Two-thirds (66%) of all Black adults identify as Protestant. Following the South, 17% live in each the Midwest and the Northeast and 10% live in the West. About 8,046,080 US households earn $2 million or more, covering about 6.25% of American households. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. We go to school and have to take on additional jobs to fund our education and overall living expenses. He owns about 90% of the franchise, which was most recently valued at a minimum of $1.15 billion. 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. 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. Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. 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. 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. 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 bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. 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. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. 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. Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. 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. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. Your Money, Your Life, LATEST LISTS 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. Based in Missouri, WWT is the top U.S. reseller of Cisco solutions and second in the world. Instead, the term couple is used and includes respondents who are married or living together as partners.2. Robert F. Smith. From 2019 to mid-2020, 2,251,000 new millionaires joined the ranks of millionaires in the United States alone. (+1) 202-419-4300 | Main In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. U.S. high net worth individuals 2008-2021. A quintile is when the data is separated into five different yet equal sections. Equifax - Millennials, Mortgages and Student Debt Annalect. When figuring out how to calculate net worth for yourself or your household, first add up all your assets such as bank accounts, investments, and property. 41.4% of families under 35 held student loans with an average (mean) balance of just over $41,000. Related: Key facts about the nations 47.2 million Black Americans. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. [1] Show publisher information Management Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. 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. If you are an admin, please authenticate by logging in again. But if it was that easy, wouldnt we be all millionaires? In comparison, more than one in. Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. U.S. high net worth individuals 2008-2021. BLACK ENTERPRISE is the premier business, investing, and wealth-building resource for African Americans. 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. That works out . You can only download this statistic as a Premium user. A similar share (43%) was between 30 and 64 years old. Kanye West is now the richest Black person in American history. In contrast, the United States had 404 billionaires in 2010. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. Its important to mention that the share of those in the United States not just Black Americans who identify with more than one race has grown in recent years. David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. 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. Each quartile increase of student debt as a fraction of financial assets lowers the representation of these risky asset classes in the mix of total financial assets by 20%. Over his NBA career, Jordan earned $93 million. Youre not going to be saving or investing unless in your mind you believe it will make a difference, Koski toldMarket Watch. Unless otherwise noted, adults are those who are ages 18 and older. This week, McKinsey & Company released a new study examining the major factors that contribute to wealth gaps facing Black Americans. Entrepreneurship Business Coach Pasha Carter. Investor Robert F. Smith is the richest black man in the country. 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). U.S. Census Bureau - The Wealth of Households: 2017 Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. 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. The boomers generation was the richest generation in the history of the United States. Pew Research Center does not take policy positions. The median family net worth from that same survey is $121,700. For more, read Faith Among Black Americans. 2023 Celebrity Net Worth / All Rights Reserved. So there may be more than one person earning in a single household. 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. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. March 31, 2013. Examining net worth across age, education, race, and more can be very useful when trying to set yourself up for financial well-being now and in the future. 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. Get vetted side hustles and proven ways to earn extra cash sent to your inbox. Obviously, theres a huge wealth disparity. A few months later, he expanded that gift to include the parents of those students. In comparison, more than one in every seven White households have surpassed the million dollar mark. The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. Yet, they still have a commanding share of home equity. Ultimately, you are responsible for your financial decisions. 18. Lakisha Simmons, an associate professor of analytics at Belmont University, started her wealth building journey in 2016. 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%). The term also refers to those born abroad to a parent who was a U.S. citizen. There are 21,951,000 millionaires in the U.S., according to the 2021 Global Wealth Report by Credit Suisse. 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). Lets check the US millionaire distribution by age and race. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. The Richest Africans is an annual ranking of the richest African people, compiled and published by the American business magazine Forbes.The list has been published since 2015. By 2003, WWT had revenues topping $1 billion. We shouldnt be six feet apart when it comes to building wealth., He continues, We are constantly transferring money from one institution to another. In fact, 14 of the worlds richest billionaires reside in the United States. This represents a gain of more than 30% but still below the pre-Recession median net worth of $25,920 in 2007. 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. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the highest number of multiracial Black residents (320,000). Profit from the additional features of your individual account. Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). Both per capita and in absolute numbers, California takes the lead. They own $173.3 trillion of wealth, according to the Global Wealth Report. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. A paid subscription is required for full access. Get in touch with us. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. She is best known for her award-winning talk show, which ran from 1986 to 2011. 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 multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. B.E. Jordan didn't make as much playing basketball during his 15 seasons in the NBA as he made off the court with endorsements. The number of millionaires increased substantially between 2020 and 2021. The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF). 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. Overall, 235.4 million people reported White alone or in combination with another group. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Black workers are concentrated in lower wage jobs. Feb. 6, 2023, 4 Things You Must Do Before The Next Recession. This text provides general information. 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. Women of Power TECH, PODCASTS 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 median is less influenced by the extreme wealth of a very small group of survey respondents. William Leidesdorff. This fact sheet is a profile of the demographic, geographic and economic characteristics of the U.S. Black population in 2021. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989

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