The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. From 2016 to 2019, the median home value rose 14% across age groups to $225,000, yet the median value of home-secured debt (mortgages, home equity loans, etc.) Many people have more than a single million, and some have much, much more. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. 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. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. 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). 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. Roughly two-in-five (41%) members of the single-race Black population in the U.S. were under 30 in 2021. Let's take a look at the five wealthiest black people in the U.S. Michael Jordan is the highest-paid athlete of all time, but not because of his salary from the Chicago Bulls. 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). 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. About In 2019, Black household spending totaled approximately $835 billion. B.E. Lets start with the basics. 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.
Breakdown of U.S. millionaires by race/ethnicity 2013 | Statista Despite being half of all American families, they earn about 15% of the countrys total household income. Furthermore, according to UBS, his brand new partnership with The Gap is worth $1 billion. 2. An additional 46% were ages 30 to 64. Register in seconds and access exclusive features. 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. Regionally, the highest concentration of Black people in the U.S. in 2021 is in the South; more than half (56%) live there. Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. 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. So there may be more than one person earning in a single household. 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. Oprah Winfrey is the Queen of all Media. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. 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). 6. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. U.S. born refers to persons born in the 50 states, the District of Columbia, Guam, Puerto Rico, or the U.S. Virgin Islands. 9 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. It is a subsidiary of The Pew Charitable Trusts. Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . According to the Global Wealth Report, 43.4% of the worlds wealth is controlled by millionaires, or approximately $173.3 trillion. Management Your total assets minus your total liabilities equals your net worth. Most Black immigrants (88%) were born in African or . As of 2022, here are the world's 15 Black billionaires: 1. New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. This statistic shows the number of millionaire households in the United States from 2006 to 2020. Aliko Dangote: $14 billion Africa's richest man, Aliko Dangote saw his fortune grow from around $11.5 billion on. According to the Federal Reserve, the top 10% in the US own 69.6% of the nations wealth. Eight are Americans. When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. Your Money, Your Life, LATEST LISTS 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.
What is the most expensive ZIP code in Mississippi? - 2023 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. That's not to say that she doesn't work hard for her success no one works harder than Oprah. also rose 14% to $134,800. ", 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. Increases in net worth for the 35-44 age group from 2016 are attributed to gains in net home equity. She is a talk show host, actress, producer, pitchwoman, and philanthropist. We have not included all available products or offers. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). In any given year, Michael earns $80 $100 million from Nike royalties. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races.
Facts About the U.S. Black Population | Pew Research Center A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). Robert F. Smith is the Founder, Chairman, and CEO of Vista Equity Partners LLC. How many millionaires are in the US in 2020? Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. Just under half of multiracial Black people (45%) live in U.S. households that are headed by married couples as of 2021. Smith graduated from Cornell University and Columbia Business School. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. According to the most recent data available, 76% of US millionaires were white or Caucasian. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. When you break down the numbers, the inequities are even more depressing. Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. The average family in the U.S. in 2017 had 1.9 children. Roughly 14% of all UHNW individuals engage in it as their primary industry.
We are happy to help. 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. So you still have a chance to become a part of our statistics. Get vetted side hustles and proven ways to earn extra cash sent to your inbox. The median is less influenced by the extreme wealth of a very small group of survey respondents. In 2018, there was a record of 23 African billionaires on the list. Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 They are also paid less than white workers for doing the same job. 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. An estimated 7.8 million Black families have a net worth of less than $10,000. She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. 2023 Celebrity Net Worth / All Rights Reserved. The report summarizes occupational representation in various industries within the United States. Smith, author of Financial Distancing: How to Economically Quarantine Your Wealth, in an interview with Black Enterprise. 7. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Find your information in our database containing over 20,000 reports, The number of American households with assets of one million U.S. dollars or more, high net-worth individuals in North America, 110,850 individuals with net assets of at least 50 million U.S. dollars. According to 2019 estimates, there are about 2,153 billionaires in the world and only 13 of them are Black. 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. 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%. Millionaires are defined as individuals with a household net worth of at least 2 million U.S. dollars. Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. This button displays the currently selected search type. An additional 33% were ages 30 to 64. 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). to incorporate the statistic into your presentation at any time. The youngest millionaires are millennials, and their wealth is steadily growing. 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.
About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. At that time, the U.S. adult. This is the highest median net worth for Hispanic families since the SCF began in 1989. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. According to the report, Black wealth could skyrocket if financial barriers were dismantled. The number of millionaires increased substantially between 2020 and 2021. About 44% of the millennial millionaires of the US are concentrated in California, which is pretty consistent with the population of older millionaires as well. Money typically goes from our jobs to the education system. Of families with an undergraduate degree, the wealthiest 16% of degree holders land in the top 10%. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. Read to find out the power of courage and vision.. Marital data was asked but not reported in the 2019 SCF.
Improved Race, Ethnicity Measures Show U.S. is More Multiracial Click here for a downloadable spreadsheet of these findings. 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 detailed tables which have been made available display unrounded tabulations using IPUMS data. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own.
When millennial renters (age range 23 to 38 in 2019 per the Pew Research Center) were asked by the Federal Reserve Bank of New Yorks Survey of Consumer Expectations what was holding them back from purchasing a home, 55.7% responded too much debt/not saved enough, largely referring to student loan debt.