 people in the United States with net assets of at least $50 million. The fortunes of billionaires have been on the rise across the board. 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. Of The 607 American Billionaires, Only Five Are Black, Kanye West's Net Worth Soars To $6.6 Billion He Is Now The Richest Black Person In US History, David Steward Is The Second Richest Black Man In America Here's How He Earned His $4 Billion Fortune. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. Over $80 million paid to members so far - how much can you earn. Hispanics made up 7% of the total millionaire population. The Charlotte Hornets NBA team is far and away Jordan's biggest asset. 9 How many Black billionaires in the U.S.? Clicking on the following button will update the content below. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. 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. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. It involves looking at wealth and income from a variety of lenses, including age, education, race, ethnicity, homeownership, family size, and more, across states and regions. 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. Odds are you know at least one millionaire. Facts About the U.S. Black Population | Pew Research Center 41.4% of families under 35 held student loans with an average (mean) balance of just over $41,000. This is coincidentally quite close (less than a 2% difference) to the $435,340 gap in average net worth between married couples with kids and those without in the chart above. According to the report, Black wealth could skyrocket if financial barriers were dismantled. Jordan's stake in the Hornets is worth more than $1 billion alone. 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. 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. This statistic shows the number of millionaire households in the United States from 2006 to 2020. Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. In this publication, the general fertility rate refers to the share of females who gave birth in the previous 12 months. Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. Get in touch with us. The charts below use quintiles and quartiles to break up the data in the 2019 SCF. According to the most recent data available, 76% of US millionaires were white or Caucasian. All seven black American billionaires are self-made. Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). Other top metropolitan areas include Atlanta, Washington, D.C., Chicago and Philadelphia. Only 2% of Black Families Have a Net Worth Above $1 - Black Enterprise The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). 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. 20.3% of them benefited from a combination of inheritance and self-created wealth. Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). Single women under the age of 35 have just 13.0% of the median net worth compared to their single male counterparts ($1,310 vs. $10,110), and women 35 to 54 have just under 35% ($13,730 vs. $39,260) of the median net worth of single men that age. For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. 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. (Plus, how many billionaires are there really? Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. Median household income increased across all quintiles from 2016 to 2019. This is the highest median net worth for Hispanic families since the SCF began in 1989. The nations Black population includes those who say their race is Black, either alone or in combination with other racial backgrounds. There are approximately 51,882,000 people who own one million USD or more worldwide. Furthermore, according to UBS, his brand new partnership with The Gap is worth $1 billion. When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million. Premium Statistic. Starting in 2000, the Census Bureau has provided respondents with the option to identify as more than one race. It also includes Hispanics or Latinos who say their race is Black. (+1) 202-857-8562 | Fax Additionally, as baby boomers pass on, millennials will inherit an accumulated $68 trillion from their rich parents and relatives. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession Increases in net worth for the 35-44 age group from 2016 are attributed to gains in net home equity. Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. Legendary Black Entrepreneurs - Investopedia Based in Missouri, WWT is the top U.S. reseller of Cisco solutions and second in the world. MACON, Miss. In contrast, the United States had 404 billionaires in 2010. Of families with an undergraduate degree, the wealthiest 16% of degree holders land in the top 10%. The U.S. Black population is young. Pew Research Center does not take policy positions. 10. Credit Suisse Global Wealth Report So dont worry. The exact number is hard to determine since Congress members reveal their finances in ranges. You most probably still have time to become rich. 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. 8. How many millionaires are in the US in 2020? 6 This was just under 10 percent of the nation's total, and lower than the Black share of the US population (13.4 percent). 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%). Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. 19. The top 10% is well-educated you are most likely to land in this group if you have a postgraduate degree, as 27% of respondents with a higher degree are in the top 10%. 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. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. The study explores ways in which occupational choices, spending decisions, debt load, and saving habits contribute to the net worth of Black families. Who are the Black billionaires? - ajc Additionally, 400,000 members of the multiracial Black population are foreign born (8%), as of 2021. David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. 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). 13. An estimated 7.8 million Black families have a net worth of less than $10,000. The average net worth is largely dependent upon the total dollar value in the survey. Your Money, Your Life, LATEST LISTS The couple . The company has more than 70 Fortune 100 companies as customers as well as several major federal purchasing contracts. Overall, 235.4 million people reported White alone or in combination with another group. 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. 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. This week, McKinsey & Company released a new study examining the major factors that contribute to wealth gaps facing Black Americans. Individuals who are from Africa, but don't reside in the continent (such as Elon Musk and . 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. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. Derek Major February 7, 2023 4348. Just under half (47%) of the Black Hispanic population was below the age of 20, and 6% were 65 or older. Equifax - Millennials, Mortgages and Student Debt 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. (+1) 202-419-4300 | Main As 2020, the number households with a net worth of one million U.S. dollars or more (excluding . The price of that gap can be huge. 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 bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. 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). 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. 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. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. They are also paid less than white workers for doing the same job. We need to allocate more money toward investing if we want to build wealth.. 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. 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. Smith graduated from Cornell University and Columbia Business School. liability for the information given being complete or correct. Wealth flows through us, not to us, says J.D. That works out . Almost three-in-ten Black Hispanic U.S. adults ages 25 and older (29%) have earned a bachelors degree or higher as of 2021. Read to find out the power of courage and vision.. March 31, 2013. Eight are Americans. Statista. 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. 7. 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. The boomers generation was the richest generation in the history of the United States. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. The list is compiled annually by market research firm Phoenix Marketing International. Other top metropolitan areas for this subgroup include Atlanta, Washington, D.C., and Philadelphia. Why the huge difference between the average and the median? There was little variation across income groups, though the 90th percentile received the largest percentage gain. 11. 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. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. 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. Learn more about how Statista can support your business. Management Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. According to a census report in 2020, there are 788 billionaires in the United States with a combined net worth of $3.431 trillion. Select Accept to consent or Reject to decline non-essential cookies for this use. Roughly four-in-ten Black Hispanic people (42%) live in U.S. households headed by married couples in 2021. 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..