An estimated 47.2 million people in the U.S. identified as Black in 2021. Thats 43%, over seven times the national rate of 6%. INFORMATION He owns about 90% of the franchise, which was most recently valued at a minimum of $1.15 billion. Since that time, NBA values have skyrocketed. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). Masthead. Contact 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. 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. Researchers and data scientists typically prefer the median net worth when discussing wealth as money values can have steep growth curves that skew the data. 106, No. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics This quintile chart is determined by income. 6 This was just under 10 percent of the nation's total, and lower than the Black share of the US population (13.4 percent). FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. 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 . There are 618,000 millennial millionaires in the United States, and 93% of them have a net worth ranging from $1 to $2.49 million. As 2020, the number households with a net worth of one million U.S. dollars or more (excluding . The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. 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. Aged 26, hes worth $2.4 billion, and hes the founder of Luminar Technologies, a company that makes sensors and other tech for autonomous vehicles. 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. The average family in the U.S. in 2017 had 1.9 children. A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. The list is compiled annually by market research firm Phoenix Marketing International. Median net worth for Black families rose from $18,240 in 2016 to $24,100 in 2019. 7. It is important to note that we are talking about a household, not an individual. We appreciate the public's cooperation as we continuously measure America's people, places and economy. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. There are 21,951,000 millionaires in the U.S., according to the 2021 Global Wealth Report by Credit Suisse. Understanding net worth in the United States is about more than just doing the math of assets minus debts. It involves looking at wealth and income from a variety of lenses, including age, education, race, ethnicity, homeownership, family size, and more, across states and regions. MACON, Miss. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. Moreover, 83.9% of the worlds wealth is owned by the top 10% richest people. 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. According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. (+1) 202-857-8562 | Fax The company provides planning, procurement, and deployment of IT products and solution selling. Although the wealth statistics are startling for Black families, there are a growing number of individuals who are moving closer to their financial goals every day. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. 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. The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. Despite being half of all American families, they earn about 15% of the countrys total household income. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. The Charlotte Hornets NBA team is far and away Jordan's biggest asset. 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. Entrepreneurs Summit According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. Lets check the US millionaire distribution by age and race. 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. The S&P 500 gained 27% last year, while the Nasdaq was up 21%. Most Black immigrants (88%) were born in African or . Then you can access your favorite statistics via the star in the header. The youngest millionaires are millennials, and their wealth is steadily growing. Occurring every three years, this project gives a snapshot of the state of wealth in the U.S. so we can assess economic well-being and thorny issues of income inequality, including trends over time. A majority (69%) of single-race Black adults identify as Protestant. Number of high net . This fact sheet rely on respondent self-identification of race and ethnicity in the Census Bureaus 2021 ACS to identify the nations Black population. Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). 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. A similar share (43%) was between 30 and 64 years old. Much of. Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. Buzzery, LLC NMLS ID # 2317173 NMLS Consumer Access, What can you learn about growing your wealth by taking a closer look at U.S. net worth statistics? 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. In practical terms, this means looking at your financial situation and: 1. The nations Black population includes those who say their race is Black, either alone or in combination with other racial backgrounds. You come to America, work your butt off, and boom youre a millionaire. About Investor Robert F. Smith is the richest black man in the country. Fewer than two-in-ten (16%) are part of non-family households. Roughly 27% of the single-race Black population was below the age of 20, and 13% were 65 or older. The couple . So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. 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. Read to find out the power of courage and vision.. 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. Only 1% are below 35. This statistic shows the number of millionaire households in the United States from 2006 to 2020. After many years of increasing audience numbers and media reach, Viacom bought the company in 2000 for $2.9 billion, making the Johnsons the first Black billionaires in America. The median household income for Black Hispanic U.S. households is $51,000, meaning half of households with a Black Hispanic household head earn more than that and half earn less in 2021. 5 Black American and Asian millionaires each accounted for just 8%. The terms Black population and Black people are used interchangeably in this fact sheet. Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). 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. 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.. In contrast, the United States had 404 billionaires in 2010. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). 