Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. Roughly one-in-three of these households (35%) earn $75,000 or more, including about a quarter (24%) that make $100,000 or more. More than half of these households (53%) earn less than $50,000, with the other 47% making $50,000 or more. U.S. Census Bureau - Survey of Income and Program Participation: 2018 Registry of Corporate Directors. 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. Here is a breakdown of the average net worth of Americans by age. This week, McKinsey & Company released a new study examining the major factors that contribute to wealth gaps facing Black Americans. 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. Submit a correction suggestion and help us fix it! California is home to the second-highest number of this population (310,000), and Florida comes in third with 300,000 people. Federal Reserve Report on the Economic Well-Being of U.S. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. 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. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. It may take a while to really get your head around things like me, but it happens, and when it does, it is very, very powerful.. That works out . We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. Contact 106, No. U.S. high net worth individuals 2008-2021. Roughly four-in-ten Black Hispanic people (42%) live in U.S. households headed by married couples in 2021. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. Starting in 2000, the Census Bureau has provided respondents with the option to identify as more than one race. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. At that time, the U.S. adult. Equifax - Millennials, Mortgages and Student Debt According to a census report in 2020, there are 788 billionaires in the United States with a combined net worth of $3.431 trillion. 9 How many Black billionaires in the U.S.? 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. Just under half (47%) of the Black Hispanic population was below the age of 20, and 6% were 65 or older. 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 . Dangote Group founder Aliko Dangote has topped the 2018 list. Jordan's timing in buying majority control of the Hornets could not have been better. In fact, Kanye West recently became the wealthiest black American billionaire of all time. However, many of these millennials are earning good money all by themselves as well. Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. 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. 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. Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt. He was a minority investor in the team starting in 2006 and took control of the team in 2010. A majority (69%) of single-race Black adults identify as Protestant. Smith, author of Financial Distancing: How to Economically Quarantine Your Wealth, in an interview with Black Enterprise. Thats 43%, over seven times the national rate of 6%. The number of super-rich individuals has gone up for the 10th year in a row! The terms Black population and Black people are used interchangeably in this fact sheet. The general fertility rate among Black Hispanic females ages 15 to 44 in the U.S. was 5.7% in 2021, meaning that 5.7% of females in this age group had a birth in the previous 12 months. Black American and Asian millionaires each accounted for just 8%. 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. The average family in the U.S. in 2017 had 1.9 children. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . There are a lot of inspiring people both fictional and real that have made it big that way. In comparison, more than one in every seven White households have surpassed the million dollar mark. Most affluent women worldwide 2022, by net worth, Distribution of wealth in the United States 1990-2022. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. 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. 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. The rest of them (80%) are self-made, first-generation millionaires. While California takes the lead here with 189 billionaires, the wealthiest Americans dont live in these two states, Mark Zuckerberg being the only exception. 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. Odds are you know at least one millionaire. Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). Only 7.7% became wealthy solely through inheritance. For example, the median income in the West is 20% higher than that in the South. When there is a large gap between the median and the average values, as there is here, that indicates there is significant skew in the data and the average net worth will have less relevance for your typical household. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. 106, No. Broader analysis shows that 52% of Black U.S. households earn less than $50,000, while 48% make $50,000 or more. Read to find out the power of courage and vision.. 41.4% of families under 35 held student loans with an average (mean) balance of just over $41,000. The generational wealth gap continues. Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). The median age of Black people in 2021 was 33 years, five years younger than the U.S. populations median age of 38. Of course, millionaires are only one part of the equation. You need at least a Starter Account to use this feature. Sales Partnership Solutions The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. The number of millionaires, their households, and how they got their wealth. This statistic shows the number of millionaire households in the United States from 2006 to 2020. March 31, 2013. There are 229 millionaires in Congress. Based in Missouri, WWT is the top U.S. reseller of Cisco solutions and second in the world. According to the most recent data available, 76% of US millionaires were white or Caucasian. About 44% of the millennial millionaires of the US are concentrated in California, which is pretty consistent with the population of older millionaires as well. 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. As soon as this statistic is updated, you will immediately be notified via e-mail. 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. 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.. 1. (+1) 202-857-8562 | Fax She is one of the wealthiest African Americans of the 20thand 21stcenturies. 5, Federal Reserve - Survey of Consumer Finances, 1989 - 2019, Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics, Federal Reserve - Distribution of Household Wealth in the U.S. since 1989, U.S. Census Bureau - The Wealth of Households: 2017, Federal Reserve Report on the Economic Well-Being of U.S. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) Privacy Policy Kanye West is now the richest Black person in American history. Thats why Koski advocates saving a consistent amount every week to achieve financial goals. Select Accept to consent or Reject to decline non-essential cookies for this use. 