By 2030, millennials are expected to control five times as much wealth as they have now. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. 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. (Plus, how many billionaires are there really? The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. In comparison, more than one in. Eight are Americans. Get full access to all features within our Business Solutions. 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. 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. Derek Major February 7, 2023 4348. Of those billionaires, only 15 of them are black globally and seven black billionaires live in the United States. Learn more in our Cookie Policy. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. This text provides general information. Investments of high-net-worth individuals, Get the best reports to understand your industry. In 2018, there was a record of 23 African billionaires on the list. 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. 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. Other top metropolitan areas include Atlanta, Washington, D.C., Chicago and Philadelphia. This group is not the same as the nations Afro-Latino population as not all Black Hispanics identify as Afro-Latino and not all Afro-Latinos identify as Black or Hispanic. About 14% of the U.S. population is Black or African American. 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. 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. Simmons reached her goals by managing her expenses, maxing out her retirement accounts, and investing in brokerage accounts. Additionally, as baby boomers pass on, millennials will inherit an accumulated $68 trillion from their rich parents and relatives. Following the South, 17% live in each the Midwest and the Northeast and 10% live in the West. Fewer than two-in-ten (16%) are part of non-family households. Federal Reserve 2019 Survey of Consumer Finances (SCF) Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. Contact 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. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. Black Men XCEL 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. Other top metropolitan areas for this subgroup include Miami, Los Angeles and Boston. About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. Her work has helped many people leave the debt cycle and enter the dividend circle. [Online]. As soon as this statistic is updated, you will immediately be notified via e-mail. According to the report, more than two out of five Black workers earn less than $30,000 a year. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. Sales Partnership Solutions New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 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. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. 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. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). Increases in net worth for the 35-44 age group from 2016 are attributed to gains in net home equity. The company provides planning, procurement, and deployment of IT products and solution selling. Roughly four-in-ten Black Hispanic people (42%) live in U.S. households headed by married couples in 2021. Lakisha Simmons, an associate professor of analytics at Belmont University, started her wealth building journey in 2016. Smith is the first African American to sign the Giving Pledge. In, Annalect. Lets check the US millionaire distribution by age and race. When you break down the numbers, the inequities are even more depressing. All seven black American billionaires are self-made. 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. Millionaire Statistics by Age The world's 100 richest individuals earned their first $1 million at age 37, on average. There are a total of 89,510 people in the United States with net assets of at least $50 million. A majority (69%) of single-race Black adults identify as Protestant. Read our research on: Congress | Economy | Gender. Wheres the highest concentration of US millionaires and other rich people? The difference in net worth between regions can be attributed to varying rates of median home equity. Privacy Policy Investor Robert F. Smith is the richest black man in the country. Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. 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. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Equifax - Millennials, Mortgages and Student Debt When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million. 13. 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. West is the thirdrichest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 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. This large gap between white and Black families just starting out as homeowners may reflect different levels of parental wealth as Black families are much less likely to receive cash assistance from parents to meet down payment requirements. Well, our research shows that the number of millionaires will only grow in the future. This button displays the currently selected search type. 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. That works out . Understanding net worth in the United States is about more than just doing the math of assets minus debts. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. She is a talk show host, actress, producer, pitchwoman, and philanthropist. Aliko Dangote: $14 billion Africa's richest man, Aliko Dangote saw his fortune grow from around $11.5 billion on. In 2019, Black household spending totaled approximately $835 billion. Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. Get in touch with us. 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. 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%). A paid subscription is required for full access. 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). At that time, the U.S. adult. 2023 Celebrity Net Worth / All Rights Reserved. We appreciate the public's cooperation as we continuously measure America's people, places and economy. 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). 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). 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. In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities. INFORMATION 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 second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). While California takes the lead here with 189 billionaires, the wealthiest Americans dont live in these two states, Mark Zuckerberg being the only exception. Entrepreneurship Business Coach Pasha Carter. If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. They own $173.3 trillion of wealth, according to the Global Wealth Report. By submitting this form you agree to receive emails from FinanceBuzz and to the privacy Homeownership participation for the 35-44 age group 61.4% in 2019 is still significantly below the pre-Recession high of 68.3% in 2004. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. 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. A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). 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). A few months later, he expanded that gift to include the parents of those students. As 2020, the number households with a net worth of one million U.S. dollars or more (excluding . Who are these millionaires, though? The average family in the U.S. in 2017 had 1.9 children. There was little variation across income groups, though the 90th percentile received the largest percentage gain. The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. Jordan's stake in the Hornets is worth more than $1 billion alone. 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. Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. It is a subsidiary of The Pew Charitable Trusts. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 Their fortunes range from finance to sports to media to music and fashion. The top 10% comprises 13% of the wealthiest white families, 1% of all Black families, and 3% of all Hispanic families. 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. Show publisher information The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. The terms Black population and Black people are used interchangeably in this fact sheet. Median student loan debt for those married or living with a romantic partner was $10,400 and $7,900, respectively, while single young adults owed $20,000. In this publication, the general fertility rate refers to the share of females who gave birth in the previous 12 months. 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. 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. The number is an increase from 2000, when 260,000 Black Hispanic people were foreign born. Please create an employee account to be able to mark statistics as favorites. They are also paid less than white workers for doing the same job. New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. How did they get rich, and how do they stay rich? US Millionaire Demographics, 2021. . If you need a clearer example ofUS income inequalityyou just need to know that almost half of the US wealth (31.4%) is owned by the top 1%, which is almost 16 times more than the bottom 50% who own 2% of it. 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. In comparison, this same wealth gap was a factor of 12 in 2016 and a factor of 7 in 1989. Roughly 20% own two, and only 8.5% of them own five or more. Why the huge difference between the average and the median? If you are an admin, please authenticate by logging in again. Statista. This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. Pew Research Center - The Growing Diversity of Black America She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals.