Black American billionaires have seen their net worths surge over the past year of the COVID pandemic. 5 You can only download this statistic as a Premium user. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. Women of Power Summit U.S. Black population or total Black population refers to the population of Americans who self-identify as Black 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. The multiracial non-Hispanic Black population is the second-largest subgroup among Black Americans, with 5.2 million people accounting for 11% of the overall Black population in 2021. Register in seconds and access exclusive features. 41.4% of families under 35 held student loans with an average (mean) balance of just over $41,000. Median student loan debt for those married or living with a romantic partner was $10,400 and $7,900, respectively, while single young adults owed $20,000. Masthead. Yet, they still have a commanding share of home equity. The average millionaire is 57 years old. The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. More than half of these households (53%) earn less than $50,000, with the other 47% making $50,000 or more. There are a total of 89,510 people in the United States with net assets of at least $50 million. 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. Concentration of millionaires: 4.21% Rank: 50 (Unchanged from last year) Median income for all households: $44,097 Median home value: $121,300 West Virginia has a relatively low concentration of. 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. Median net worth for those without high school has been on a downward trajectory since this survey began in 1989. Sales Partnership Solutions Annalect. (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . According to 2019 estimates, there are about 2,153 billionaires in the world and only 13 of them are Black. The general fertility rate among single-race Black females ages 15 to 44 in the U.S. was 5.9% in 2021, meaning that 5.9% of females in this age group had a birth in the previous 12 months. This population has grown from 960,000 in 2000 to 2.8 million in 2021, marking a 191% increase. They own $173.3 trillion of wealth, according to the Global Wealth Report. 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. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. The couple . Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. 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.. The most recent version of the SCF is from 2019. 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. Investing in real estate is still the most popular of all millionaire investment and spending choices. Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. Following the South, 17% live in each the Midwest and the Northeast and 10% live in the West. If you are an admin, please authenticate by logging in again. 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. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. 25.8% of those with some college have student loans with an average balance less than half of the college crowd at $26,820. Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. 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%). 12. Shares and percent changes are calculated using unrounded numbers. A year later, he's going through a divorce from Kim Kardashian and has more than doubled his net worth. The sum of these factors and centuries of inequities have contributed to the growing wealth gap we see today. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. A majority (69%) of single-race Black adults identify as Protestant. According to the most recent data available, 76% of US millionaires were white or Caucasian. The homeownership rate for couples with children in 2019 was 75.7%, and for singles with children the rate was 50.4%. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. Dr. Dennis Kimbro, aka the Black millionaire "whisperer," shares the secret to building wealth. 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. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. Lets check the US millionaire distribution by age and race. In fact, Kanye West recently became the wealthiest black American billionaire of all time. A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 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. About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics Unless otherwise noted, adults are those who are ages 18 and older. Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century 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. 2. Since 1992, the median wealth of black families has not grown by any real measurable amount, while the median net worth of white families has increased by more than $50,000. Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). 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. Fewer than a two-in-ten (17%) live in non-family households. Well, our research shows that the number of millionaires will only grow in the future. We appreciate the public's cooperation as we continuously measure America's people, places and economy. The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. Have you ever wondered how many decamillionaires are in the US? The youngest millionaires are millennials, and their wealth is steadily growing. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. Leidesdorff, who had immigrated to the U.S. from the Danish West Indies, owned the . 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 . March 31, 2013. [1] Smith, author of Financial Distancing: How to Economically Quarantine Your Wealth, in an interview with Black Enterprise. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. Of those billionaires, only 15 of them are black globally and seven black billionaires live in the United States. The median age of multiracial Black people in 2021 was 20, making this the youngest subgroup of the Black population and significantly younger than the U.S. population overall (which had a median age of 38). Moreover, respondents perceptions of the questions and their own racial and ethnic identity can change in response to individual circumstances and the way the nation sees race and itself. WWT has more than 6,500 employees across 20 offices across the globe. They are leaving huge piles of wealth to their Gen X and millennial descendants. Lets take a deeper look at this trove of net worth statistics and see what the data has to say. Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. 4. Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt. 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. More Black people are retiring early and showing others how to build their net worth at any age. 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. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Oprah Winfrey is the Queen of all Media. For those 45-54, less than a fourth (23.3%) had a student loan, yet the average outstanding balance was still close to the younger groups at $39,600. Marital data was asked but not reported in the 2019 SCF. FinanceBuzz has partnered with CardRatings for our coverage of credit card products. Number of high net . Get vetted side hustles and proven ways to earn extra cash sent to your inbox. 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). William Alexander Leidesdorff (1810-1848) was likely America's first Black millionaire. When we get into the workforce, money often flows from our jobs to pay hefty mortgage and student debt payments to keep up with the lifestyles of our colleagues. 106, No. Federal Reserve 2019 Survey of Consumer Finances (SCF) Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. An estimated 47.2 million people in the U.S. identified as Black in 2021. For example, the median income in the West is 20% higher than that in the South. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. This is coincidentally quite close (less than a 2% difference) to the $435,340 gap in average net worth between married couples with kids and those without in the chart above. In comparison, more than one in. Researchers found that a borrowers experience with relentless student loan debt reduced portfolio risk taking and therefore lowered early investment in high return risky investments (defined as stocks, stock mutual funds, mixed mutual funds, or corporate bonds etc.). She is a talk show host, actress, producer, pitchwoman, and philanthropist. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 Roughly one-in-five (10%) Black Hispanic people lived in non-family households. Access to this and all other statistics on 80,000 topics from, Show sources information ), Last updated 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). According to the Federal Reserve, the top 10% in the US own 69.6% of the nations wealth. In 2021, 62% of the Black Hispanic population in the U.S. were under the age of 30. 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. 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. According to new valuations prepared by investment bank UBS, Kanye's sneaker/apparel partnership with Adidas is worth between $3.2 billion and $4.7 billion. 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? Pew Research Center does not take policy positions. 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. 48.2 million. (+1) 202-419-4372 | Media Inquiries. This is just another example of the widening gap between the economic opportunities given to black and white Americans. The multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. Pew Research Center - The Growing Diversity of Black America He worked for Kraft from 1986 to 1992. When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. Median household income increased across all quintiles from 2016 to 2019. In contrast, the United States had 404 billionaires in 2010. Overall, 235.4 million people reported White alone or in combination with another group. 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). FinanceBuzz.com does not make any credit decisions. Over $80 million paid to members so far - how much can you earn. Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. The general fertility rate among Black females ages 15 to 44 was 5.8% in 2021, meaning that 5.8% of females in this age group had a birth in the previous 12 months. When he was approved for the deal in March 2010, the franchise was valued at $175 million. Additionally, as baby boomers pass on, millennials will inherit an accumulated $68 trillion from their rich parents and relatives. Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 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. 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. SistersInc. Related: Key facts about the nations 47.2 million Black Americans. The fortunes of billionaires have been on the rise across the board. If you do not have a four-year college degree, youre least likely to be in the top 10% as only the wealthiest 4% with some college or less occupy this top tier of wealth. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. 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. You need a Statista Account for unlimited access. This would place you in the fourth quintile group represented by 80 in the chart below. 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. Jordan didn't make as much playing basketball during his 15 seasons in the NBA as he made off the court with endorsements. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. U.S. Census Bureau - The Wealth of Households: 2017 Feb. 6, 2023, 4 Things You Must Do Before The Next Recession. 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. 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%). Jordan's stake in the Hornets is worth more than $1 billion alone. The average net worth is largely dependent upon the total dollar value in the survey. 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. 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. Read to find out the power of courage and vision.. When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million. As of 2022, here are the world's 15 Black billionaires: 1. In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively. 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. It has grown from 1.5 million in 2000, marking a 238% increase. Hispanic families experienced a strong rise in median net worth in 2019, rising to $36,050 from $22.040 in 2016, an increase of 64%. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. liability for the information given being complete or correct. 8. Entrepreneurship Business Coach Pasha Carter. They are also paid less than white workers for doing the same job. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. Dangote Group founder Aliko Dangote has topped the 2018 list. 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. Currently, you are using a shared account. There are 2,825 billionaires in the world and 664 of them are United States citizens. This gap is primarily the result of lower average incomes and wealth. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. Then you can access your favorite statistics via the star in the header. Of families with an undergraduate degree, the wealthiest 16% of degree holders land in the top 10%. There are seven Black billionaires in the United States. This measure of fertility does not account for the birth of more than one child by a single female in a 12-month period. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. 29.1% of those with a college degree have student loans with an average balance of $55,880. This lower 50% is less educated 79% of all respondents without a high school diploma find themselves in the lower 50%; 58% of those with a high school diploma but no college are also here. 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. So the US is definitely the country with the most millionaires.