"Distribution of U.S. millionaires by race/ethnicity, as of 2013." If Black and Hispanic wealth was proportional to their percentage of the population, Black families would hold $15.55 trillion and Hispanic families would hold $19.99 trillion in respective net worth. Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 Chart. The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. [1] Based on data from Phoenix Marketing International List [ edit] References [ edit] Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 We go to school and have to take on additional jobs to fund our education and overall living expenses. As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values. Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. U.S. Black population or total Black population refers to the population of Americans who self-identify as Black in the United States. According to Forbes, the number of U.S. billionaires rose from 614 in 2020 to 724 in 2021. Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. When it comes to states of residence, Texas is home to the largest Black population, at about 4.0 million. This measure of fertility does not account for the birth of more than one child by a single female in a 12-month period. This large gap between white and Black families just starting out as homeowners may reflect different levels of parental wealth as Black families are much less likely to receive cash assistance from parents to meet down payment requirements. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. The median household income for multiracial, non-Hispanic Black U.S. households is $55,000, meaning half of households headed by a multiracial Black person earn more than that and half earn less than that sum as of 2021. Youre not going to be saving or investing unless in your mind you believe it will make a difference, Koski toldMarket Watch. How many billionaires in the U.S.? 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. Management About three-in-ten (28%) live in households whose head is female, and 5% live in male-headed households. So you still have a chance to become a part of our statistics. And this pattern doesnt stop after graduation. Many of them are very famous with well-known names and careers. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. Access to this and all other statistics on 80,000 topics from, Show sources information 18. The median household income for single-race, non-Hispanic Black U.S. households in 2021 is $45,300, meaning half of households headed by a single-race Black person earn more than that and half earn less than that. Only about 20% of Americans inherit their riches. Median net worth for white families is almost 7 times that of Black families and 3.5 times that of Hispanic families. Privacy Policy A third identify as religiously unaffiliated (33%), while smaller shares identify with other Christian denominations (2%) or follow non-Christian faiths (6%). This is just another example of the widening gap between the economic opportunities given to black and white Americans. In fact, 14 of the worlds richest billionaires reside in the United States. MACON, Miss. Investor Robert F. Smith is the richest black man in the country. 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. Unless otherwise noted, adults are those who are ages 18 and older. 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. The nations Black population includes those who say their race is Black, either alone or in combination with other racial backgrounds. The median net worth for the 35-44 group, $91,300, is still more than 16% below the pre-Recession median net worth of $109,430 in 2007. 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%. Statista assumes no The sum of these factors and centuries of inequities have contributed to the growing wealth gap we see today. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). He was a minority investor in the team starting in 2006 and took control of the team in 2010. Contact The Multiracial population has changed considerably since 2010. There are 229 millionaires in Congress. We need to allocate more money toward investing if we want to build wealth.. The Charlotte Hornets NBA team is far and away Jordan's biggest asset. She only had $5,000 in savings after her marriage ended. (+1) 202-857-8562 | Fax 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). Wheres the highest concentration of US millionaires and other rich people? Occurring every three years, this project gives a snapshot of the state of wealth in the U.S. so we can assess economic well-being and thorny issues of income inequality, including trends over time. FinanceBuzz.com does not make any credit decisions. 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. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. Aliko Dangote: $14 billion Africa's richest man, Aliko Dangote saw his fortune grow from around $11.5 billion on. They are all trailblazers in their industries. Registry of Corporate Directors. Robert F. Smith Net Worth: $6 billion Age: 58 Business: Private equity, finance, investments. 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. California is home to the second-highest number of this population (310,000), and Florida comes in third with 300,000 people. The average student loan debt increased by 18.38% to $41,410. More Black people are retiring early and showing others how to build their net worth at any age. FinanceBuzz and CardRatings may receive a commission from card issuers. If you want a more detailed breakdown ofUS-based billionaires by State, you can check out more of our content. 10. Credit Suisse Global Wealth Report Thats 43%, over seven times the national rate of 6%. U.S. born refers to persons born in the 50 states, the District of Columbia, Guam, Puerto Rico, or the U.S. Virgin Islands. Lets check the US millionaire distribution by age and race. According to the Federal Reserve, the top 10% in the US own 69.6% of the nations wealth. Fewer than a two-in-ten (17%) live in non-family households. Other top metropolitan areas for this subgroup include Atlanta, Washington, D.C., and Philadelphia. About 14% of the millennial millionaires live in New York State. The list is compiled annually by market research firm Phoenix Marketing International. Black American and Asian millionaires each accounted for just 8%. When expanded it provides a list of search options that will switch the search inputs to match the current selection. The U.S. Black population is young. If you are an admin, please authenticate by logging in again. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born. The term also refers to those born abroad to a parent who was a U.S. citizen. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the nations largest single-race Black population, with roughly 3.0 million. According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. Roughly one-in-five (10%) Black Hispanic people lived in non-family households. This means that since then, there has been a whopping 53% growth in the total number of billionaires in the country in 10 years. EVENTS 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%). 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? There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. Germany is next with 2.221 million millionaires, and France follows close behind with 2.192 million millionaires. 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.. 9 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. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. 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.