According to a census report in 2020, there are 788 billionaires in the United States with a combined net worth of $3.431 trillion. About 3.9 million members of this population are immigrants from other countries, meaning 10% of single-race Black people are foreign born in 2021. As soon as this statistic is updated, you will immediately be notified via e-mail. 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. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. Smith is the first African American to sign the Giving Pledge. Fewer than a two-in-ten (17%) live in non-family households. Over $80 million paid to members so far - how much can you earn. A good way to dip your toes in the real estate business is to buy your first primary residence. Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. 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. For the fourth quarter of 2019, total wealth in the U.S. was $111.04 trillion. Dangote Group founder Aliko Dangote has topped the 2018 list. Federal Reserve Report on the Economic Well-Being of U.S. . The generational wealth gap continues. There are a lot of inspiring people both fictional and real that have made it big that way. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. In fact, 14 of the worlds richest billionaires reside in the United States. This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. A similar share (31%) has completed some college, while four-in-ten have, at most, graduated from high school or its equivalent. She enjoys writing money, career, and travel articles for publications all over the web. The terms Black population and Black people are used interchangeably in this fact sheet. data than referenced in the text. In. What percentage of Americans are millionaires then? Your total assets minus your total liabilities equals your net worth. 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. 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. There are 229 millionaires in Congress. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. 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%). 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 . 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. Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the largest Black Hispanic population (580,000 people). More than a third (38%) of single-race Black people live in U.S. households that are headed by married couples as of 2021. 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. Millionaires on the West Coast are slightly older, as well. According to a 2020 report, New Jersey wrested the top spot from Maryland when it comes to millionaire per capita. What is the poorest city in Mississippi? The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. In fact, Kanye West recently became the wealthiest black American billionaire of all time. He was a minority investor in the team starting in 2006 and took control of the team in 2010. MACON, Miss. A similar share (43%) was between 30 and 64 years old. All seven black American billionaires are self-made. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. The boomers generation was the richest generation in the history of the United States. Each quartile increase of student debt as a fraction of financial assets lowers the representation of these risky asset classes in the mix of total financial assets by 20%. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. 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. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). In, Annalect. He owns about 90% of the franchise, which was most recently valued at a minimum of $1.15 billion. Compensation may impact where offers appear. Women of Power Summit 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. Learn more about how we make money and our editorial policies. Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. Currently, you are using a shared account. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. FinanceBuzz.com does not make any credit decisions. Aliko Dangote: $14 billion Africa's richest man, Aliko Dangote saw his fortune grow from around $11.5 billion on. 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). 1615 L St. NW, Suite 800Washington, DC 20036USA 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. The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. Seven. About 14% of the U.S. population is Black or African American. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). It has grown from 1.5 million in 2000, marking a 238% increase. 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. 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. 18. Thats why Koski advocates saving a consistent amount every week to achieve financial goals. 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. Money typically goes from our jobs to the education system. This represents a gain of more than 30% but still below the pre-Recession median net worth of $25,920 in 2007. This group consists of people with varied racial and ethnic identities and experiences. The rest of them (80%) are self-made, first-generation millionaires. 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.. Individuals who are from Africa, but don't reside in the continent (such as Elon Musk and . 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. When there is a large gap between the median and the average values, as there is here, that indicates there is significant skew in the data and the average net worth will have less relevance for your typical household. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. Eight are Americans. 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. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. 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. The median family net worth from that same survey is $121,700. William Alexander Leidesdorff (1810-1848) was likely America's first Black millionaire. Dr. Dennis Kimbro, aka the Black millionaire "whisperer," shares the secret to building wealth. Over his NBA career, Jordan earned $93 million. 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. (+1) 202-419-4300 | Main This means that since then, there has been a whopping 53% growth in the total number of billionaires in the country in 10 years. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Youre not going to be saving or investing unless in your mind you believe it will make a difference, Koski toldMarket Watch. The median net worth is more heavily influenced by the distribution of wealth across all families in the survey the number of respondents is more important than the total dollar value of wealth and is equivalent to the 50th percentile. We need to allocate more money toward investing if we want to build wealth.. 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. While California takes the lead here with 189 billionaires, the wealthiest Americans dont live in these two states, Mark Zuckerberg being the only exception. Five years later, her net worth has exceeded $750,000 and shes on track to become a millionaire next year. The share of white millionaires in the United States has doubled in the past quarter-century, with 1 in 7 white families now worth more than $1 million, according to new Federal Reserve data.. If you are an admin, please authenticate by logging in again. According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. 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. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. When looking deeper behind the numbers and demographics of net worth, trends emerge such as heavier debt loads for working-age families and a widening of inequality in wealth distribution. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. ), Last updated 20.3% of them benefited from a combination of inheritance and self-created wealth. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. Since that time, NBA values have skyrocketed. The middle 40% of U.S. families own 22% of the wealth. 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. If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. The top 10% is well-educated you are most likely to land in this group if you have a postgraduate degree, as 27% of respondents with a higher degree are in the top 10%. Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt. 9 How many Black billionaires in the U.S.? That works out . It is a subsidiary of The Pew Charitable Trusts. (March 31, 2013). 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. 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).