Due to varying update cycles, statistics can display more up-to-date 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. Single women under the age of 35 have just 13.0% of the median net worth compared to their single male counterparts ($1,310 vs. $10,110), and women 35 to 54 have just under 35% ($13,730 vs. $39,260) of the median net worth of single men that age. 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. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. 20.3% of them benefited from a combination of inheritance and self-created wealth. Learn more about how Statista can support your business. The median family net worth from that same survey is $121,700. Subscribe to Newsletter About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. 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%. Now that weve covered US-specific millionaire statistics, lets turn to our eyes to the rest of the world. 1615 L St. NW, Suite 800Washington, DC 20036USA Eight are Americans. 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. Roughly 14% of all UHNW individuals engage in it as their primary industry. This group is not the same as the nations Afro-Latino population as not all Black Hispanics identify as Afro-Latino and not all Afro-Latinos identify as Black or Hispanic. You need a Statista Account for unlimited access. Black Men XCEL They are all trailblazers in their industries. FinanceBuzz and CardRatings may receive a commission from card issuers. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. Leidesdorff, who had immigrated to the U.S. from the Danish West Indies, owned the . Part of this is due to expansions in how the U.S. Census Bureau asks about ethnic and racial identity. Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth. Have you ever wondered how many decamillionaires are in the US? Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. For more, read Faith Among Black Americans. The number of super-rich individuals has gone up for the 10th year in a row! In 2021, there were an estimated 47.2 million people who self-identified as Black, making up 14.2% of the countrys population. This is just another example of the widening gap between the economic opportunities given to black and white Americans. Approximately 6.4% of people who are Black, college-educated, and middle-aged are estimated to be or to become millionaires. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. Three-in-ten Black households (31%) make $75,000 or more, including 20% that make $100,000 or more. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. The vast majority of the 62.5 million global millionaires in 2021 had wealth between $1 million and $5 million, which reinforces the rapid rise in millionaire numbers seen in the United. Currently, you are using a shared account. Read our research on: Congress | Economy | Gender. Other top metropolitan areas for this subgroup include Miami, Los Angeles and Boston. According to the report, Black wealth could skyrocket if financial barriers were dismantled. Besides English, other languages spoken by this part of the population ages 5 and older include French or Haitian Creole (3%), Spanish (1%) and Amharic and other Ethiopian languages (1%).2. 15. Well, our research shows that the number of millionaires will only grow in the future. Profit from the additional features of your individual account. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. Further analysis shows about half (48%) of Black Hispanic households earn less than $50,000, while 52% make over $50,000. Higher median incomes by region account for net worth differences too. David Steward founded World Wide Technology, a technology service provider on a shoestring budget with seven employees in 1990. Her work has helped many people leave the debt cycle and enter the dividend circle. 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. List of U.S. states by the number of millionaire households Sales Partnership Solutions You need at least a Starter Account to use this feature. Roughly 20% own two, and only 8.5% of them own five or more. Less than 1% of all billionaires in the United States are Black. Its important to mention that the share of those in the United States not just Black Americans who identify with more than one race has grown in recent years. In contrast, the United States had 404 billionaires in 2010. 5,671,005 US households earn over $3 million or more, covering about 4.41% of all US households. Of those billionaires, only 15 of them are black globally and seven black billionaires live in the United States. New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. Modern millionaires: How a percentage of Americans made their - CNBC Use Ask Statista Research Service. US Millionaire Demographics, 2021. . Only 2% of Black Families Have a Net Worth Above $1 - Black Enterprise Simmons reached her goals by managing her expenses, maxing out her retirement accounts, and investing in brokerage accounts. Select Accept to consent or Reject to decline non-essential cookies for this use. Starting from zero or in debt in their 20s, a typical U.S. family will grow wealth during their main earning years and pay down debt, slow their rate of wealth accumulation as they reach retirement, and then draw on their retirement savings accounts along with Social Security and pensions. According to the Global Wealth Report, 43.4% of the worlds wealth is controlled by millionaires, or approximately $173.3 trillion. 10. Credit Suisse Global Wealth Report Seven. This button displays the currently selected search type. 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. Just under half (47%) of the Black Hispanic population was below the age of 20, and 6% were 65 or older. Much of. Additionally, 500,000 members of this population are immigrants to the U.S., meaning that almost one-in-five Black Hispanics (18%) are foreign born. 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. It has grown from 1.5 million in 2000, marking a 238% increase. Pretty much everything she touches turns to gold. (WCBI) - It's a little unwelcome recognition.Mississippi ranks as the poorest state in the country. This week, McKinsey & Company released a new study examining the major factors that contribute to wealth gaps facing Black Americans. In 2021, 62% of the Black Hispanic population in the U.S. were under the age of 30. 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 top 10% comprises 13% of the wealthiest white families, 1% of all Black families, and 3% of all Hispanic families. And the vast majority of them are not people of color.. A third (33%) of multiracial Black U.S. adults ages 25 and older have earned a bachelors degree or higher as of 2021. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 FinanceBuzz.com does not make any credit decisions. 106, No. The following facts are made possible by the invaluable responses to the U.S. Census Bureau's surveys. We go to school and have to take on additional jobs to fund our education and overall living expenses. There was little variation across income groups, though the 90th percentile received the largest percentage gain. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. 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%). 5. Over a third (37%) make $75,000 or more, including a quarter that make $100,000 or more. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. The seven richest Black Americans | AFRO American Newspapers 28 Millionaire Statistics: What Percentage of Americans Are - LinkedIn 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. 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.. As of 2013, about 76 percent of U.S. millionaires were White/Caucasian. March 31, 2013. Hispanics made up 7% of the total millionaire population. William Leidesdorff. The youngest American billionaire is Austin Russel. He was a minority investor in the team starting in 2006 and took control of the team in 2010. Additionally, roughly one-in-five multiracial Black people (11%) live in non-family households. 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. Other top metropolitan areas include Atlanta, Washington, D.C., Chicago and Philadelphia. How many millionaires are in the US in 2020? The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. Hispanic families experienced a strong rise in median net worth in 2019, rising to $36,050 from $22.040 in 2016, an increase of 64%. Germany is next with 2.221 million millionaires, and France follows close behind with 2.192 million millionaires. Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. Kanye West is now the richest Black person in American history.