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. U.S. high net worth individuals 2008-2021. 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%. New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. Derek Major February 7, 2023 4348. 5,671,005 US households earn over $3 million or more, covering about 4.41% of all US households. 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. Most affluent women worldwide 2022, by net worth, Distribution of wealth in the United States 1990-2022. Click here for a downloadable spreadsheet of these findings. 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. In a distant second is the Atlanta metro area, with 2.2 million, and then the Washington, D.C., metro area, with 1.8 million Black residents. 29.1% of those with a college degree have student loans with an average balance of $55,880. In 2018, there was a record of 23 African billionaires on the list. Higher median incomes by region account for net worth differences too. She only had $5,000 in savings after her marriage ended. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. Median net worth for Black families rose from $18,240 in 2016 to $24,100 in 2019. Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. We go to school and have to take on additional jobs to fund our education and overall living expenses. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Roughly one-in-five (21%) are religiously unaffiliated, while smaller shares of adults identify as Catholic (6%), or with other Christian denominations (3%) or non-Christian faiths (3%). There are seven Black billionaires in the United States. However, many of these millennials are earning good money all by themselves as well. Roughly 30% of the entire Black population was below the age of 20 while 12% were 65 or older. There are a lot of inspiring people both fictional and real that have made it big that way. When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. There are 229 millionaires in Congress. 9 17. Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. 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. The study explores ways in which occupational choices, spending decisions, debt load, and saving habits contribute to the net worth of Black families. 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. Oprah Winfrey is the Queen of all Media. 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. The total Black Hispanic population is also quite young. 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. Dr. Dennis Kimbro, aka the Black millionaire "whisperer," shares the secret to building wealth. [1] Based on data from Phoenix Marketing International List [ edit] References [ edit] 9. 7. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. It is important to note that we are talking about a household, not an individual. Just 46% of all white families are included in the bottom 50%. The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. All of this helped Kanye's net worth increase to $6.6 billion. But if it was that easy, wouldnt we be all millionaires? 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. Your Money, Your Life, LATEST LISTS Roughly four-in-ten Black Hispanic people (42%) live in U.S. households headed by married couples in 2021. Roughly two-in-five (41%) members of the single-race Black population in the U.S. were under 30 in 2021. Dangote Group founder Aliko Dangote has topped the 2018 list. This button displays the currently selected search type. As a Premium user you get access to background information and details about the release of this statistic. According to the most recent data available, 76% of US millionaires were white or Caucasian. The richest Black man in the world is Nigerian businessman Aliko Dangote, the man who founded Dangote Cement. 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. 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. Thats more than 10% of households in the US. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. In this publication, the general fertility rate refers to the share of females who gave birth in the previous 12 months. 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. 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. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. U.S. Census Bureau - Survey of Income and Program Participation: 2018 Aliko Dangote: $14 billion Africa's richest man, Aliko Dangote saw his fortune grow from around $11.5 billion on. 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. Jordan didn't make as much playing basketball during his 15 seasons in the NBA as he made off the court with endorsements. 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. Starting in 2000, the Census Bureau has provided respondents with the option to identify as more than one race. 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. Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. The terms single-race, non-Hispanic Black; single-race Black; and Black alone, non-Hispanic are used interchangeably throughout this fact sheet to refer to the same population. And this pattern doesnt stop after graduation. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. 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. What percentage of Americans are millionaires then? (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. Submit a correction suggestion and help us fix it! By 2003, WWT had revenues topping $1 billion. Federal Reserve Report on the Economic Well-Being of U.S. A new survey has found that there are 13.61 million households that have a net worth of $1 million or more, not including the value of their primary residence. So the US is definitely the country with the most millionaires. Over $80 million paid to members so far - how much can you earn. Shares and percent changes are calculated using unrounded numbers. Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. Hispanics made up 7% of the total millionaire population. FinanceBuzz and CardRatings may receive a commission from card issuers. According to the report, Black wealth could skyrocket if financial barriers were dismantled. Only 7.7% became wealthy solely through inheritance. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. The terms Black population and Black people are used interchangeably in this fact sheet. In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. 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. California is the top state of residence for multiracial Black people, with about 460,000 living there. 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. According to Wealth-X, about 71.9.% of UHNW millionaires were self-made. We need to allocate more money toward investing if we want to build wealth.. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. Over his NBA career, Jordan earned $93 million. Feb. 6, 2023, 4 Things You Must Do Before The Next Recession. It also includes Hispanics or Latinos who say their race is Black. 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. We appreciate the public's cooperation as we continuously measure America's people, places and economy. BE 100s The number of millionaires increased substantially between 2020 and 2021. By submitting this form you agree to receive emails from FinanceBuzz and to the privacy You can update your choices at any time in your settings. According to Forbes, the number of U.S. billionaires rose from 614 in 2020 to 724 in 2021. Roughly one-in-five (10%) Black Hispanic people lived in non-family households. A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. The most important key figures provide you with a compact summary of the topic of "Millionaires in the United States" and take you straight to the corresponding statistics. Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. The Multiracial population has changed considerably since 2010. 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. by state U.S. 2020, U.S. states with highest ratio of millionaire households per capita 2020, U.S. metropolitan areas with the highest share of millionaire households 2020, Richest self-made women in the United States 2022, based on net worth, Distribution of UHNW individuals by gender U.S. 2019, Share of U.S. families who are millionaires 2016, by ethnicity, Distribution of billionaires in the U.S. by gender 2022, States with the most billionaires in the U.S. 2022, Combined value of billionaire wealth in the United States 2020-2022, Opinion of U.S. adults on whether billionaires are a good or bad thing 2021, by age, Opinion of U.S. adults on whether billionaires should pay a wealth tax by party 2020, Ultra high net worth individuals 2021, by country, Share of the world's billionaires by region 2021, Global fastest growing markets for centi-millionaires 2022-2032, Cities with the highest number of UHNW individuals worldwide 2020, Youngest billionaires globally 2022, by net worth, Value added to the wealth of the world's leading billionaires during pandemic 2021, Breakdown of U.S. millionaires by generation 2013, U.S. top metro areas ranked by high net worth population 2014, U.S. millionaire households 1997-2015, by net worth, Breakdown of high net worth individuals' luxury investments in North America 2014, Wealth in the U.S. - UHNW (super rich) population in 2014, by gender, Wealth in the U.S. - UHNW (super rich) population in 2014, by state, Number of HNWI's, UHNWI's and billionaires in Switzerland 2014-2024, Number of HNWI's, UHNWI's and billionaires in Ireland 2014-2024, Private wealth owned by top one percent of population in Europe 2014, Number of HNWI's, UHNWI's and billionaires in Sweden 2016-2021, Number of HNWI's, UHNWI's and billionaires in Germany 2014-2024, Number of HNWIs and UHNWIs in Russia 2016-2026, Number of HNWI's, UHNWI's and billionaires in Austria 2013-2023, Investments of high-net-worth individuals, Find your information in our database containing over 20,000 reports. All displayed numbers are rounded. 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. About 38% of US millionaires are over 65 years of age. The difference in net worth between regions can be attributed to varying rates of median home equity. This text provides general information. Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. 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). Black workers are concentrated in lower wage jobs. Then you can access your favorite statistics via the star in the header. Premium Statistic. 30.7% This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. For those 45-54, less than a fourth (23.3%) had a student loan, yet the average outstanding balance was still close to the younger groups at $39,600. How many millionaires are in the US in 2020? 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. 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%). 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. Show publisher information There are 2,825 billionaires in the world and 664 of them are United States citizens. The average student loan debt increased by 18.38% to $41,410. About Roughly one-in-three of these households (35%) earn $75,000 or more, including about a quarter (24%) that make $100,000 or more. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. 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. According to the report, more than two out of five Black workers earn less than $30,000 a year. Women of Power Summit Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. The list is compiled annually by market research firm Phoenix Marketing International. Both per capita and in absolute numbers, California takes the lead. Register in seconds and access exclusive features. The average net worth is largely dependent upon the total dollar value in the survey. