The average student loan debt increased by 18.38% to $41,410. Select Accept to consent or Reject to decline non-essential cookies for this use. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. Understanding net worth in the United States is about more than just doing the math of assets minus debts. Black people. B.E. INFORMATION A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. Sales Partnership Solutions Broader analysis shows that 52% of Black U.S. households earn less than $50,000, while 48% make $50,000 or more. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The rest of them (80%) are self-made, first-generation millionaires. 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. 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. 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%). Entrepreneurship Business Coach Pasha Carter. Management The South is also the region with the highest concentration of the single-race U.S. Black population: 59% of that group lives there as of 2021. 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. California is the top state of residence for multiracial Black people, with about 460,000 living there. 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. And this pattern doesnt stop after graduation. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. Register in seconds and access exclusive features. Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals. Related: Key facts about the nations 47.2 million Black Americans. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. Find your information in our database containing over 20,000 reports, The number of American households with assets of one million U.S. dollars or more, high net-worth individuals in North America, 110,850 individuals with net assets of at least 50 million U.S. dollars. 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.. Get full access to all features within our Business Solutions. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. Millionaires are defined as individuals with a household net worth of at least 2 million U.S. dollars. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. The youngest American billionaire is Austin Russel. The terms Black population and Black people are used interchangeably in this fact sheet. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. 17. So you still have a chance to become a part of our statistics. A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. 33 Incredible Millionaire Statistics [2023]: 8.8% Of US Adults Are Other top metropolitan areas for this subgroup include Atlanta, Washington, D.C., and Philadelphia. 28 Millionaire Statistics: What Percentage of Americans Are - LinkedIn Lets check the US millionaire distribution by age and race. Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. Just 46% of all white families are included in the bottom 50%. 4. The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. Statista. 8. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession (March 31, 2013). Subscribe to Newsletter Dr. Dennis Kimbro, aka the Black millionaire "whisperer," shares the secret to building wealth. Furthermore, according to UBS, his brand new partnership with The Gap is worth $1 billion. 5,671,005 US households earn over $3 million or more, covering about 4.41% of all US households. Only 7.7% became wealthy solely through inheritance. 9. Most Black immigrants (88%) were born in African or . Over time, tracking your net worth can help you assess your financial health and see if your current money habits are on track with your financial goals. In 2021, 62% of the Black Hispanic population in the U.S. were under the age of 30. 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. Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. Women of Power TECH, PODCASTS The number of millionaires increased substantially between 2020 and 2021. 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%). The Charlotte Hornets NBA team is far and away Jordan's biggest asset. Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. Number of high net . As a Premium user you get access to the detailed source references and background information about this statistic. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million. A substantial majority (84%) of the Hispanic Black population in 2021 speaks either only English (53%) or, if they speak another language at home, say they also speak English very well (31%). An estimated 47.2 million people in the U.S. identified as Black in 2021. Obviously, theres a huge wealth disparity. The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. What is the poorest city in Mississippi? The median age of Black people in 2021 was 33 years, five years younger than the U.S. populations median age of 38. 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%). In contrast, the bottom half of the wealth pyramid manages 1.4% of global wealth, showing there is an almost insurmountable disparity in the global distribution of wealth. 6. Annalect. This fact sheet rely on respondent self-identification of race and ethnicity in the Census Bureaus 2021 ACS to identify the nations Black population. Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. BE 100s When you break down the numbers, the inequities are even more depressing. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. 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. How quickly and what does it mean? Due to varying update cycles, statistics can display more up-to-date Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. Just under half of the U.S. Black population (45%) was younger than 30 in 2021. This further reaffirms that billionaires are not made overnight but are built through experience and time. 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 a report about the US millionaire population by age, the average age of US millionaires is 62 years old. Hence, half of all U.S. families have a net worth below the 50th percentile value of $121,700, and half of all families have a net worth above that. 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. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 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. Connect with Charlene on Instagram @charlenerhinehart or get access to weekly money insights, investing ideas, and travel tips by subscribing to Wealthy Women Daily Free Newsletter at www.wealthywomendaily.com. Roughly 20% own two, and only 8.5% of them own five or more. The S&P 500 gained 27% last year, while the Nasdaq was up 21%. If Black and Hispanic wealth was proportional to their percentage of the population, Black families would hold $15.55 trillion and Hispanic families would hold $19.99 trillion in respective net worth. For the fourth quarter of 2019, total wealth in the U.S. was $111.04 trillion. