how many black millionaires in america 2021

Of course, millionaires are only one part of the equation. Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. Roughly 27% of the single-race Black population was below the age of 20, and 13% were 65 or older. Chris Hogan, radio host and author of the book "Everyday. 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. Obviously, theres a huge wealth disparity. 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. Overall, 235.4 million people reported White alone or in combination with another group. Roughly 30% of the entire Black population was below the age of 20 while 12% were 65 or older. In this publication, the general fertility rate refers to the share of females who gave birth in the previous 12 months. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. They are also paid less than white workers for doing the same job. (+1) 202-419-4372 | Media Inquiries. Annalect. (Plus, how many billionaires are there really? 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. But if it was that easy, wouldnt we be all millionaires? Today the Nike-owned Jordan brand accounts for about 50% of the basketball sneaker marketand makes an average of $3 billion in revenue for Nike annually (give or take). Thats why Koski advocates saving a consistent amount every week to achieve financial goals. 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. Industrial conglomerates come in second, with 9.1%, and theyre closely followed by the business and customer services industry at 9%. liability for the information given being complete or correct. . In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities. 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. Ultimately, you are responsible for your financial decisions. 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%). The average family in the U.S. in 2017 had 1.9 children. As soon as this statistic is updated, you will immediately be notified via e-mail. 1615 L St. NW, Suite 800Washington, DC 20036USA Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth 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. Fewer than two-in-ten (16%) are part of non-family households. All seven black American billionaires are self-made. 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. In contrast, the United States had 404 billionaires in 2010. The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF). A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. 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. For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. It is important to note that we are talking about a household, not an individual. She is best known for her award-winning talk show, which ran from 1986 to 2011. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. also rose 14% to $134,800. 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 generational wealth gap continues. Based in Missouri, WWT is the top U.S. reseller of Cisco solutions and second in the world. California is home to the second-highest number of this population (310,000), and Florida comes in third with 300,000 people. Most millionaires have to work for the money and dont get rich once a relative dies, according to The Millionaire Next Door: The Surprising Secrets of Americas Wealthy by Thomas J Stanley. Kevin Mazur / Contributor / Getty. 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. In fact, 14 of the worlds richest billionaires reside in the United States. 9 How many Black billionaires in the U.S.? (March 31, 2013). So there may be more than one person earning in a single household. 11. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Lakisha Simmons, an associate professor of analytics at Belmont University, started her wealth building journey in 2016. Hispanics made up 7% of the total millionaire population. 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. Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. As of 2022, here are the world's 15 Black billionaires: 1. This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. 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 S&P 500 gained 27% last year, while the Nasdaq was up 21%. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. Only about 20% of Americans inherit their riches. About 14% of the millennial millionaires live in New York State. Her work has helped many people leave the debt cycle and enter the dividend circle. The median age of Black people in 2021 was 33 years, five years younger than the U.S. populations median age of 38. Dr. Dennis Kimbro, aka the Black millionaire "whisperer," shares the secret to building wealth. 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. Read our research on: Congress | Economy | Gender. The median age of single-race Black people in 2021 was 35, three years younger than the full U.S. populations median age of 38. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. 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. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. For the fourth quarter of 2019, total wealth in the U.S. was $111.04 trillion. This statistic shows the number of millionaire households in the United States from 2006 to 2020. Subscribe to Newsletter New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. Due to varying update cycles, statistics can display more up-to-date 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. EVENTS 18. If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. The company provides planning, procurement, and deployment of IT products and solution selling. The Missouri-based billionaire still has a majority stake in the company. Approximately 6.4% of people who are Black, college-educated, and middle-aged are estimated to be or to become millionaires. Median household income increased across all quintiles from 2016 to 2019. 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. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million. According to a census report in 2020, there are 788 billionaires in the United States with a combined net worth of $3.431 trillion. In 2018, there was a record of 23 African billionaires on the list. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 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. She is also the Managing Director of CEO Unlimited Communications Firm where she helps others break down complex information into digestible concepts that audiences love. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. 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. A year later, he's going through a divorce from Kim Kardashian and has more than doubled his net worth. 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. Households in 2018 - May 2019 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. 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). 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. In a distant second is the Atlanta metro area, with 2.2 million, and then the Washington, D.C., metro area, with 1.8 million Black residents. Select Accept to consent or Reject to decline non-essential cookies for this use. 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. Many people have more than a single million, and some have much, much more. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). White families held $93.55 trillion (84.2%), Black families held $4.43 trillion (3.99%), and Hispanic families held $2.58 trillion (2.32%). The median net worth for the 35-44 group, $91,300, is still more than 16% below the pre-Recession median net worth of $109,430 in 2007. 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. 