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%. to incorporate the statistic into your presentation at any time. But if it was that easy, wouldnt we be all millionaires? Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). by state U.S. 2020, U.S. states with highest ratio of millionaire households per capita 2020, U.S. metropolitan areas with the highest share of millionaire households 2020, Richest self-made women in the United States 2022, based on net worth, Distribution of UHNW individuals by gender U.S. 2019, Share of U.S. families who are millionaires 2016, by ethnicity, Distribution of billionaires in the U.S. by gender 2022, States with the most billionaires in the U.S. 2022, Combined value of billionaire wealth in the United States 2020-2022, Opinion of U.S. adults on whether billionaires are a good or bad thing 2021, by age, Opinion of U.S. adults on whether billionaires should pay a wealth tax by party 2020, Ultra high net worth individuals 2021, by country, Share of the world's billionaires by region 2021, Global fastest growing markets for centi-millionaires 2022-2032, Cities with the highest number of UHNW individuals worldwide 2020, Youngest billionaires globally 2022, by net worth, Value added to the wealth of the world's leading billionaires during pandemic 2021, Breakdown of U.S. millionaires by generation 2013, U.S. top metro areas ranked by high net worth population 2014, U.S. millionaire households 1997-2015, by net worth, Breakdown of high net worth individuals' luxury investments in North America 2014, Wealth in the U.S. - UHNW (super rich) population in 2014, by gender, Wealth in the U.S. - UHNW (super rich) population in 2014, by state, Number of HNWI's, UHNWI's and billionaires in Switzerland 2014-2024, Number of HNWI's, UHNWI's and billionaires in Ireland 2014-2024, Private wealth owned by top one percent of population in Europe 2014, Number of HNWI's, UHNWI's and billionaires in Sweden 2016-2021, Number of HNWI's, UHNWI's and billionaires in Germany 2014-2024, Number of HNWIs and UHNWIs in Russia 2016-2026, Number of HNWI's, UHNWI's and billionaires in Austria 2013-2023, Investments of high-net-worth individuals, Find your information in our database containing over 20,000 reports. The number of millionaires increased substantially between 2020 and 2021. This gap is primarily the result of lower average incomes and wealth. There was little variation across income groups, though the 90th percentile received the largest percentage gain. MACON, Miss. America's First Black Millionaires - Investopedia We need to allocate more money toward investing if we want to build wealth.. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. Black American and Asian millionaires each accounted for just 8%. 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. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. Women of Power Summit 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. Quintile table with fifth quintile split and the tenth decile indicated: Quartile table with fifth quartile split and the tenth decile indicated: Net worth is a measure of individual or household wealth what you own minus what you owe. 48.2 million. Here's how Black Americans can begin building wealth right now - CNBC The average student loan debt increased by 18.38% to $41,410. Then total your liabilities such as your mortgage, credit card debt, and outstanding loans. Just 46% of all white families are included in the bottom 50%. About 38% of US millionaires are over 65 years of age. Statista assumes no According to the most recent data available, 76% of US millionaires were white or Caucasian. 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. Homeownership participation for the 35-44 age group 61.4% in 2019 is still significantly below the pre-Recession high of 68.3% in 2004. 106, No. Learn more about how Statista can support your business. Most affluent women worldwide 2022, by net worth, Distribution of wealth in the United States 1990-2022. 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. An estimated 47.2 million people in the U.S. identified as Black in 2021. The Black population has grown by more than 10 million since 2000, when 36.2 million of the U.S. population identified as Black, marking a 30% increase over two decades. Jay-Z, Kanye West and Tyler Perry: The seven richest African Americans 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 measure of fertility does not account for the birth of more than one child by a single female in a 12-month period. When you break down the numbers, the inequities are even more depressing. 12. 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. She has a cable network, her acting career, her magazine, the shows she produces, and let's not forget her lucrative endorsement deal with Weight Watchers, to name just a few of her income streams. U.S. presidential candidates net worth 1992-2020, Opinion of U.S. adults on whether billionaires should pay a wealth tax 2020, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022. Since that time, NBA values have skyrocketed. Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. 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. Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. 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). Yet average American net worth is up 8.6% over the pre-Recession number, which could be a sign of growing wealth inequality. 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. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. Profit from the additional features of your individual account. The Multiracial population has changed considerably since 2010. Legendary Black Entrepreneurs - Investopedia Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. 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. According to the report, Black wealth could skyrocket if financial barriers were dismantled. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 Less than 1% of all billionaires in the United States are Black. In 2018, there was a record of 23 African billionaires on the list. The price of that gap can be huge. Roughly 14% of all UHNW individuals engage in it as their primary industry. 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. The average family in the U.S. in 2017 had 1.9 children. Net worth tends to trend upward with age. From 2019 to mid-2020, 2,251,000 new millionaires joined the ranks of millionaires in the United States alone. 1 in 7 white families are now millionaires. For black families, it's 1 Lets take a deeper look at this trove of net worth statistics and see what the data has to say. Federal Reserve Report on the Economic Well-Being of U.S. Clicking on the following button will update the content below. U.S. high net worth individuals 2008-2021. Obviously, theres a huge wealth disparity. 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. 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. Related: Key facts about the nations 47.2 million Black Americans. This includes those who say their race is only Black and that they are not Hispanic; those who say Black is one of two or more races in their identity and they are not Hispanic; and those who say they their race is Black alone or who say that one of their races is Black but also indicate they are of Hispanic or Latino origin. In 2021, two-thirds (66%) of multiracial Black people in the U.S. were under 30, while about three-in-ten (28%) were ages 30 to 64. She only had $5,000 in savings after her marriage ended. 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. According to new valuations prepared by investment bank UBS, Kanye's sneaker/apparel partnership with Adidas is worth between $3.2 billion and $4.7 billion. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Regionally, the South is home to the highest concentration of the multiracial Black population in the U.S., with a plurality (42%) of the total as of 2021. 12.9 million families are in this top decile, and a net worth of $1.22 million is the threshold to join. If you are an admin, please authenticate by logging in again. Here's Everyone On The Black Billionaire List Now - Essence Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. Meet The Seven Black Billionaires In America - All That's Interesting Roughly 30% of the entire Black population was below the age of 20 while 12% were 65 or older. 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. About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. The Number of Millionaires Continues to Increase - Investopedia The top 10% comprises 13% of the wealthiest white families, 1% of all Black families, and 3% of all Hispanic families. The fortunes of billionaires have been on the rise across the board. Breakdown of U.S. millionaires by race/ethnicity 2013 | Statista For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. Millionaires on the West Coast are slightly older, as well. Roughly one-in-three of these households (35%) earn $75,000 or more, including about a quarter (24%) that make $100,000 or more. Most self-made billionaires earned their first million dollars within five years. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. 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).