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. US Millionaire Demographics, 2021. . 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. This gap is primarily the result of lower average incomes and wealth. By 2003, WWT had revenues topping $1 billion. This marks an increase of 16% since 2000, when the population was 33.8 million. Increases in net worth for the 35-44 age group from 2016 are attributed to gains in net home equity. Net worth tends to trend upward with age. An additional 33% were ages 30 to 64. Read to find out the power of courage and vision.. 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. So there may be more than one person earning in a single household. 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. Robert F. Smith is the Founder, Chairman, and CEO of Vista Equity Partners LLC. For investors, real estate offers the biggest opportunity to develop wealth. 2. Read our research on: Congress | Economy | Gender. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. Smith, author of Financial Distancing: How to Economically Quarantine Your Wealth, in an interview with Black Enterprise. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). 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. 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). It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. U.S. Net Worth Statistics: The State of Wealth in 2023 | FinanceBuzz This population has grown from 960,000 in 2000 to 2.8 million in 2021, marking a 191% increase. You come to America, work your butt off, and boom youre a millionaire. 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. The fortunes of billionaires have been on the rise across the board. Black Men XCEL Fewer than two-in-ten (16%) are part of non-family households. The list is compiled annually by market research firm Phoenix Marketing International. The rule of thumb is that with hard work, you can achieve anything in America. BLACK ENTERPRISE is the premier business, investing, and wealth-building resource for African Americans. Simmons reached her goals by managing her expenses, maxing out her retirement accounts, and investing in brokerage accounts. MACON, Miss. Households in 2018 - May 2019 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. As of 2022, here are the world's 15 Black billionaires: 1. In comparison, more than one in every seven White households have surpassed the million dollar mark. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. SistersInc. To use individual functions (e.g., mark statistics as favourites, set New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. The company provides planning, procurement, and deployment of IT products and solution selling. The Richest Black People In America 2021 | Celebrity Net Worth The boomers generation was the richest generation in the history of the United States. 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. Black American and Asian millionaires each accounted for just 8%. Statista assumes no We shouldnt be six feet apart when it comes to building wealth., He continues, We are constantly transferring money from one institution to another. There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. Other top metropolitan areas for this subgroup include Miami, Los Angeles and Boston. 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. 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. As soon as this statistic is updated, you will immediately be notified via e-mail. They own $173.3 trillion of wealth, according to the Global Wealth Report. She only had $5,000 in savings after her marriage ended. Smith graduated from Cornell University and Columbia Business School. 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. From 2019 to mid-2020, 2,251,000 new millionaires joined the ranks of millionaires in the United States alone. About 38% of US millionaires are over 65 years of age. 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. Ultimately, you are responsible for your financial decisions. And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million. Over his NBA career, Jordan earned $93 million. Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. The number of super-rich individuals has gone up for the 10th year in a row! Well, our research shows that the number of millionaires will only grow in the future. Smith is the first African American to sign the Giving Pledge. 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.) 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. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. 11. The couple . There was little variation across income groups, though the 90th percentile received the largest percentage gain. In. In fact, 14 of the worlds richest billionaires reside in the United States. Only Two Black People Made the 2021 Forbes 400 List - Black Enterprise Learn more in our Cookie Policy. They are all trailblazers in their industries. The terms foreign born and immigrant are used interchangeably. Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. 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. Those with a college degree have family wealth almost three and half times that of those with some college, more than four times those with a high school diploma, and almost 15 times the group without a high school diploma. Who are the Black billionaires? - ajc Of those billionaires, only 15 of them are black globally and seven black billionaires live in the United States. 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. Here are the richest African Americans and where they rank on the list of the world's billionaires. The Black population of the United States is growing. The median family net worth from that same survey is $121,700. List of U.S. states by the number of millionaire households Lets start with the basics. 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. The total Black Hispanic population is also quite young. Additionally, as baby boomers pass on, millennials will inherit an accumulated $68 trillion from their rich parents and relatives. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. ), Last updated to incorporate the statistic into your presentation at any time. There are 21,951,000 millionaires in the U.S., according to the 2021 Global Wealth Report by Credit Suisse. In 2064, the average white family likely will possess $2,782,727 in wealth while the Black family wealth will be $789,164, a report by Elliott and Abacus Wealth . This would place you in the fourth quintile group represented by 80 in the chart below. 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. 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).