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.. The U.S. Black population is young. This text provides general information. This button displays the currently selected search type. 17. Robert F. Smith. Smith graduated from Cornell University and Columbia Business School. It has grown from 1.5 million in 2000, marking a 238% increase. She is one of the wealthiest African Americans of the 20thand 21stcenturies. We appreciate the public's cooperation as we continuously measure America's people, places and economy. In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal. This represents a gain of more than 30% but still below the pre-Recession median net worth of $25,920 in 2007. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. Source: Federal Reserve - Survey of Consumer Finances, 1989 - 20193, Source: U.S. Census Bureau - The Wealth of Households: 2017.6 Note this chart is in 2017 dollars. The single-race, non-Hispanic Black population is also young. 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). Thats 43%, over seven times the national rate of 6%. Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. Lets check the US millionaire distribution by age and race. 13. In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. The top 10% comprises 13% of the wealthiest white families, 1% of all Black families, and 3% of all Hispanic families. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. 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. This fact sheet is a profile of the demographic, geographic and economic characteristics of the U.S. Black population in 2021. This trend is expected to grow. Black workers are concentrated in lower wage jobs. Over his NBA career, Jordan earned $93 million. 4. Charlene is on a mission to help more people build stock portfolios that are bigger than their shoe collection. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. 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. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. 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. According to a 2020 report, New Jersey wrested the top spot from Maryland when it comes to millionaire per capita. ", 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. He was a minority investor in the team starting in 2006 and took control of the team in 2010. There are 21,951,000 millionaires in the U.S., according to the 2021 Global Wealth Report by Credit Suisse. Available: https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Distribution of U.S. millionaires by race/ethnicity, as of 2013, Available to download in PNG, PDF, XLS format, Number of people with wealth over one million U.S dollars 2021, by country, Countries with the highest millionaire rate in 2021, Ultra high net worth individuals: population of global 1 percent 2021, by country, Number of millionaire households U.S. 2006-2020, U.S. high net worth individuals 2008-2021, North America wealth of high net worth individuals 2008-2021, Asset allocation of high net worth individuals in North America 2021, Distribution of assets by category and wealth percentile U.S. Q1 2021, Share of households who are millionaires by state U.S. 2020, Number of households who are millionaires. Seven. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the highest number of multiracial Black residents (320,000). In comparison, more than one in. (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. When you break down the numbers, the inequities are even more depressing. The charts below use quintiles and quartiles to break up the data in the 2019 SCF. "Distribution of U.S. millionaires by race/ethnicity, as of 2013." 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. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. So the US is definitely the country with the most millionaires. The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. Understanding net worth in the United States is about more than just doing the math of assets minus debts. Your total assets minus your total liabilities equals your net worth. So dont worry. (+1) 202-419-4300 | Main More than a third (38%) of single-race Black people live in U.S. households that are headed by married couples as of 2021. The study explores ways in which occupational choices, spending decisions, debt load, and saving habits contribute to the net worth of Black families. Money typically goes from our jobs to the education system. Most affluent women worldwide 2022, by net worth, Distribution of wealth in the United States 1990-2022. 10. Credit Suisse Global Wealth Report There are 229 millionaires in Congress. 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. Oprah Winfrey is the Queen of all Media. Equifax - Millennials, Mortgages and Student Debt 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. For the under 35 group, 46% of white families are homeowners, but for Black families at the same age, only 17% are homeowners. Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. This quintile chart is determined by income. The difference in net worth between regions can be attributed to varying rates of median home equity. Jordan's stake in the Hornets is worth more than $1 billion alone. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. The number of millionaires increased substantially between 2020 and 2021. 51.5 million families are in this group. 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%). Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. 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). Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. This would place you in the fourth quintile group represented by 80 in the chart below. More than half of these households (53%) earn less than $50,000, with the other 47% making $50,000 or more. Keep on reading to find out. 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. The average student loan debt increased by 18.38% to $41,410. Higher median incomes by region account for net worth differences too. The detailed tables which have been made available display unrounded tabulations using IPUMS data. Only 7.7% became wealthy solely through inheritance. Eight are Americans. For more, read Faith Among Black Americans. 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). Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. Furthermore, according to UBS, his brand new partnership with The Gap is worth $1 billion. The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. The fortunes of billionaires have been on the rise across the board. 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. 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. Thats more than 10% of households in the US. Besides English, other languages spoken at home by the U.S. Black population ages 5 and older include Spanish (3%), French or Haitian Creole (3%) and Amharic and other Ethiopian languages (1%).1, The vast majority (97%) of the single-race Black population in 2021 speaks either only English (91%) or, if they speak another language at home, say they also speak English very well (6%). 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. 5,671,005 US households earn over $3 million or more, covering about 4.41% of all US households. As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. Three-in-ten Black households (31%) make $75,000 or more, including 20% that make $100,000 or more. 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. Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth. 5 Germany is next with 2.221 million millionaires, and France follows close behind with 2.192 million millionaires. WWT has more than 6,500 employees across 20 offices across the globe. Investor Robert F. Smith is the richest black man in the country. 14. policy and terms. Both per capita and in absolute numbers, California takes the lead.