env: '', }).render('1b37e0aabe7e47acbf988f0bd583eba5'); 4. ABOUT Roughly 30% of the entire Black population was below the age of 20 while 12% were 65 or older. Women of Power Summit 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. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. As of 2013, 19% of millionaires are millennials (between 18 and 31 years of age). Almost three-in-ten Black Hispanic U.S. adults ages 25 and older (29%) have earned a bachelors degree or higher as of 2021. The median household income for Black Hispanic U.S. households is $51,000, meaning half of households with a Black Hispanic household head earn more than that and half earn less in 2021. The average millionaire is 57 years old. This population is made up of individuals who self-identify only as Black and do not identify as Hispanic or Latino. Not everyone who works in finance and investment will automatically become a millionaire, but this industry produces the most millionaires and billionaires, raising the chances youll be able to become one. Approximately 6.4% of people who are Black, college-educated, and middle-aged are estimated to be or to become millionaires. Net home equity from owning real estate is one of the largest contributors to net worth for most families in the U.S.6 Yet when too high a percentage of a familys wealth is concentrated in the primary residence, the family can be vulnerable to downturns in the housing market. Half of the multiracial Black population was below the age of 20 in 2021, and only 5% were age 65 or older. This means they made their own money instead of relying on wealthy family members for finances. 1615 L St. NW, Suite 800Washington, DC 20036USA Due to varying update cycles, statistics can display more up-to-date the tool to beat, helping over 17 million customers find financial freedom. About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. page_type: '', Which profession has the most millionaires? Two-and-a-half million people in the United States became millionaires last year, but thanks to rising prices, that may not mean as much as it used to. This statistic means that the percentage of self-made millionaires in the US is about 80%. 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. Tennis great Serena . cat: '', baseDivId: 'pb-slot-right-1', California is the top state of residence for multiracial Black people, with about 460,000 living there. 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. Table. 20+ Crucial Minimum Wage Statistics [2023]: Facts, Predictions, And More, How Does Your Income Compare To The Average American Income? Betway Insider. This is a BETA experience. How Billionaires Got So Rich in 2021. Accessed on December 22, 2021. Credit Suisse. Is a millionaire in the top 1% of wealth in the U.S.? There are nearly 22 million people in the U.S. with enough assets to fit the definition, according to a 2021 study by Credit Suisse. 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%). Black Millionaire 'Whisperer' Dr. Dennis Kimbro Shares How Courage and Vision are the Pathway to Wealth by Black Enterprise April 18, 2022 964 Dr. Dennis Kimbro, aka the Black. Fewer than two-in-ten (16%) are part of non-family households. subcat: '', 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. Smaller shares of adults within this population subgroup identify as Catholic (11%), or with other Christian denominations (4%) or non-Christian faiths (6%). 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. An additional 46% were ages 30 to 64. 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. Its estimated that about 6.8% of people who are Hispanic or Latino and are middle-aged and college-educated are or will become millionaires. In 2013, the average white . The average student loan debt increased by 18.38% to $41,410. In. "33 Incredible Millionaire Statistics [2023]: 8.8% Of US Adults Are Millionaires" Zippia.com. Understanding net worth in the United States is about more than just doing the math of assets minus debts. Depends on the Study. tag: '', New York is the top state of residence for the Black Hispanic population, with 500,000 people living there. The South is also the region with the highest concentration of the single-race U.S. Black population: 59% of that group lives there as of 2021. There are almost three times as many Republican veterans in the 118th Congress as Democratic veterans (72 vs. 25). CultureBanx noted that for African American millionaires the number is growing, but still lower than other ethnic demographics. 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. Households in 2018 - May 2019, Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession, Forbes Billionaires 2021: The Richest People in the World, Equifax - Millennials, Mortgages and Student Debt, Pew Research Center - The Growing Diversity of Black America, Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019, Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth, Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century, Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020, Federal Reserve - Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances, U.S. Census Bureau - Survey of Income and Program Participation: 2018, Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth, Do Not Sell or Share My Personal Information, Median net worth in the United States is $121,700, up 17.6 % from 2016, Average net worth is $748,800, up a more modest 2% from 2016, Black and Hispanic families had strong gains in median net worth between 2016 and 2019, 30% and 64% respectively, though the typical white family still has three to seven times the net worth, Four-year college degree holders have a median net worth more than four times that of someone with only a high school diploma, The top ten percent of households own 76% of all wealth in the U.S., while the bottom 50% of households own just 1% of all wealth, Laurene Powell Jobs and family ($19 billion), Whitney Wolfe Herd, age 31 ($1.3 billion). 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. When looking deeper behind the numbers and demographics of net worth, trends emerge such as heavier debt loads for working-age families and a widening of inequality in wealth distribution. Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. Globally, millionaires control almost 46% of the worlds wealth. Abby attended Oral Roberts University in Tulsa, Oklahoma, where she earned a degree in writing with concentrations in journalism and business. This is far more than the 12% of the general U.S. adult population that has earned above an undergraduate degree. (Plus, how many billionaires are there really? Roughly one-in-five (21%) are religiously unaffiliated, while smaller shares of adults identify as Catholic (6%), or with other Christian denominations (3%) or non-Christian faiths (3%). 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, U.S. Distribution of billionaires 2022, by gender, 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). kw: '', The U.S. Black population is young. Who Is in the Top 1% and 10%? Accessed on December 22, 2021. This is a 5.2 million increase from the 50.9 millionaires across the globe in 2019. The second chart uses quartiles with the fourth quartile being split again to separate out the top 10% (or decile). Number of people belonging to the global top 1 percent of wealth holders* in 2021, by country (in 1,000s) Basic Statistic. This is an increase from 2000, when 2.4 million people, or 7%, among the Black population were foreign born.