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. This marks an increase of 16% since 2000, when the population was 33.8 million. A similar share (43%) was between 30 and 64 years old. Your Money, Your Life, LATEST LISTS But if it was that easy, wouldnt we be all millionaires? 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. Who are these millionaires, though? Black people. Instead, the term couple is used and includes respondents who are married or living together as partners.2. The nations Black population includes those who say their race is Black, either alone or in combination with other racial backgrounds. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. 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. 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. The youngest American billionaire is Austin Russel. (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . Both per capita and in absolute numbers, California takes the lead. Compensation may impact where offers appear. The number of millionaires increased substantially between 2020 and 2021. West is the thirdrichest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 billion). 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. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. The rule of thumb is that with hard work, you can achieve anything in America. (+1) 202-419-4372 | Media Inquiries. She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals. Just under half of the U.S. Black population (45%) was younger than 30 in 2021. She enjoys writing money, career, and travel articles for publications all over the web. Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household 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. To use individual functions (e.g., mark statistics as favourites, set Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. 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. For investors, real estate offers the biggest opportunity to develop wealth. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. However, the White alone population decreased by 8.6% since 2010. Is the number of millionaires increasing? Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century Furthermore, according to UBS, his brand new partnership with The Gap is worth $1 billion. In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal. How did they get rich, and how do they stay rich? The terms foreign born and immigrant are used interchangeably. MACON, Miss. By submitting this form you agree to receive emails from FinanceBuzz and to the privacy The sum of these factors and centuries of inequities have contributed to the growing wealth gap we see today. Most self-made billionaires earned their first million dollars within five years. 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. 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). 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. 8. 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 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. 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. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. The Missouri-based billionaire still has a majority stake in the company. 9 Numbers, Facts and Trends Shaping Your World, Key facts about the nations 47.2 million Black Americans, do not describe their racial identity as two or more races, French or Haitian Creole combines those whose language was recorded by the American Community Survey as either French or French or Haitian Creole.. According to the report, more than two out of five Black workers earn less than $30,000 a year. Dr. Dennis Kimbro, aka the Black millionaire "whisperer," shares the secret to building wealth. Jordan didn't make as much playing basketball during his 15 seasons in the NBA as he made off the court with endorsements. 29.1% of those with a college degree have student loans with an average balance of $55,880. 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. FinanceBuzz and CardRatings may receive a commission from card issuers. In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities. The average net worth is largely dependent upon the total dollar value in the survey. Yet, they still have a commanding share of home equity. 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. That news is bad enough, but according to the 24/7 Wall Street Special Report of the Top 10 Poorest Cities, Macon holds the distinction of being the poorest city in the nation. Less than 1% of all billionaires in the United States are 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. And the vast majority of them are not people of color.. It is important to note that we are talking about a household, not an individual. 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. In comparison, more than one in. Money typically goes from our jobs to the education system. That's not to say that she doesn't work hard for her success no one works harder than Oprah. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. Investing in real estate is still the most popular of all millionaire investment and spending choices. It also includes Hispanics or Latinos who say their race is Black. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. Many of them are very famous with well-known names and careers. Women of Power TECH, PODCASTS (+1) 202-419-4300 | Main The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. 20.3% of them benefited from a combination of inheritance and self-created wealth. ABOUT Households in 2018 - May 2019 Seven. Additionally, 400,000 members of the multiracial Black population are foreign born (8%), as of 2021. 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. Click here for a downloadable spreadsheet of these findings. About 8,046,080 US households earn $2 million or more, covering about 6.25% of American households. Due to varying update cycles, statistics can display more up-to-date There was little variation across income groups, though the 90th percentile received the largest percentage gain. All seven black American billionaires are self-made. 19. 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. 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). In 2018, there was a record of 23 African billionaires on the list. 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. Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). William Leidesdorff. 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. A quintile is when the data is separated into five different yet equal sections. Marital data was asked but not reported in the 2019 SCF. 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. Lets start with the basics. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. Federal Reserve 2019 Survey of Consumer Finances (SCF) According to Wealth-X, about 71.9.% of UHNW millionaires were self-made. FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. 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.