That's not to say that she doesn't work hard for her success no one works harder than Oprah. Federal Reserve - Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances The U.S. Black population is young. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. 18. 9. 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. 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 percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). B.E. According to the most recent data available, 76% of US millionaires were white or Caucasian. 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. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. 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. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. Smith graduated from Cornell University and Columbia Business School. The generational wealth gap continues. 5 Only 1% are below 35. 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. "Distribution of U.S. millionaires by race/ethnicity, as of 2013." policy and terms. The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. MACON, Miss. Then you can access your favorite statistics via the star in the header. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. Households in 2018 - May 2019, Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession, Forbes Billionaires 2021: The Richest People in the World, Equifax - Millennials, Mortgages and Student Debt, Pew Research Center - The Growing Diversity of Black America, Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019, Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth, Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century, Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020, Federal Reserve - Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances, U.S. Census Bureau - Survey of Income and Program Participation: 2018, Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth, Do Not Sell or Share My Personal Information, Median net worth in the United States is $121,700, up 17.6 % from 2016, Average net worth is $748,800, up a more modest 2% from 2016, Black and Hispanic families had strong gains in median net worth between 2016 and 2019, 30% and 64% respectively, though the typical white family still has three to seven times the net worth, Four-year college degree holders have a median net worth more than four times that of someone with only a high school diploma, The top ten percent of households own 76% of all wealth in the U.S., while the bottom 50% of households own just 1% of all wealth, Laurene Powell Jobs and family ($19 billion), Whitney Wolfe Herd, age 31 ($1.3 billion). 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. The average student loan debt increased by 18.38% to $41,410. 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. And the vast majority of them are not people of color.. Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century This text provides general information. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 A majority (69%) of single-race Black adults identify as Protestant. 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. (March 31, 2013). When you break down the numbers, the inequities are even more depressing. Clicking on the following button will update the content below. 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. 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. 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. Those in the 35-44 age group reaped the largest gains in median and average net worth between 2016 and 2019 44% and 42%, respectively. Black Men XCEL As a Premium user you get access to the detailed source references and background information about this statistic. The number of millionaires increased substantially between 2020 and 2021. 3. 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.. Lets check the US millionaire distribution by age and race. 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. FinanceBuzz.com does not make any credit decisions. Their fortunes range from finance to sports to media to music and fashion. 51.5 million families are in this group. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. 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. 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. This week, McKinsey & Company released a new study examining the major factors that contribute to wealth gaps facing Black Americans. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. Related: Key facts about the nations 47.2 million Black Americans. We have not included all available products or offers. You need at least a Starter Account to use this feature. Broader analysis shows that 52% of Black U.S. households earn less than $50,000, while 48% make $50,000 or more. Yet, they still have a commanding share of home equity. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. 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.) 11. There are seven Black billionaires in the United States. Many of them are very famous with well-known names and careers. This quintile chart is determined by income. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. 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. In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. It also includes Hispanics or Latinos who say their race is Black. For investors, real estate offers the biggest opportunity to develop wealth. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. to incorporate the statistic into your presentation at any time. ), Last updated Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. Shares and percent changes are calculated using unrounded numbers. A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. Select Accept to consent or Reject to decline non-essential cookies for this use. In, Annalect. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. The rule of thumb is that with hard work, you can achieve anything in America. 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. 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. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. March 31, 2013. Most self-made billionaires earned their first million dollars within five years. Wealth flows through us, not to us, says J.D. 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. The single-race, non-Hispanic Black population is also young. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. 2023 Celebrity Net Worth / All Rights Reserved. However, many of these millennials are earning good money all by themselves as well. For more, read Faith Among Black Americans. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. Her work has helped many people leave the debt cycle and enter the dividend circle. 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. Millionaires are defined as individuals with a household net worth of at least 2 million U.S. dollars. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. In comparison, this same wealth gap was a factor of 12 in 2016 and a factor of 7 in 1989. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. Black people. She is one of the wealthiest African Americans of the 20thand 21stcenturies. 30.7% The number is an increase from 2000, when 260,000 Black Hispanic people were foreign born. 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. U.S. Census Bureau - Survey of Income and Program Participation: 2018 What is the poorest city in Mississippi? 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.. 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. The median is less influenced by the extreme wealth of a very small group of survey respondents. And by age 65 and older, single women have 90% of the median net worth of single men, a difference the U.S. Census Bureau does not consider statistically significant. The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. Smith is the first African American to sign the Giving Pledge. Roughly three-in-ten single-race Black people (32%) live in households with female household heads, and 5% live in male-headed households. Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. 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. Compensation may impact where offers appear. This button displays the currently selected search type. Roughly 27% of the single-race Black population was below the age of 20, and 13% were 65 or older. 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, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. Hispanics made up 7% of the total millionaire population. This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. Learn more about how Statista can support your business. The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF). 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. 13. 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). The United States tops the list of countries with the most millionaires, with 20.27 million people whose net worth matches or exceeds one million USD. Entrepreneurs Summit She makes investing in the stock market as simple as shopping at the mall! 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 multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. This statistic shows the number of millionaire households in the United States from 2006 to 2020. San Francisco is third, with 6,740 millionaires. Of families with an undergraduate degree, the wealthiest 16% of degree holders land in the top 10%. When he was approved for the deal in March 2010, the franchise was valued at $175 million. How many millionaires are in the US in 2020? 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. The rest of them (80%) are self-made, first-generation millionaires. Starting from zero or in debt in their 20s, a typical U.S. family will grow wealth during their main earning years and pay down debt, slow their rate of wealth accumulation as they reach retirement, and then draw on their retirement savings accounts along with Social Security and pensions. 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. Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples 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. You can only download this statistic as a Premium user. So the US is definitely the country with the most millionaires. As of 2013, about 76 percent of U.S. millionaires were White/Caucasian. There are a lot of inspiring people both fictional and real that have made it big that way. 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. 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. 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. 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. The general fertility rate among Black females ages 15 to 44 was 5.8% in 2021, meaning that 5.8% of females in this age group had a birth in the previous 12 months. Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . Equifax - Millennials, Mortgages and Student Debt U.S. born refers to persons born in the 50 states, the District of Columbia, Guam, Puerto Rico, or the U.S. Virgin Islands. Just under half (47%) of the Black Hispanic population was below the age of 20, and 6% were 65 or older. 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. The analysis presented in this fact sheet is based on Pew Research Center tabulations of microdata from the Census Bureaus 2021 American Community Survey (ACS), provided through the Integrated Public Use Microdata Series (IPUMS) from the University of Minnesota. 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. Fewer than a two-in-ten (17%) live in non-family households. This fact sheet rely on respondent self-identification of race and ethnicity in the Census Bureaus 2021 ACS to identify the nations Black population. (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) She is a talk show host, actress, producer, pitchwoman, and philanthropist. Roughly 30% of the entire Black population was below the age of 20 while 12% were 65 or older. FinanceBuzz has partnered with CardRatings for our coverage of credit card products. Industrial conglomerates come in second, with 9.1%, and theyre closely followed by the business and customer services industry at 9%. Unless otherwise noted, adults are those who are ages 18 and older. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. Women of Power TECH, PODCASTS For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. 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. About Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. An estimated 47.2 million people in the U.S. identified as Black in 2021. Are you interested in testing our business solutions? 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. [Online]. 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. Derek Major February 7, 2023 4348. William Leidesdorff. Learn more in our Cookie Policy. About 8,046,080 US households earn $2 million or more, covering about 6.25% of American households. 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. In fact, Kanye West recently became the wealthiest black American billionaire of all time. In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal. About 14% of the millennial millionaires live in New York State. Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. 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%. For the fourth quarter of 2019, total wealth in the U.S. was $111.04 trillion. Wheres the highest concentration of US millionaires and other rich people? Roughly 14% of all UHNW individuals engage in it as their primary industry. About 14% of the U.S. population is Black or African American. Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). How did they get rich, and how do they stay rich? About 38% of US millionaires are over 65 years of age. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. By focusing on building wealth and not simply income, you can align your behaviors to suit your long-term personal finance goals better. That is a gigantic wealth difference of $11.12 trillion for Black families and an even larger difference of $17.41 trillion for Hispanic families. As a Premium user you get access to background information and details about the release of this statistic. [1] Based on data from Phoenix Marketing International List [ edit] References [ edit] 14. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. An estimated 7.8 million Black families have a net worth of less than $10,000. More than 8% of adults in the U.S. have enough assets to fit the definition, according to the Global Wealth Report 2020 by Credit Suisse. Three-in-ten Black households (31%) make $75,000 or more, including 20% that make $100,000 or more. 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. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. Thats more than 10% of households in the US. 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. An estimated 47.2 million people in the U.S. identified as Black in 2021. Use Ask Statista Research Service. 1. The exact number is hard to determine since Congress members reveal their finances in ranges. According to 2019 estimates, there are about 2,153 billionaires in the world and only 13 of them are Black. We shouldnt be six feet apart when it comes to building wealth., He continues, We are constantly transferring money from one institution to another. 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%). 5,671,005 US households earn over $3 million or more, covering about 4.41% of all US households. (+1) 202-419-4300 | Main The share of white millionaires in the United States has doubled in the past quarter-century, with 1 in 7 white families now worth more than $1 million, according to new Federal Reserve data.. Privacy Policy That works out . Additionally, 400,000 members of the multiracial Black population are foreign born (8%), as of 2021. 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. Thats why Koski advocates saving a consistent amount every week to achieve financial goals. 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. How quickly and what does it mean? The company has more than 70 Fortune 100 companies as customers as well as several major federal purchasing contracts.