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). 5,671,005 US households earn over $3 million or more, covering about 4.41% of all US households. An estimated 47.2 million people in the U.S. identified as Black in 2021. liability for the information given being complete or correct. Student loans loom large for working-age families and contribute to a growing debt-to-income ratio for these groups. As of 2022, here are the world's 15 Black billionaires: 1. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. With that concentration of wealth, its not surprising that the cost of living in the state is 13.4% higher than the US average. Source: U.S. Census Bureau - Survey of Income and Program Participation: 201818. Dangote Group founder Aliko Dangote has topped the 2018 list. Related: Key facts about the nations 47.2 million Black Americans. The middle 40% of U.S. families own 22% of the wealth. About one-in-five live in the West (19%), and one-in-ten live in the Midwest (10%) as of 2021. 29.1% of those with a college degree have student loans with an average balance of $55,880. MACON, Miss. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. Their fortunes range from finance to sports to media to music and fashion. Much of. FinanceBuzz.com does not make any credit decisions. Please create an employee account to be able to mark statistics as favorites. The top decile (90-100 in quartile chart), or top 10% of high net worth U.S. families, own 76% of the wealth, according to analysis done by the Federal Reserve Bank of St. Louis. Roughly one-in-five (19%) are religiously unaffiliated, while smaller shares of adults identify as Catholic (5%), or with other Christian denominations (3%) or non-Christian faiths (3%). According to a census report in 2020, there are 788 billionaires in the United States with a combined net worth of $3.431 trillion. As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values. She only had $5,000 in savings after her marriage ended. Please do not hesitate to contact me. U.S. Census Bureau - The Wealth of Households: 2017 You come to America, work your butt off, and boom youre a millionaire. Kanye owns 100% of the Yeezy brand, so those valuations go straight to his bottom line. 41.4% of families under 35 held student loans with an average (mean) balance of just over $41,000. 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.. 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. Most self-made billionaires earned their first million dollars within five years. Is the number of millionaires increasing? 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. This is coincidentally quite close (less than a 2% difference) to the $435,340 gap in average net worth between married couples with kids and those without in the chart above. U.S. Census Bureau - Survey of Income and Program Participation: 2018 Leidesdorff, who had immigrated to the U.S. from the Danish West Indies, owned the . About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. The S&P 500 gained 27% last year, while the Nasdaq was up 21%. The median net worth is more heavily influenced by the distribution of wealth across all families in the survey the number of respondents is more important than the total dollar value of wealth and is equivalent to the 50th percentile. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. Roughly three-in-ten Black people (31%) live in households whose household head is female, and 5% live in male-headed households. Understanding net worth in the United States is about more than just doing the math of assets minus debts. In fact, 14 of the worlds richest billionaires reside in the United States. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. In fact, high net worth individuals have such extreme concentrated wealth that the Federal Reserve deliberately leaves off the members of the Forbes 400 list of wealthiest Americans from the survey, yet the upper 10% of families have enough wealth to skew the net worth values significantly. Individuals who are from Africa, but don't reside in the continent (such as Elon Musk and . 14. 1. Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). 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. How many billionaires in the U.S.? There are a total of 89,510 people in the United States with net assets of at least $50 million. By 2010, revenue was more than $3.2 billion. Based in Missouri, WWT is the top U.S. reseller of Cisco solutions and second in the world. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. More than 8% of adults in the U.S. have enough assets to fit the definition, according to the Global Wealth Report 2020 by Credit Suisse. This gap is primarily the result of lower average incomes and wealth. Similar shares have completed some college (34%) or, at most, graduated from high school or its equivalent (33%). "Distribution of U.S. millionaires by race/ethnicity, as of 2013." 9. 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. Currently, you are using a shared account. This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. 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. If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. 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. Additionally, 400,000 members of the multiracial Black population are foreign born (8%), as of 2021. ", 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. He worked for Kraft from 1986 to 1992. The vast majority (98%) of the multiracial Black population in 2021 speaks either only English (92%) or if they speak another language at home, say also they speak English very well (6%). Black American and Asian millionaires each accounted for just 8%. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. Both per capita and in absolute numbers, California takes the lead. More than 4.6 million Black people in the U.S. were born outside the country as of 2019, meaning that 10% of the Black population was foreign born. The difference in net worth between regions can be attributed to varying rates of median home equity. The average family in the U.S. in 2017 had 1.9 children. Charlene is on a mission to help more people build stock portfolios that are bigger than their shoe collection. 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. Learn more about how we make money and our editorial policies. By submitting this form you agree to receive emails from FinanceBuzz and to the privacy 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. Net worth tends to trend upward with age. Roughly 14% of all UHNW individuals engage in it as their primary industry. Her work has helped many people leave the debt cycle and enter the dividend circle. Only 1% are below 35. 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 report summarizes occupational representation in various industries within the United States. 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.In 2021, there were 4.8 million foreign-born Black Americans, about 10% of the U.S. Black population. Number of high net . We need to allocate more money toward investing if we want to build wealth.. Kanye West is now the richest Black person in American history. 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. Only about 20% of Americans inherit their riches. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. A similar share (43%) was between 30 and 64 years old. 70% of the $111.04 trillion of U.S. net worth is held by older Americans, age 55 and up. The Multiracial population has changed considerably since 2010. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. The racial and ethnic categories used in census data have changed over time including question wording, formatting and instructions and may affect how people identify by race and ethnicity. statistic alerts) please log in with your personal account. 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. 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. Obviously, theres a huge wealth disparity. New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. Masthead. Pew Research Center does not take policy positions. (Plus, how many billionaires are there really? Management About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. A quarter (25%) of single-race Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. The total Black Hispanic population is also quite young. In 2018, there was a record of 23 African billionaires on the list. Youre not going to be saving or investing unless in your mind you believe it will make a difference, Koski toldMarket Watch. Submit a correction suggestion and help us fix it! 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. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. The generational wealth gap continues. 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. When there is a large gap between the median and the average values, as there is here, that indicates there is significant skew in the data and the average net worth will have less relevance for your typical household. California is home to the second-highest number of this population (310,000), and Florida comes in third with 300,000 people.