how many black millionaires in america 2021

When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. According to a 2016 report, only 46 people became billionaires before the age of 40. Instead, the term couple is used and includes respondents who are married or living together as partners.2. Kevin Mazur / Contributor / Getty. 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. Select Accept to consent or Reject to decline non-essential cookies for this use. Two-thirds (66%) of all Black adults identify as Protestant. This large gap between white and Black families just starting out as homeowners may reflect different levels of parental wealth as Black families are much less likely to receive cash assistance from parents to meet down payment requirements. Hence, half of all U.S. families have a net worth below the 50th percentile value of $121,700, and half of all families have a net worth above that. An additional 33% were ages 30 to 64. U.S. Census Bureau - Survey of Income and Program Participation: 2018 The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. 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. More than a third (38%) of single-race Black people live in U.S. households that are headed by married couples as of 2021. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. data than referenced in the text. Overall, 235.4 million people reported White alone or in combination with another group. Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). 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. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. Management The total Black Hispanic population is also quite young. 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. By 2010, revenue was more than $3.2 billion. How quickly and what does it mean? Women of Power Summit Read to find out the power of courage and vision.. 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%). Both per capita and in absolute numbers, California takes the lead. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). [1] Lets start with the basics. How many millionaires are in the US in 2020? 9 How many Black billionaires in the U.S.? FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. Odds are you know at least one millionaire. William Alexander Leidesdorff (1810-1848) was likely America's first Black millionaire. 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. About 14% of the millennial millionaires live in New York State. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million. Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. Charlene Rhinehart is the best selling author of "Dividends Are a Queens Best Friend" available on Amazon. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. US Millionaire Demographics, 2021. . 12. The issue of racial inequality in . FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. She enjoys writing money, career, and travel articles for publications all over the web. The Black population of the United States is growing. ABOUT Your total assets minus your total liabilities equals your net worth. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. 17. 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. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). 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). This statistic shows the number of millionaire households in the United States from 2006 to 2020. Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). The list is compiled annually by market research firm Phoenix Marketing International. It has grown from 1.5 million in 2000, marking a 238% increase. The average family in the U.S. in 2017 had 1.9 children. Sales Partnership Solutions Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 Here are the richest African Americans and where they rank on the list of the world's billionaires. This measure of fertility does not account for the birth of more than one child by a single female in a 12-month period. Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. This week, McKinsey & Company released a new study examining the major factors that contribute to wealth gaps facing Black Americans. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. 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. Robert F. Smith. Keep on reading to find out. That's not to say that she doesn't work hard for her success no one works harder than Oprah. This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. About The S&P 500 gained 27% last year, while the Nasdaq was up 21%. Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. Annalect. For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. 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. Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth Households in 2018 - May 2019 When he was approved for the deal in March 2010, the franchise was valued at $175 million. About 14% of the U.S. population is Black or African American. Of The 607 American Billionaires, Only Five Are Black, Kanye West's Net Worth Soars To $6.6 Billion He Is Now The Richest Black Person In US History, David Steward Is The Second Richest Black Man In America Here's How He Earned His $4 Billion Fortune. This means that since then, there has been a whopping 53% growth in the total number of billionaires in the country in 10 years. However, the White alone population decreased by 8.6% since 2010. (+1) 202-419-4300 | Main also rose 14% to $134,800. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. More Black people are retiring early and showing others how to build their net worth at any age. While California takes the lead here with 189 billionaires, the wealthiest Americans dont live in these two states, Mark Zuckerberg being the only exception. A similar share (43%) was between 30 and 64 years old. BLACK ENTERPRISE is the premier business, investing, and wealth-building resource for African Americans. Ultimately, you are responsible for your financial decisions. A year later, he's going through a divorce from Kim Kardashian and has more than doubled his net worth. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. 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. The Missouri-based billionaire still has a majority stake in the company. Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. The Multiracial population has changed considerably since 2010. As 2020, the number households with a net worth of one million U.S. dollars or more (excluding . Kanye West is now the richest Black person in American history. In comparison, this same wealth gap was a factor of 12 in 2016 and a factor of 7 in 1989. If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. When you break down the numbers, the inequities are even more depressing. 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. As a Premium user you get access to the detailed source references and background information about this statistic. The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. 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. Forbes Billionaires 2021: The Richest People in the World Millionaire Statistics by Age The world's 100 richest individuals earned their first $1 million at age 37, on average. Money typically goes from our jobs to the education system. They are leaving huge piles of wealth to their Gen X and millennial descendants. 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. She is best known for her award-winning talk show, which ran from 1986 to 2011. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 California is the top state of residence for multiracial Black people, with about 460,000 living there. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. The boomers generation was the richest generation in the history of the United States. Wheres the highest concentration of US millionaires and other rich people? SistersInc. 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. Your Money, Your Life, LATEST LISTS 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. 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%). U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. 8. Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century She only had $5,000 in savings after her marriage ended. Most research on families with children focuses on income levels and distribution, yet researchers have noted net worth impacts childrens well-being more than a familys income. In fact, 14 of the worlds richest billionaires reside in the United States. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. According to 2019 estimates, there are about 2,153 billionaires in the world and only 13 of them are Black. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. Contact 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. 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 bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. 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. In. (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . San Francisco is third, with 6,740 millionaires. Lets check the US millionaire distribution by age and race. Learn more about how Statista can support your business. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. 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. Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. And this pattern doesnt stop after graduation. Increases in net worth for the 35-44 age group from 2016 are attributed to gains in net home equity. Almost three-in-ten Black Hispanic U.S. adults ages 25 and older (29%) have earned a bachelors degree or higher as of 2021. In any given year, Michael earns $80 $100 million from Nike royalties. There were 2.8 million Black Hispanic people in the U.S. in 2021, which was 6% of the total Black population that year, making this subgroup the smallest population group included in this analysis. And how much of wealth overall do they control? She has a cable network, her acting career, her magazine, the shows she produces, and let's not forget her lucrative endorsement deal with Weight Watchers, to name just a few of her income streams. He worked for Kraft from 1986 to 1992. 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. The study explores ways in which occupational choices, spending decisions, debt load, and saving habits contribute to the net worth of Black families. Industrial conglomerates come in second, with 9.1%, and theyre closely followed by the business and customer services industry at 9%. An estimated 7.8 million Black families have a net worth of less than $10,000. Pretty much everything she touches turns to gold. Jordan's stake in the Hornets is worth more than $1 billion alone. Well, our research shows that the number of millionaires will only grow in the future. 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. 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. And the vast majority of them are not people of color.. BE 100s Many of them are very famous with well-known names and careers. 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. Black people. Roughly four-in-ten Black Hispanic people (42%) live in U.S. households headed by married couples in 2021. [Online]. What is the poorest city in Mississippi? FinanceBuzz has partnered with CardRatings for our coverage of credit card products. However, most millennials prefer Traverse City, Michigan, as their second home since the price of luxury homes there starts from $500,000 a far cry from $2 million in Silicon Valley. At one time, she was the world's only African American billionaire. Number of high net . 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.. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF). Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. Unless otherwise noted, adults are those who are ages 18 and older. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively. Regionally, Black Hispanic people are largely concentrated in the Northeast and South (71% in total).