The rest of them (80%) are self-made, first-generation millionaires. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. As of 2022, here are the world's 15 Black billionaires: 1. Submit a correction suggestion and help us fix it! More than half of these households (53%) earn less than $50,000, with the other 47% making $50,000 or more. Forbes has revealed the 400 wealthiest Americans, and as far as Black people, only two made the list. Simmons reached her goals by managing her expenses, maxing out her retirement accounts, and investing in brokerage accounts. FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF). Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. Florida is home to 370,000 multiracial Black people, while Texas has 350,000. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. Learn more in our Cookie Policy. An additional 46% were ages 30 to 64. Money typically goes from our jobs to the education system. Register in seconds and access exclusive features. [Online]. "Distribution of U.S. millionaires by race/ethnicity, as of 2013." The number of super-rich individuals has gone up for the 10th year in a row! The rule of thumb is that with hard work, you can achieve anything in America. Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. 16. The Missouri-based billionaire still has a majority stake in the company. French or Haitian Creole is spoken by 2% of the multiracial Black population that is over age 5, as is Spanish.3 Meanwhile, 1% of the population speaks Portuguese. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. The state of Texas has the largest number of single-race Black people (around 3.4 million), followed by Georgia (roughly 3.3 million) and Florida (about 3.2 million). Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). 6. It was measured at 9 million people in 2010 and is now 33.8 million people in 2020, a 276% increase. In addition, there are people with multiple racial identities in their family history whodo not describe their racial identity as two or more races. 3. Read our research on: Congress | Economy | Gender. The average student loan debt increased by 18.38% to $41,410. Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). Just under half of the U.S. Black population (45%) was younger than 30 in 2021. The single-race, non-Hispanic Black population is also young. Median net worth for Black families rose from $18,240 in 2016 to $24,100 in 2019. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. It has grown from 1.5 million in 2000, marking a 238% increase. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. Just 46% of all white families are included in the bottom 50%. 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. Of course, millionaires are only one part of the equation. This fact sheet rely on respondent self-identification of race and ethnicity in the Census Bureaus 2021 ACS to identify the nations Black population. Here are some facts revealed by looking at net worth: Wealth distribution in America is often broken into equal sections, or percentiles, in order to understand better how wealth is accumulated, in what quantities, and by whom. It also becomes clear which assets gain value over time and the difference between debt that weighs you down, such as credit card debt, and debt that helps you build wealth, such as a mortgage. That works out . Robert F. Smith is the Founder, Chairman, and CEO of Vista Equity Partners LLC. A similar share (43%) was between 30 and 64 years old. According to a 2020 report, New Jersey wrested the top spot from Maryland when it comes to millionaire per capita. Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century For the fourth quarter of 2019, total wealth in the U.S. was $111.04 trillion. Over his NBA career, Jordan earned $93 million. 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. In. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. 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. The fortunes of billionaires have been on the rise across the board. About 14% of the U.S. population is Black or African American. BE 100s Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. Germany is next with 2.221 million millionaires, and France follows close behind with 2.192 million millionaires. U.S. Census Bureau - Survey of Income and Program Participation: 2018 This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. 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%. Statista assumes no 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. Median household income increased across all quintiles from 2016 to 2019. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. 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. Most self-made billionaires earned their first million dollars within five years. By submitting this form you agree to receive emails from FinanceBuzz and to the privacy A good way to dip your toes in the real estate business is to buy your first primary residence. At that time, the U.S. adult. An estimated 7.8 million Black families have a net worth of less than $10,000. (+1) 202-419-4300 | Main Your total assets minus your total liabilities equals your net worth. The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. The most important key figures provide you with a compact summary of the topic of "Millionaires in the United States" and take you straight to the corresponding statistics. This quintile chart is determined by income. 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. According to the Global Wealth Report, 43.4% of the worlds wealth is controlled by millionaires, or approximately $173.3 trillion. Since 1992, the median wealth of black families has not grown by any real measurable amount, while the median net worth of white families has increased by more than $50,000. Keep on reading to find out. 106, No. 8. Wealth flows through us, not to us, says J.D. If you do not have a four-year college degree, youre least likely to be in the top 10% as only the wealthiest 4% with some college or less occupy this top tier of wealth. An additional 33% were ages 30 to 64. You come to America, work your butt off, and boom youre a millionaire. The average net worth is largely dependent upon the total dollar value in the survey. Lakisha Simmons, an associate professor of analytics at Belmont University, started her wealth building journey in 2016. In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. The average family in the U.S. in 2017 had 1.9 children. 