There are 21,951,000 millionaires in the US. Specifically, Black people represent 8% of total millionaires in the U.S., 76% are white, 8% are Asian, and the Hispanic community captures 7% of the total millionaire population across the country. In 2021, the single-race, non-Hispanic Black population was the largest demographic subgroup of U.S. Black population, numbering 39.3 million or 83% of the total. The U.S. Black population is young. A majority (69%) of single-race Black adults identify as Protestant. These numbers show that the number of millionaires in the United States Black population is 224x greater than the top 19 African countries. 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. 33% or one-third of the U.S.s millionaires are women. }); window.tude = window.tude || { cmd: [] }; Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century Looking at income another way, almost half of households with a multiracial Black householder (46%) make less than $50,000, and 54% make that sum or more. 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%). According to 2019 estimates, there are about 2,153 billionaires in the world and only 13 of them are Black. } There are more millionaires in the U.S. than you may think, and chances are you even know one or two. 7% of millionaires in the U.S. identify as Hispanic or Latino. Privacy Policy 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, U.S. distribution of assets by category and wealth percentile Q1 2021, Countries with the highest millionaire rate in 2021, U.S. wealth distribution 1990-2022, by income percentile, 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 fourth 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 Q4 2022, by income percentile, 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 2021, 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. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 A similar share (31%) has completed some college, while four-in-ten have, at most, graduated from high school or its equivalent. Yet, they still have a commanding share of home equity. 5. ]); This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. An additional 33% were ages 30 to 64. The Forbes 400 2022 Your total assets minus your total liabilities equals your net worth. Not everyone who works in finance and investment will automatically become a millionaire, but this industry produces the most millionaires and billionaires, raising the chances youll be able to become one. About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. 20 Incredible Millionaire Statistics & Facts for 2022 Only 2% of Black Families Have a Net Worth Above $1 - Black Enterprise It also includes Hispanics or Latinos who say their race is Black. The American dream is the main reason why, for centuries the United States of America has been the number one destination for generations of immigrants. aid: '', The terms multiracial, non-Hispanic Black and multiracial Black are used interchangeably throughout this fact sheet to refer to people who self-identify with two or more races and do not identify as Hispanic or Latino. Besides that,younger people are more likelyto identify with multiple racial or ethnic identities, on forms or otherwise. All blacks are working for nothing, right? Collectively, this group has about $191.6 trillion and controls about 46% of the worlds wealth. This fact sheet is a profile of the demographic, geographic and economic characteristics of the U.S. Black population in 2021. In 2020, the U.S. added 1.7 million new millionaires. 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. The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. All of the Black billionaires in the United States 9 Robert F. Smith ($6 billion) David Steward ($3.7 billion) Oprah Winfrey ($2.7 billion) Kanye West ($1.8 billion) Michael Jordan ($1.6 billion) Jay-Z ($1.4 billion) Tyler Perry ($1 billion) Wealthiest Asian-American billionaires in the United States 9 Eric Yuan ($14.9 billion) Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. 5 Measuring America's People, Places, and Economy . The finance and investments industry produces the highest number of millionaires. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics Million new millionaires were created in U.S. last year, report says - CNBC The average age for women to have $1 million set aside for retirement is 58.5. }).render('1b37e0aabe7e47acbf988f0bd583eba5'); Aliko Dangote Aliko Dangote is the richest black billionaire, with a net worth of $14 billion (11.5 in 2021). Specifically, Black people represent 8% of total millionaires. Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. playerId: '54515f60-b777-49b5-9cdd-1ec71c3b2620' In contrast, 33% of the general U.S. adult population has graduated from college. 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. Black Millionaire 'Whisperer' Dr. Dennis Kimbro Shares How Courage and Vision are the Pathway to Wealth by Black Enterprise April 18, 2022 964 Dr. Dennis Kimbro, aka the Black. