Subscribe to Newsletter It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Roughly 20% own two, and only 8.5% of them own five or more. 9 How many Black billionaires in the U.S.? This group consists of people with varied racial and ethnic identities and experiences. 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. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. also rose 14% to $134,800. Money typically goes from our jobs to the education system. 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. Well, our research shows that the number of millionaires will only grow in the future. EVENTS Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. 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. Only 7.7% became wealthy solely through inheritance. FinanceBuzz and CardRatings may receive a commission from card issuers. Please do not hesitate to contact me. 16. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. The median family net worth from that same survey is $121,700. An estimated 7.8 million Black families have a net worth of less than $10,000. Black American and Asian millionaires each accounted for just 8%. 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. Get full access to all features within our Business Solutions. Jordan's timing in buying majority control of the Hornets could not have been better. The total Black Hispanic population is also quite young. She is a talk show host, actress, producer, pitchwoman, and philanthropist. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. Feb. 6, 2023, 4 Things You Must Do Before The Next Recession. Overall, 235.4 million people reported White alone or in combination with another group. For investors, real estate offers the biggest opportunity to develop wealth. Most Black immigrants (88%) were born in African or . 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. Of course, millionaires are only one part of the equation. Wheres the highest concentration of US millionaires and other rich people? 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. However, the White alone population decreased by 8.6% since 2010. Annalect. 5 How many millionaires are in the US in 2020? The median household income for Black U.S. households in 2021 is $46,400, which means half of households headed by a Black person earn more than that and half earn less. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. Select Accept to consent or Reject to decline non-essential cookies for this use. When there is a large gap between the median and the average values, as there is here, that indicates there is significant skew in the data and the average net worth will have less relevance for your typical household. 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. You can only download this statistic as a Premium user. Most affluent women worldwide 2022, by net worth, Distribution of wealth in the United States 1990-2022. WWT has more than 6,500 employees across 20 offices across the globe. The general fertility rate among multiracial Black females ages 15 to 44 in the U.S. was 5.5% in 2021, meaning that 5.5% of females in this age group had a birth in the previous 12 months. Over $80 million paid to members so far - how much can you earn. [1] Based on data from Phoenix Marketing International List [ edit] References [ edit] That's not to say that she doesn't work hard for her success no one works harder than Oprah. 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. Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. MACON, Miss. The state of Texas has the largest number of single-race Black people (around 3.4 million), followed by Georgia (roughly 3.3 million) and Florida (about 3.2 million). 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. He worked for Kraft from 1986 to 1992. Of families with an undergraduate degree, the wealthiest 16% of degree holders land in the top 10%. The multiracial non-Hispanic Black population is the second-largest subgroup among Black Americans, with 5.2 million people accounting for 11% of the overall Black population in 2021. This lower 50% is less educated 79% of all respondents without a high school diploma find themselves in the lower 50%; 58% of those with a high school diploma but no college are also here. Her work has helped many people leave the debt cycle and enter the dividend circle. B.E. 48.2 million. As a Premium user you get access to background information and details about the release of this statistic. For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. (+1) 202-419-4372 | Media Inquiries. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. The average millionaire is 57 years old. Millionaire Statistics by Age The world's 100 richest individuals earned their first $1 million at age 37, on average. Unless otherwise noted, adults are those who are ages 18 and older. The company provides planning, procurement, and deployment of IT products and solution selling. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. And this pattern doesnt stop after graduation. Wealth flows through us, not to us, says J.D. Roughly four-in-ten Black Hispanic people (42%) live in U.S. households headed by married couples in 2021. Their fortunes range from finance to sports to media to music and fashion. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. You can update your choices at any time in your settings. According to the most recent data available, 76% of US millionaires were white or Caucasian. This represents a gain of more than 30% but still below the pre-Recession median net worth of $25,920 in 2007. The list is compiled annually by market research firm Phoenix Marketing International. 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. 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. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. The number is an increase from 2000, when 260,000 Black Hispanic people were foreign born. Median net worth for Black families rose from $18,240 in 2016 to $24,100 in 2019. In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal. 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. Smith is the first African American to sign the Giving Pledge. Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. 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. 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.. Learn more in our Cookie Policy. California is home to the second-highest number of this population (310,000), and Florida comes in third with 300,000 people. They are all trailblazers in their industries. The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF). This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. 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. 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 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%). 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.. She makes investing in the stock market as simple as shopping at the mall! 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. Other top metropolitan areas include Atlanta, Washington, D.C., Chicago and Philadelphia. For the under 35 group, 46% of white families are homeowners, but for Black families at the same age, only 17% are homeowners. However, most millennials prefer Traverse City, Michigan, as their second home since the price of luxury homes there starts from $500,000 a far cry from $2 million in Silicon Valley. There are a lot of inspiring people both fictional and real that have made it big that way. The Charlotte Hornets NBA team is far and away Jordan's biggest asset. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. Source: Federal Reserve - Survey of Consumer Finances, 1989 - 20193, Source: U.S. Census Bureau - The Wealth of Households: 2017.6 Note this chart is in 2017 dollars. 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%). 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.) Lets take a deeper look at this trove of net worth statistics and see what the data has to say. An estimated 47.2 million people in the U.S. identified as Black in 2021. 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. This statistic shows the number of millionaire households in the United States from 2006 to 2020. The bottom half of families (the first two quintiles and half of the third) represent those bringing in an income of less than $59,000. Today he brings home more than $100 million a year from his endorsement deal with Nike, alone. Other top metropolitan areas for this subgroup include Miami, Los Angeles and Boston. policy and terms. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. The single-race, non-Hispanic Black population is also young. 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 charts below use quintiles and quartiles to break up the data in the 2019 SCF. Occurring every three years, this project gives a snapshot of the state of wealth in the U.S. so we can assess economic well-being and thorny issues of income inequality, including trends over time. The number of millionaires, their households, and how they got their wealth. 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%). Jackie Cummings Koski started investing her money and reached financial independence at age 46. Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). Pew Research Center does not take policy positions. 13. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. More Black people are retiring early and showing others how to build their net worth at any age. Then you can access your favorite statistics via the star in the header. Researchers and data scientists typically prefer the median net worth when discussing wealth as money values can have steep growth curves that skew the data. 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. There were 2.8 million Black Hispanic people in the U.S. in 2021, which was 6% of the total Black population that year, making this subgroup the smallest population group included in this analysis. [1] Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. His net worth is currently estimated at $7.7 billion. And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million. 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.