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%. 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. According to a 2016 report, only 46 people became billionaires before the age of 40. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. 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. She is a talk show host, actress, producer, pitchwoman, and philanthropist. Although the wealth statistics are startling for Black families, there are a growing number of individuals who are moving closer to their financial goals every day. Contact 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.). In comparison, more than one in. Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion . The middle 40% of U.S. families own 22% of the wealth. According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. In fact, Kanye West recently became the wealthiest black American billionaire of all time. All of this helped Kanye's net worth increase to $6.6 billion. The terms Black population and Black people are used interchangeably in this fact sheet. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. The report summarizes occupational representation in various industries within the United States. Black people. Wheres the highest concentration of US millionaires and other rich people? And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. Just under half (47%) of the Black Hispanic population was below the age of 20, and 6% were 65 or older. 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. In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. Florida comes in a close second with 3.8 million, and Georgia comes in third, with 3.6 million. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Instead, the term couple is used and includes respondents who are married or living together as partners.2. This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. 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. policy and terms. BLACK ENTERPRISE is the premier business, investing, and wealth-building resource for African Americans. 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. 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? This measure of fertility does not account for the birth of more than one child by a single female in a 12-month period. For example, the median income in the West is 20% higher than that in the South. How did they get rich, and how do they stay rich? 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). A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). Unless otherwise noted, adults are those who are ages 18 and older. 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%. Furthermore, according to UBS, his brand new partnership with The Gap is worth $1 billion. Obviously, theres a huge wealth disparity. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. The nations Black population includes those who say their race is Black, either alone or in combination with other racial backgrounds. Federal Reserve 2019 Survey of Consumer Finances (SCF) Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. Jackie Cummings Koski started investing her money and reached financial independence at age 46. Roughly 30% of the entire Black population was below the age of 20 while 12% were 65 or older. Get in touch with us. From 2019 to mid-2020, 2,251,000 new millionaires joined the ranks of millionaires in the United States alone. Learn more about how Statista can support your business. However, the White alone population decreased by 8.6% since 2010. 18. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. The total Black Hispanic population is also quite young. 12. Almost six-in-ten Black Hispanic adults (59%) identify as either Protestant (35%) or Catholic (24%). The Charlotte Hornets NBA team is far and away Jordan's biggest asset. Black Men XCEL 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. Investor Robert F. Smith is the richest black man in the country. She makes investing in the stock market as simple as shopping at the mall! The number of millionaires and billionaires in the U.S. Federal Reserve 2019 Survey of Consumer Finances (SCF), Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, Vol. The price of that gap can be huge. (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) FinanceBuzz.com does not make any credit decisions. U.S. Census Bureau - The Wealth of Households: 2017 This fact sheet is a profile of the demographic, geographic and economic characteristics of the U.S. Black population in 2021. 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.. California is the top state of residence for multiracial Black people, with about 460,000 living there. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. . There are 229 millionaires in Congress. This gap is primarily the result of lower average incomes and wealth. This text provides general information. Read to find out the power of courage and vision.. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. 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. Thats why Koski advocates saving a consistent amount every week to achieve financial goals. As soon as this statistic is updated, you will immediately be notified via e-mail. 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. 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. 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. This represents a gain of more than 30% but still below the pre-Recession median net worth of $25,920 in 2007.