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. San Francisco is third, with 6,740 millionaires. We have not included all available products or offers. 5 Entrepreneurship Business Coach Pasha Carter. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. Masthead. Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. The detailed tables which have been made available display unrounded tabulations using IPUMS data. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. 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. 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. Let's take a look at the five wealthiest black people in the U.S. Michael Jordan is the highest-paid athlete of all time, but not because of his salary from the Chicago Bulls. The issue of racial inequality in . Black American billionaires have seen their net worths surge over the past year of the COVID pandemic. The median net worth for the 35-44 group, $91,300, is still more than 16% below the pre-Recession median net worth of $109,430 in 2007. Other top metropolitan areas for this subgroup include Miami, Los Angeles and Boston. The number is an increase from 2000, when 260,000 Black Hispanic people were foreign born. The price of that gap can be huge. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. The top decile (90-100 in quartile chart), or top 10% of high net worth U.S. families, own 76% of the wealth, according to analysis done by the Federal Reserve Bank of St. Louis. This marks an increase of 16% since 2000, when the population was 33.8 million. [Online]. 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. Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. 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. 3. More Black people are retiring early and showing others how to build their net worth at any age. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. It was measured at 9 million people in 2010 and is now 33.8 million people in 2020, a 276% increase. 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 three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. 2023 Celebrity Net Worth / All Rights Reserved. Please create an employee account to be able to mark statistics as favorites. 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. Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. This population has grown from 960,000 in 2000 to 2.8 million in 2021, marking a 191% increase. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. Researchers found that a borrowers experience with relentless student loan debt reduced portfolio risk taking and therefore lowered early investment in high return risky investments (defined as stocks, stock mutual funds, mixed mutual funds, or corporate bonds etc.). Broader analysis shows that 52% of Black U.S. households earn less than $50,000, while 48% make $50,000 or more. Women of Power TECH, PODCASTS This would place you in the fourth quintile group represented by 80 in the chart below. Moreover, 83.9% of the worlds wealth is owned by the top 10% richest people. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. 14. The charts below use quintiles and quartiles to break up the data in the 2019 SCF. 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. In comparison, more than one in. We are happy to help. To present detailed data about this group, charts and analysis about the Black population are analyzed through the lens of four different demographic groups: Scroll down or click through the navigation bar on the leftto read about various demographic and economic characteristics of the U.S. Black population. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. There are a total of 89,510 people in the United States with net assets of at least $50 million. And how much of wealth overall do they control? 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 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%). According to a 2016 report, only 46 people became billionaires before the age of 40. 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. So you still have a chance to become a part of our statistics. 5. His net worth is currently estimated at $7.7 billion. Due to varying update cycles, statistics can display more up-to-date This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. Chart. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. 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. Black Men XCEL Youre not going to be saving or investing unless in your mind you believe it will make a difference, Koski toldMarket Watch. At that time, the U.S. adult. She enjoys writing money, career, and travel articles for publications all over the web. Hispanics made up 7% of the total . 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 report summarizes occupational representation in various industries within the United States. 13. Black American and Asian millionaires each accounted for just 8%. The United States also added 2,251,000 new millionaires from 2019 to 2020 alone, which puts it at the very top of the list of countries with the most millionaires. 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. 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. This fact sheet rely on respondent self-identification of race and ethnicity in the Census Bureaus 2021 ACS to identify the nations Black population. 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. Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. Forbes Billionaires 2021: The Richest People in the World But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. You need at least a Starter Account to use this feature. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. The youngest American billionaire is Austin Russel.

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