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. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. The difference in net worth between regions can be attributed to varying rates of median home equity. This fact sheet is a profile of the demographic, geographic and economic characteristics of the U.S. Black population in 2021. A similar share (31%) has completed some college, while four-in-ten have, at most, graduated from high school or its equivalent. Please do not hesitate to contact me. Two-thirds (66%) of all Black adults identify as Protestant. 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%). She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals. EVENTS Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. The term also refers to those born abroad to a parent who was a U.S. citizen. 48.2 million. Why the huge difference between the average and the median? Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. What percentage of Americans are millionaires then? 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). BLACK ENTERPRISE is the premier business, investing, and wealth-building resource for African Americans. This is the highest median net worth for Hispanic families since the SCF began in 1989. 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. Currently, you are using a shared account. According to the Global Wealth Report, 43.4% of the worlds wealth is controlled by millionaires, or approximately $173.3 trillion. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. 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 five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. When you break down the numbers, the inequities are even more depressing. She is a talk show host, actress, producer, pitchwoman, and philanthropist. Here are the richest African Americans and where they rank on the list of the world's billionaires. 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%). Federal Reserve Report on the Economic Well-Being of U.S. The analysis presented in this fact sheet is based on Pew Research Center tabulations of microdata from the Census Bureaus 2021 American Community Survey (ACS), provided through the Integrated Public Use Microdata Series (IPUMS) from the University of Minnesota. 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. FinanceBuzz has partnered with CardRatings for our coverage of credit card products. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. Many people have more than a single million, and some have much, much more. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. Who are these millionaires, though? The rule of thumb is that with hard work, you can achieve anything in America. Submit a correction suggestion and help us fix it! 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. Just 46% of all white families are included in the bottom 50%. Black American billionaires have seen their net worths surge over the past year of the COVID pandemic. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. Millionaires on the West Coast are slightly older, as well. When he was approved for the deal in March 2010, the franchise was valued at $175 million. Only about 20% of Americans inherit their riches. 2023 Celebrity Net Worth / All Rights Reserved. As a Premium user you get access to the detailed source references and background information about this statistic. SistersInc. The total Black Hispanic population is also quite young. In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. (+1) 202-419-4372 | Media Inquiries. Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. You most probably still have time to become rich. Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Looking at income another way, almost half of households with a multiracial Black householder (46%) make less than $50,000, and 54% make that sum or more. Homeownership participation for the 35-44 age group 61.4% in 2019 is still significantly below the pre-Recession high of 68.3% in 2004. The number of super-rich individuals has gone up for the 10th year in a row! Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. Ultimately, you are responsible for your financial decisions. The detailed tables which have been made available display unrounded tabulations using IPUMS data. The U.S. Black population is young. You need at least a Starter Account to use this feature. In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. Women of Power TECH, PODCASTS Well, our research shows that the number of millionaires will only grow in the future. We have not included all available products or offers. 30.7% Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. FinanceBuzz and CardRatings may receive a commission from card issuers. 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 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. Related: Key facts about the nations 47.2 million Black Americans. 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. Today, WWT has revenues of $12 billion and is one of the largest private companies and one of the largest black-owned businesses in America. Register in seconds and access exclusive features. All displayed numbers are rounded. Furthermore, according to UBS, his brand new partnership with The Gap is worth $1 billion. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). More than a third (38%) of single-race Black people live in U.S. households that are headed by married couples as of 2021. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession 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. For example, the median net home equity for a respondent in the South is $100,000 versus $200,000 for the median net home equity in the West. Higher median incomes by region account for net worth differences too. 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). ", Annalect, Distribution of U.S. millionaires by race/ethnicity, as of 2013 Statista, https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/ (last visited March 04, 2023), Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph], Annalect, March 31, 2013. Besides English, other languages spoken by this part of the population ages 5 and older include French or Haitian Creole (3%), Spanish (1%) and Amharic and other Ethiopian languages (1%).2. 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. 5. Eight are Americans. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021.
