It is important to note that we are talking about a household, not an individual. Please do not hesitate to contact me. The median age of Black people in 2021 was 33 years, five years younger than the U.S. populations median age of 38. This further reaffirms that billionaires are not made overnight but are built through experience and time. The boomers generation was the richest generation in the history of the United States. 18. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. 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.. The average student loan debt increased by 18.38% to $41,410. At one time, she was the world's only African American billionaire. Keep on reading to find out. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. However, many of these millennials are earning good money all by themselves as well. 7. When expanded it provides a list of search options that will switch the search inputs to match the current selection. And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million. A majority (69%) of single-race Black adults identify as Protestant. Higher median incomes by region account for net worth differences too. 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. Subscribe to Newsletter (Image: Bob Johnson / Courtesy of Tony Powell) Black Entertainment . 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. Black American and Asian millionaires each accounted for just 8%. 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. We shouldnt be six feet apart when it comes to building wealth., He continues, We are constantly transferring money from one institution to another. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. The middle 40% of U.S. families own 22% of the wealth. An additional 33% were ages 30 to 64. A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. More than a third (38%) of single-race Black people live in U.S. households that are headed by married couples as of 2021. 12. When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 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. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. The total number of millionaires in the US is, New York is the city with the biggest concentration of ultra-rich millionaires with, The United States millennial millionaires own an average of three properties with a real estate portfolio worth. Before launching Vista, Robert F. Smith worked for Goldman Sachs in the Mergers & Acquisitions division from 1994 to 2000. Pew Research Center does not take policy positions. Individuals who are from Africa, but don't reside in the continent (such as Elon Musk and . More Black people are retiring early and showing others how to build their net worth at any age. 2. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. Submit a correction suggestion and help us fix it! In comparison, this same wealth gap was a factor of 12 in 2016 and a factor of 7 in 1989. Roughly 27% of the single-race Black population was below the age of 20, and 13% were 65 or older. 13. This is the highest median net worth for Hispanic families since the SCF began in 1989. They are also paid less than white workers for doing the same job. SistersInc. The general fertility rate among Black females ages 15 to 44 was 5.8% in 2021, meaning that 5.8% of females in this age group had a birth in the previous 12 months. The terms foreign born and immigrant are used interchangeably. 30.7% Entrepreneurship Business Coach Pasha Carter. 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). This quintile chart is determined by income. Seven. For investors, real estate offers the biggest opportunity to develop wealth. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. "Distribution of U.S. millionaires by race/ethnicity, as of 2013." The detailed tables which have been made available display unrounded tabulations using IPUMS data. 1615 L St. NW, Suite 800Washington, DC 20036USA Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. 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. You need at least a Starter Account to use this feature. Jordan didn't make as much playing basketball during his 15 seasons in the NBA as he made off the court with endorsements. 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. Women of Power Summit Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 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). All seven black American billionaires are self-made. It also includes Hispanics or Latinos who say their race is Black. 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. Of those billionaires, only 15 of them are black globally and seven black billionaires live in the United States. 4. When you break down the numbers, the inequities are even more depressing. Unless otherwise noted, adults are those who are ages 18 and older. The exact number is hard to determine since Congress members reveal their finances in ranges. 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.). Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. EVENTS In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. Learn more in our Cookie Policy. Learn more about how we make money and our editorial policies. An additional 46% were ages 30 to 64. Robert F. Smith. By 2003, WWT had revenues topping $1 billion. Her work has helped many people leave the debt cycle and enter the dividend circle. The average net worth of a U.S. family is $748,800, according to the most recent Survey of Consumer Finances (SCF) conducted by the Federal Reserve in 2019. Over his NBA career, Jordan earned $93 million. 5, Federal Reserve - Survey of Consumer Finances, 1989 - 2019, Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics, Federal Reserve - Distribution of Household Wealth in the U.S. since 1989, U.S. Census Bureau - The Wealth of Households: 2017, Federal Reserve Report on the Economic Well-Being of U.S. 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. 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. Women of Power TECH, PODCASTS Moreover, 83.9% of the worlds wealth is owned by the top 10% richest 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. data than referenced in the text. (+1) 202-419-4372 | Media Inquiries. As a Premium user you get access to background information and details about the release of this statistic. 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. The Missouri-based billionaire still has a majority stake in the company. How many billionaires in the U.S.? That works out . ), Last updated 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). [1] Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. Roughly 14% of all UHNW individuals engage in it as their primary industry. 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. 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. West is the thirdrichest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 billion). The study explores ways in which occupational choices, spending decisions, debt load, and saving habits contribute to the net worth of Black families. More than half of these households (53%) earn less than $50,000, with the other 47% making $50,000 or more. A quintile is when the data is separated into five different yet equal sections. We appreciate the public's cooperation as we continuously measure America's people, places and economy. Equifax - Millennials, Mortgages and Student Debt The bottom half of families (the first two quintiles and half of the third) represent those bringing in an income of less than $59,000. Statista assumes no Click here for a downloadable spreadsheet of these findings. Masthead. Less than 1% of all billionaires in the United States are Black. Florida is home to 370,000 multiracial Black people, while Texas has 350,000. 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. This measure of fertility does not account for the birth of more than one child by a single female in a 12-month period. Robert F. Smith is the Founder, Chairman, and CEO of Vista Equity Partners LLC. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. Pew Research Center - The Growing Diversity of Black America The terms single-race, non-Hispanic Black; single-race Black; and Black alone, non-Hispanic are used interchangeably throughout this fact sheet to refer to the same population. 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. 9. 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. 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. You most probably still have time to become rich. Economic Equity & Racial Justice Townhall Series, Elevate Black Podcast sponsored by Fifth Third Bank, 100 Founders of Change by American Express, Chasing Success Podcast by JP Morgan Chase, Black Business Month Sponsored by Nationwide, 2022 Registry Of Corporate Directors Listing, 2021 BE Registry Of Corporate Directors Listing. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. 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). Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. 8. David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. Management Germany is next with 2.221 million millionaires, and France follows close behind with 2.192 million millionaires. (+1) 202-857-8562 | Fax The number of millionaires, their households, and how they got their wealth. The Charlotte Hornets NBA team is far and away Jordan's biggest asset. Wealth flows through us, not to us, says J.D. Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. The general fertility rate among single-race Black females ages 15 to 44 in the U.S. was 5.9% in 2021, meaning that 5.9% of females in this age group had a birth in the previous 12 months. On average, black households had $8,762 in cash or equivalent liquid assets compared with $49,529 for white households, according to government data analyzed by the Economic Policy Institute.. Broader analysis shows that 52% of Black U.S. households earn less than $50,000, while 48% make $50,000 or more. Oprah Winfrey is the Queen of all Media. Connect with Charlene on Instagram @charlenerhinehart or get access to weekly money insights, investing ideas, and travel tips by subscribing to Wealthy Women Daily Free Newsletter at www.wealthywomendaily.com.