San Francisco is third, with 6,740 millionaires. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. 10. Credit Suisse Global Wealth Report Just 46% of all white families are included in the bottom 50%. Since that time, NBA values have skyrocketed. Pew Research Center does not take policy positions. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. Most Black immigrants (88%) were born in African or . Have you ever wondered how many decamillionaires are in the US? 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 Global Wealth Report says that the total number of millionaires in the US is 20.27 million. As of 2022, here are the world's 15 Black billionaires: 1. Women of Power Summit Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. 1615 L St. NW, Suite 800Washington, DC 20036USA Two-thirds (66%) of all Black adults identify as Protestant. 13. How did they get rich, and how do they stay rich? Breakdown of U.S. millionaires by race/ethnicity 2013 | Statista This trend is expected to grow. She enjoys writing money, career, and travel articles for publications all over the web. Subscribe to Newsletter However, the White alone population decreased by 8.6% since 2010. Over his NBA career, Jordan earned $93 million. to incorporate the statistic into your presentation at any time. 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. Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. According to Wealth-X, about 71.9.% of UHNW millionaires were self-made. 5. Black billionaires - Wikipedia Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. Higher median incomes by region account for net worth differences too. B.E. 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. Are you interested in testing our business solutions? Roughly three-in-ten single-race Black people (32%) live in households with female household heads, and 5% live in male-headed households. The study explores ways in which occupational choices, spending decisions, debt load, and saving habits contribute to the net worth of Black families. A year later, he's going through a divorce from Kim Kardashian and has more than doubled his net worth. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. They are all trailblazers in their industries. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. All displayed numbers are rounded. Only 1% are below 35. The S&P 500 gained 27% last year, while the Nasdaq was up 21%. In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. As soon as this statistic is updated, you will immediately be notified via e-mail. About Both per capita and in absolute numbers, California takes the lead. Dr. Dennis Kimbro, aka the Black millionaire "whisperer," shares the secret to building wealth. data than referenced in the text. This is the highest median net worth for Hispanic families since the SCF began in 1989. Entrepreneurs Summit Moreover, 83.9% of the worlds wealth is owned by the top 10% richest people. Profit from the additional features of your individual account. 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. FinanceBuzz and CardRatings may receive a commission from card issuers. For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. There Are Only 7 Black Billionaires in the United States - Business Insider In comparison, this same wealth gap was a factor of 12 in 2016 and a factor of 7 in 1989. 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%. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. 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. According to the Global Wealth Report, 43.4% of the worlds wealth is controlled by millionaires, or approximately $173.3 trillion. Here is a breakdown of the average net worth of Americans by age. About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. Get vetted side hustles and proven ways to earn extra cash sent to your inbox. According to the report, more than two out of five Black workers earn less than $30,000 a year. The couple . Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. The United States tops the list of countries with the most millionaires, with 20.27 million people whose net worth matches or exceeds one million USD. 41.4% of families under 35 held student loans with an average (mean) balance of just over $41,000. FinanceBuzz has partnered with CardRatings for our coverage of credit card products. Lets start with the basics. 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. Economic Equity & Racial Justice Townhall Series, Elevate Black Podcast sponsored by Fifth Third Bank, 100 Founders of Change by American Express, Chasing Success Podcast by JP Morgan Chase, Black Business Month Sponsored by Nationwide, 2022 Registry Of Corporate Directors Listing, 2021 BE Registry Of Corporate Directors Listing. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. 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. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively. California is the top state of residence for multiracial Black people, with about 460,000 living there. Individuals who are from Africa, but don't reside in the continent (such as Elon Musk and . Ultimately, you are responsible for your financial decisions. Yet, they still have a commanding share of home equity. An estimated 7.8 million Black families have a net worth of less than $10,000. 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.. March 31, 2013. FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. The number of millionaires increased substantially between 2020 and 2021. If you are an admin, please authenticate by logging in again. And the vast majority of them are not people of color.. For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. This further reaffirms that billionaires are not made overnight but are built through experience and time. 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. About 14% of the millennial millionaires live in New York State. The issue of racial inequality in . Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Fewer than a two-in-ten (17%) live in non-family households. 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). There are 2,825 billionaires in the world and 664 of them are United States citizens. An additional 46% were ages 30 to 64. 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. In 2018, there was a record of 23 African billionaires on the list. Of course, millionaires are only one part of the equation. Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. U.S. high net worth individuals 2008-2021. The generational wealth gap continues. So the US is definitely the country with the most millionaires. Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. Charlene is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of The Dividend InvestHER. There are a total of 89,510 people in the United States with net assets of at least $50 million. About 14% of the U.S. population is Black or African American. Is the number of millionaires increasing? The richest Black man in the world is Nigerian businessman Aliko Dangote, the man who founded Dangote Cement. Women of Power TECH, PODCASTS How old were they when they started accumulating serious wealth? The difference in net worth between regions can be attributed to varying rates of median home equity. Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. 18. 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. by state U.S. 2020, Number of households in the United States with one million or more U.S. dollars in investible assets in 2020, by state, U.S. states with highest ratio of millionaire households per capita 2020, American states with highest ratio of millionaire households per capita in 2020, U.S. metropolitan areas with the highest share of millionaire households 2020, Metropolitan areas in the United States with the highest share of millionaire households in 2020, by share of total households, Richest self-made women in the United States 2022, based on net worth, Richest self-made women in the United States in 2022, based on net worth (in billion U.S. dollars), Distribution of UHNW individuals by gender U.S. 2019, Distribution of ultra-high net worth individuals in the United States in 2019, by gender, Share of U.S. families who are millionaires 2016, by ethnicity, Share of families in the United States who are millionaires in 2016, by ethnicity, Number of billionaires in the United States from 1990 to 2020, Distribution of billionaires in the U.S. by gender 2022, Distribution of billionaires in the United States in 2022, by gender, States with the largest population of billionaires in the United States in 2022, Combined value of billionaire wealth in the United States 2020-2022, Combined value of billionaire wealth in the United States from March 2020 to November 2022 (in trillion U.S. dollars), Americans opinions on billionaires in the United States in 2022, Opinion of U.S. adults on whether billionaires are a good or bad thing 2021, by age, Opinion of adults in the United States on whether the existence of billionaires is a good or bad thing in 2021, by age, Opinion of U.S. adults on whether billionaires should pay a wealth tax by party 2020, Opinion of adults in the United States on whether billionaires should pay a wealth tax to reduce inequality in 2020, by political party, The world's leading billionaires as of December 2022, based on net worth (in billion U.S. dollars), Ultra high net worth individuals 2021, by country, Number of ultra high net worth individuals in selected countries in 2021, Share of the world's billionaires by region 2021, Share of the world's billionaires in 2021, by region, Global fastest growing markets for centi-millionaires 2022-2032, Fastest growing markets for centi-millionaires worldwide between 2022 and 2032, Cities with the highest number of UHNW individuals worldwide 2020, Cities with the highest number of ultra high net worth (UHNW) individuals in the world in 2020, Most affluent women worldwide 2022, by net worth, Wealthiest women worldwide as of April 2022, by net worth (in billion U.S. dollars), Youngest billionaires globally 2022, by net worth, Youngest billionaires in the world as of April 2022, based on net worth (in billion U.S. dollars), Value added to the wealth of the world's leading billionaires during pandemic 2021, Value added to the net worth of the world's leading billionaires during the COVID-19 pandemic from September 2019 to September 2022 (in billion U.S. dollars). West is the thirdrichest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 billion). A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. The single-race, non-Hispanic Black population is also young. She is a talk show host, actress, producer, pitchwoman, and philanthropist. About 8,046,080 US households earn $2 million or more, covering about 6.25% of American households. It is important to note that we are talking about a household, not an individual. 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. A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. 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. Lets check the US millionaire distribution by age and race. Federal Reserve 2019 Survey of Consumer Finances (SCF) also rose 14% to $134,800. More than 4.6 million Black people in the U.S. were born outside the country as of 2019, meaning that 10% of the Black population was foreign born. Annalect. In contrast, the United States had 404 billionaires in 2010. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. What is the poorest city in Mississippi? Florida comes in a close second with 3.8 million, and Georgia comes in third, with 3.6 million. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. Increases in net worth for the 35-44 age group from 2016 are attributed to gains in net home equity. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. ABOUT 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. 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. Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. An estimated 47.2 million people in the U.S. identified as Black in 2021. ), Last updated Here's Everyone On The Black Billionaire List Now - Essence Wealth flows through us, not to us, says J.D. The seven richest Black Americans | AFRO American Newspapers 11. Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt. Notably, the Black Hispanic U.S. population is not necessarily the same population as the nations Afro-Latino population, as not all people who say they are Black and Hispanic identify as Afro-Latino and not all Afro-Latinos self-identify as Black, Hispanic or with both identities. U.S. born refers to persons born in the 50 states, the District of Columbia, Guam, Puerto Rico, or the U.S. Virgin Islands. 6. 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. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there.