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There are 2,825 billionaires in the world and 664 of them are United States citizens. 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%. 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. 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. policy and terms. The detailed tables which have been made available display unrounded tabulations using IPUMS data. 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. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. The study explores ways in which occupational choices, spending decisions, debt load, and saving habits contribute to the net worth of Black families. Statista assumes no Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). Read to find out the power of courage and vision.. The median family net worth from that same survey is $121,700. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics Women of Power Summit The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. Wheres the highest concentration of US millionaires and other rich people? Jackie Cummings Koski started investing her money and reached financial independence at age 46. 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. Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. 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. The single-race, non-Hispanic Black population is also young. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. In comparison, more than one in. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 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. 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 conducts public opinion polling, demographic research, media content analysis and other empirical social science research. The Black population of the United States is growing. Since 1970, BLACK ENTERPRISE has provided essential business information and advice to professionals, corporate executives, entrepreneurs, and decision makers. 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. Lets start with the basics. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Roughly one-in-five (21%) are religiously unaffiliated, while smaller shares of adults identify as Catholic (6%), or with other Christian denominations (3%) or non-Christian faiths (3%). 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. This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. So you still have a chance to become a part of our statistics. The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. This quintile chart is determined by income. 2. 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. There was little variation across income groups, though the 90th percentile received the largest percentage gain. Federal Reserve 2019 Survey of Consumer Finances (SCF) When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. 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. She is a talk show host, actress, producer, pitchwoman, and philanthropist. Only 7.7% became wealthy solely through inheritance. Registry of Corporate Directors. Researchers found that a borrowers experience with relentless student loan debt reduced portfolio risk taking and therefore lowered early investment in high return risky investments (defined as stocks, stock mutual funds, mixed mutual funds, or corporate bonds etc.). Premium Statistic. 13. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. As 2020, the number households with a net worth of one million U.S. dollars or more (excluding . She only had $5,000 in savings after her marriage ended. However, the White alone population decreased by 8.6% since 2010. Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal. to incorporate the statistic into your presentation at any time. William Alexander Leidesdorff (1810-1848) was likely America's first Black millionaire. Dangote Group founder Aliko Dangote has topped the 2018 list. The homeownership rate for couples with children in 2019 was 75.7%, and for singles with children the rate was 50.4%. 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. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. Charlene is on a mission to help more people build stock portfolios that are bigger than their shoe collection. [Online]. Two-thirds (66%) of all Black adults identify as Protestant. So there may be more than one person earning in a single household. The general fertility rate among Black Hispanic females ages 15 to 44 in the U.S. was 5.7% in 2021, meaning that 5.7% of females in this age group had a birth in the previous 12 months. In any given year, Michael earns $80 $100 million from Nike royalties. A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. So the US is definitely the country with the most millionaires. Founded in 2000, today Vista Equity Partners controls more than $57 billion in assets and has delivered an average annual return north of 30% since its inception. How did they get rich, and how do they stay rich? 17. A few months later, he expanded that gift to include the parents of those students. For example, the median income in the West is 20% higher than that in the South. The Midwest is home to 17%, while another 15% live in the Northeast and 9% live in the West. Ultimately, you are responsible for your financial decisions. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. Please create an employee account to be able to mark statistics as favorites. Shares and percent changes are calculated using unrounded numbers. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. Read our research on: Congress | Economy | Gender. Accessed March 04, 2023. https://www.statista.com/statistics/300528/us-millionaires-race-ethnicity/, Annalect. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. 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. Entrepreneurs Summit Aged 26, hes worth $2.4 billion, and hes the founder of Luminar Technologies, a company that makes sensors and other tech for autonomous vehicles. The generational wealth gap continues. FinanceBuzz has partnered with CardRatings for our coverage of credit card products. 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%). The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. There are 618,000 millennial millionaires in the United States, and 93% of them have a net worth ranging from $1 to $2.49 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. He was a minority investor in the team starting in 2006 and took control of the team in 2010. U.S. born refers to persons born in the 50 states, the District of Columbia, Guam, Puerto Rico, or the U.S. Virgin Islands. In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities. The percentage of adults ages 25 to 34 who are married has declined from 57% in 1989 to 37% in 2016 (SCF 2016). Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. Hispanics made up 7% of the total . 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. 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. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. Statista. The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF).