David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. 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. Lets check the US millionaire distribution by age and race. The number of super-rich individuals has gone up for the 10th year in a row! For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. We shouldnt be six feet apart when it comes to building wealth., He continues, We are constantly transferring money from one institution to another. 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. Entrepreneurs Summit Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. 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. Its important to mention that the share of those in the United States not just Black Americans who identify with more than one race has grown in recent years. Many people have more than a single million, and some have much, much more. ), Last updated 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. And the vast majority of them are not people of color.. Jordan's timing in buying majority control of the Hornets could not have been better. Robert F. Smith is the Founder, Chairman, and CEO of Vista Equity Partners LLC. 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. Keep on reading to find out. 5. San Francisco is third, with 6,740 millionaires. How did they get rich, and how do they stay rich? Marital data was asked but not reported in the 2019 SCF. Starting from zero or in debt in their 20s, a typical U.S. family will grow wealth during their main earning years and pay down debt, slow their rate of wealth accumulation as they reach retirement, and then draw on their retirement savings accounts along with Social Security and pensions. Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. As a Premium user you get access to the detailed source references and background information about this statistic. Statista. An estimated 7.8 million Black families have a net worth of less than $10,000. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Black American and Asian millionaires each accounted for just 8%. 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. Additionally, 400,000 members of the multiracial Black population are foreign born (8%), as of 2021. It is important to note that we are talking about a household, not an individual. 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. Black Men XCEL 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. Florida is home to 370,000 multiracial Black people, while Texas has 350,000. Click here for a downloadable spreadsheet of these findings. Today he brings home more than $100 million a year from his endorsement deal with Nike, alone. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. 51.5 million families are in this group. US Millionaire Demographics, 2021. . Eight are Americans. His net worth is currently estimated at $7.7 billion. 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. Robert L. Johnson Created the Most Black Millionaires In US History After Selling BET. This would place you in the fourth quintile group represented by 80 in the chart below. 11. The number is an increase from 2000, when 260,000 Black Hispanic people were foreign born. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. Most Black immigrants (88%) were born in African or . 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%. Show publisher information The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. About 38% of US millionaires are over 65 years of age. About 14% of the millennial millionaires live in New York State. An additional 46% were ages 30 to 64. Examining net worth across age, education, race, and more can be very useful when trying to set yourself up for financial well-being now and in the future. Jordan didn't make as much playing basketball during his 15 seasons in the NBA as he made off the court with endorsements. West is the thirdrichest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 billion). liability for the information given being complete or correct. Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. Moreover, 83.9% of the worlds wealth is owned by the top 10% richest people. 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? Both per capita and in absolute numbers, California takes the lead. Use Ask Statista Research Service. The terms foreign born and immigrant are used interchangeably. A similar share (31%) has completed some college, while four-in-ten have, at most, graduated from high school or its equivalent. Since that time, NBA values have skyrocketed. In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. Get in touch with us. 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. 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. 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. Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. 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. The Multiracial population has changed considerably since 2010. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. When expanded it provides a list of search options that will switch the search inputs to match the current selection. There are approximately 51,882,000 people who own one million USD or more worldwide. 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. Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). However, many of these millennials are earning good money all by themselves as well. Only about 20% of Americans inherit their riches. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. 9 How many Black billionaires in the U.S.? This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. Pew Research Center does not take policy positions. However, the White alone population decreased by 8.6% since 2010. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession Thats why Koski advocates saving a consistent amount every week to achieve financial goals. Her work has helped many people leave the debt cycle and enter the dividend circle. Annalect. The average student loan debt increased by 18.38% to $41,410. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. 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. Then you can access your favorite statistics via the star in the header. There are 2,825 billionaires in the world and 664 of them are United States citizens. 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. Well, our research shows that the number of millionaires will only grow in the future. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. Ultimately, you are responsible for your financial decisions. 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. Black American billionaires have seen their net worths surge over the past year of the COVID pandemic. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. 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. Due to varying update cycles, statistics can display more up-to-date U.S. high net worth individuals 2008-2021. The issue of racial inequality in . FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. Roughly four-in-ten Black Hispanic people (42%) live in U.S. households headed by married couples in 2021. It also includes Hispanics or Latinos who say their race is Black. Approximately 6.4% of people who are Black, college-educated, and middle-aged are estimated to be or to become millionaires. The vast majority (98%) of the multiracial Black population in 2021 speaks either only English (92%) or if they speak another language at home, say also they speak English very well (6%). So if your income placed you in the 65th percentile, 65% of the population would earn less than you, and 35% would earn more than you. The bottom 50% includes a large majority of Black and Hispanic families, 75% of all Black families and 67% of all Hispanic families fall in this tier. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. Over $80 million paid to members so far - how much can you earn. 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. 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. Furthermore, according to UBS, his brand new partnership with The Gap is worth $1 billion. (+1) 202-419-4372 | Media Inquiries. Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. Germany is next with 2.221 million millionaires, and France follows close behind with 2.192 million millionaires. More than 8% of adults in the U.S. have enough assets to fit the definition, according to the Global Wealth Report 2020 by Credit Suisse. 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%). 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. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals. 16. It is a subsidiary of The Pew Charitable Trusts. Millionaire Statistics by Age The world's 100 richest individuals earned their first $1 million at age 37, on average. 15. 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).