For singles and unmarried couples aged 25 to 34, student loans are the primary debt before credit cards and secured loans and seem to cause the most stress. In this publication, the general fertility rate refers to the share of females who gave birth in the previous 12 months. 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). Low savings rates have led to more debt in Black communities, according to McKinsey & Companys study. So the US is definitely the country with the most millionaires. The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. The Missouri-based billionaire still has a majority stake in the company. 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. statistic alerts) please log in with your personal account. Number of high net . The Black population of the United States is growing. This quintile chart is determined by income. 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. In. U.S. Census Bureau - The Wealth of Households: 2017 Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 When expanded it provides a list of search options that will switch the search inputs to match the current selection. "Distribution of U.S. Millionaires by Race/Ethnicity, as of 2013. Contact They own $173.3 trillion of wealth, according to the Global Wealth Report. 15. 3. Your Money, Your Life, LATEST LISTS Distribution of U.S. millionaires by race/ethnicity, as of 2013 [Graph]. Three years later, sheretired with a net worth of $1.3 million while making less than $95,000 a year. However, most millennials prefer Traverse City, Michigan, as their second home since the price of luxury homes there starts from $500,000 a far cry from $2 million in Silicon Valley. Derek Major February 7, 2023 4348. 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. A substantial majority (84%) of the Hispanic Black population in 2021 speaks either only English (53%) or, if they speak another language at home, say they also speak English very well (31%). You can only download this statistic as a Premium user. We have not included all available products or offers. 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. Much of. Examining net worth across age, education, race, and more can be very useful when trying to set yourself up for financial well-being now and in the future. Most Black immigrants (88%) were born in African or . Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. It also includes Hispanics or Latinos who say their race is Black. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. 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. Statista. Premium Statistic. 18. About 3.9 million members of this population are immigrants from other countries, meaning 10% of single-race Black people are foreign born in 2021. 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. ), Last updated Lakisha Simmons, an associate professor of analytics at Belmont University, started her wealth building journey in 2016. 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. Quartiles separate a distribution in four equal sections, each one equivalent to 25% of the population in the dataset. 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). Net worth of homeowners across all age categories only grew a modest 3.56% from 2016 to 2019. Why the huge difference between the average and the median? Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. 5, Federal Reserve - Survey of Consumer Finances, 1989 - 2019, Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics, Federal Reserve - Distribution of Household Wealth in the U.S. since 1989, U.S. Census Bureau - The Wealth of Households: 2017, Federal Reserve Report on the Economic Well-Being of U.S. (Read What Census Calls Us for more details on how U.S. racial and ethnic categories have changed since 1790.) 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. By focusing on building wealth and not simply income, you can align your behaviors to suit your long-term personal finance goals better. 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. 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. Wheres the highest concentration of US millionaires and other rich people? The boomers generation was the richest generation in the history of the United States. The multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. Millionaire Statistics by Age The world's 100 richest individuals earned their first $1 million at age 37, on average. The vast majority (97%) of the Black population as of 2021 speaks either only English (89%) or, if they speak another language, say they also speak English very well (8%). There are a total of 89,510 people in the United States with net assets of at least $50 million. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. The average family in the U.S. in 2017 had 1.9 children. Another third (32%) have completed some college and 43% have, at most, graduated from high school or obtained an equivalent certificate. This would place you in the fourth quintile group represented by 80 in the chart below. This statistic shows the number of millionaire households in the United States from 2006 to 2020. We appreciate the public's cooperation as we continuously measure America's people, places and economy. But if it was that easy, wouldnt we be all millionaires? She is a talk show host, actress, producer, pitchwoman, and philanthropist. U.S. Census Bureau - Survey of Income and Program Participation: 2018 What percentage of Americans are millionaires then? In 2019, Black household spending totaled approximately $835 billion. FinanceBuzz.com does not make any credit decisions. And how much of wealth overall do they control? 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. An estimated 47.2 million people in the U.S. identified as Black in 2021. Homeownership helps families maintain and even increase wealth, up to one and half times over non-ownership families, while managing the added expenses children bring to household finances. The median household income for Black U.S. households in 2021 is $46,400, which means half of households headed by a Black person earn more than that and half earn less. This is an increase over 2000, when 1.9 million people (roughly 6%) among the single-race, non-Hispanic Black population were foreign born. 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. While California takes the lead here with 189 billionaires, the wealthiest Americans dont live in these two states, Mark Zuckerberg being the only exception. Get full access to all features within our Business Solutions. From 2016 to 2019, the median home value rose 14% across age groups to $225,000, yet the median value of home-secured debt (mortgages, home equity loans, etc.) 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%. About three-in-ten Black Hispanic people (31%) lived in female-headed households and 5% lived in households headed by male householders. The number of millionaires, their households, and how they got their wealth. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. There are 2,825 billionaires in the world and 664 of them are United States citizens. 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. For more, read Faith Among Black Americans. Dangote Group founder Aliko Dangote has topped the 2018 list. Investing in real estate is still the most popular of all millionaire investment and spending choices. The company has more than 70 Fortune 100 companies as customers as well as several major federal purchasing contracts. Net worth tends to trend upward with age. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. Because an analysis of income and liabilities are part of determining net worth, the burden of student loan debt becomes more transparent. To present detailed data about this group, charts and analysis about the Black population are analyzed through the lens of four different demographic groups: Scroll down or click through the navigation bar on the leftto read about various demographic and economic characteristics of the U.S. Black population. Fewer than a two-in-ten (17%) live in non-family households. Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. Two-thirds (66%) of all Black adults identify as Protestant. The nations Black population includes those who say their race is Black, either alone or in combination with other racial backgrounds. 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.