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. Statista. For example, the median income in the West is 20% higher than that in the South. Black billionaires - Wikipedia Black Hispanic. While this year's cut-off number was decreased, it still left some noteworthy Black billionaires off the list. New Jersey has the highest percentage of millionaire households of any state. For most purposes, analysis of wealth inequality and its widening gap can be reduced to two simple questions: how far are top wealth groups ahead of the average citizen and how far below the average do the bottom groups lie? Federal Reserve Report on the Economic Well-Being of U.S. Median net worth for those without high school has been on a downward trajectory since this survey began in 1989. 48.2 million The Black population, either alone or in combination with one or more races, in the United States in 2019. The worlds 100 richest individuals earned their first $1 million at age 37, on average. 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). Related: Key facts about the nations 47.2 million Black Americans. url: '', An estimated 47.2 million people in the U.S. identified as Black in 2021. Distribution of U.S. Millionaires by Generation, as of 2013. 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. 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). The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF). The median is less influenced by the extreme wealth of a very small group of survey respondents. Sales Partnership Solutions Forbes. 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. We are happy to help. In comparison, more than one in. 1 This suggests there is likely a discrepancy between the number of multiracial Black people in the U.S., as reported through demographic data analysis, and the number of multiracial Black people who identify themselves in this way. The term also refers to those born abroad to a parent who was a U.S. citizen. More than half of these households (53%) earn less than $50,000, with the other 47% making $50,000 or more. 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. How Many Millionaires Are There in the World in 2022? - MoneyTransfers.com env: '', The nearly 22 million millionaires in the U.S. account for 8.8% of the countrys adult population and over 39% of millionaires worldwide. In 2000, this group was worth $41.5 trillion, and in 2020, theyre worth $191.6 trillion collectively. The top 10% comprises 13% of the wealthiest white families, 1% of all Black families, and 3% of all Hispanic families. This population has grown from 960,000 in 2000 to 2.8 million in 2021, marking a 191% increase. Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. ]); FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. 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. tag: '', data than referenced in the text. the killers drummer found dead / joseph williams jr obituary / how many black millionaires in america 2021 how many black millionaires in america 2021. how many black millionaires in america 2021 how is madison brown related to christopher knight. Millionaires in America 2020: All 50 States Ranked | Kiplinger 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. Abby attended Oral Roberts University in Tulsa, Oklahoma, where she earned a degree in writing with concentrations in journalism and business. The total number of millionaires in America in 2021 was 21,951,000. Fewer than two-in-ten (16%) are part of non-family households. Distribution of U.S. Millionaires by Generation, as of 2013. Accessed on December 22, 2021. The terms foreign born and immigrant are used interchangeably. baseDivId: 'pb-slot-right-1', Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . 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. 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? 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). A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. Financial Samurai. According to the U.S. Census Bureau, there were 258.3 million adults in the U.S. in 2020. U.S. Census Bureau - The Wealth of Households: 2017 This represents a gain of more than 30% but still below the pre-Recession median net worth of $25,920 in 2007. Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. Instead, the term couple is used and includes respondents who are married or living together as partners.2. April 19, 2023, 4 Things You Must Do Before The Next Recession, National Debt Relief vs Freedom Debt Relief. Of families with an undergraduate degree, the wealthiest 16% of degree holders land in the top 10%. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. Get in touch with us. 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. Do You Aspire To Be Poor? Age | Gender | Industry | Location | Trends and Projections. When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. baseDivId: 'pb-slot-right-1', Opinions expressed by Forbes Contributors are their own. The Roots of Black Wealth Run Deeper Than We Ever Dreamed, Jay-Zs Powerful (and Controversial) Money and Business Lessons From 4:44, How to Create Conscious Black Millionaires, Beauty Industry Experts Talk Navigating Your Niche, 2016 Black Enterprise Entrepreneurs Summit, Dr. Ali Yasin Teaches How to Think Like the Wealthy. divId: 'div-gpt-ad-rightrail-1', Masthead. Average wealth in America has grown over the past 50 years, but not at the same rate for everyone. 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. Entrepreneurs Summit How Billionaires Got So Rich in 2021. Accessed on December 22, 2021. Credit Suisse. Just 2% grew up in high-income families. A quintile is when the data is separated into five different yet equal sections. Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth