Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). We are happy to help. 76% of millionaires in the U.S. are White. Managers and teachers were the other two careers most represented in this surveyed group of millionaires. The analysis presented in this fact sheet is based on Pew Research Center tabulations of microdata from the Census Bureaus 2021 American Community Survey (ACS), provided through the Integrated Public Use Microdata Series (IPUMS) from the University of Minnesota. 51.5 million families are in this group. }); window.tude = window.tude || { cmd: [] }; Roughly one-in-three of these households (35%) earn $75,000 or more, including about a quarter (24%) that make $100,000 or more. divId: 'div-gpt-ad-rightrail-1', Be the first to rate this post. The charts below use quintiles and quartiles to break up the data in the 2019 SCF. 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. 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. } He is the founder of Dangote. World Gained 5.2m Millionaires Last Year in COVID Crisis Report. This group consists of people with varied racial and ethnic identities and experiences. Learn more about how we make money and our editorial policies. targeting: { 9. The five states that have the highest ratios of millionaire households per capita are: The U.S., China, Japan, Germany, and the United Kingdom are the five countries with the most millionaires. U.S. presidential candidates net worth 1992-2020, Opinion of U.S. adults on whether billionaires should pay a wealth tax 2020, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022. In this publication, the general fertility rate refers to the share of females who gave birth in the previous 12 months. Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 This is a third of the total global number of people who became millionaires in 2020. Specifically, Black people represent 8% of total millionaires. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. 4. CultureBanx noted that for African American millionaires the number is growing, but still lower than other ethnic demographics. This is a 5.2 million increase from the 50.9 millionaires across the globe in 2019. The average net worth is largely dependent upon the total dollar value in the survey. The 2022 World's Billionaires list, for example, grew by 573 names compared with the last prepandemic list, in 2020. About four-in-ten Black people (39%) live in U.S. households that are headed by married couples as of 2021. 1.1% of the worlds adult population are millionaires. baseDivId: 'pb-slot-right-1', The difference in net worth between regions can be attributed to varying rates of median home equity. Among metropolitan areas, the New York City metro area which includes parts of New Jersey and Pennsylvania has the greatest number of Black residents (3.9 million). This marks a 30% increase since 2000, when there were 36.3 million Black people living in the U.S. Black Americans are diverse. 41.4% of families under 35 held student loans with an average (mean) balance of just over $41,000. Betway Insider. 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). 8% of millionaire in the U.S. identify as Asian. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. Ultimately, you are responsible for your financial decisions. American States with Highest Ratio of Millionaire Households Per Capita in 2020. (+1) 202-419-4372 | Media Inquiries. Just 8% said they attended prestigious private schools. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 For the 35-44 group, almost 33.7% had outstanding student loan balances with an average of $42,000 still owed. The finance and investment profession has the most millionaires. To be in the top 10%, however, you need a net worth of $1.22 million, which means most millionaires are in this range rather than in the 1%. 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%). It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. For example, the median income in the West is 20% higher than that in the South. Median net worth for those without a high school diploma in 2016 was $24,270, a 14% decline. Millionaire Status Is On The Rise With 5.2 Million People Joining The Club. Accessed on December 22, 2021. tag: '', liability for the information given being complete or correct. The two wealthiest, Robert F. Smith and Kanye West, both have net worths north of $6 billion. 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? The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Number of people with wealth over one million U.S dollars 2021, by country, U.S. distribution of assets by category and wealth percentile Q1 2021, Countries with the highest millionaire rate in 2021, U.S. wealth distribution 1990-2022, by income percentile, States with the most billionaires in the U.S. 2022, Countries with the most individuals with a net worth over one million U.S. dollars in 2021 (in thousands), Countries with the highest proportion of millionaires in 2021, Ultra high net worth individuals: population of global 1 percent 2021, by country, Number of people belonging to the global top 1 percent of wealth holders* in 2021, by country (in 1,000s), Wealth distribution in the United States in the fourth quarter of 2022, Number of millionaire households U.S. 2006-2020, Number of millionaire households in the United States from 2006 to 2020 (in millions), United States: estimated net worth of the 20 richest people as of 2022 (in billion U.S. dollars), Distribution of net wealth in the United States from Q1 1990 to Q4 2022, by income percentile, U.S. high net worth individuals 2008-2021, Number of high net worth individuals in the United States from 2008 to 2021 (in millions), North America wealth of high net worth individuals 2008-2021, Total wealth of high net worth individuals in North America from 2008 to 2021 (in billion U.S. dollars), Asset allocation of high net worth individuals in North America 2021, Asset allocation of high net worth individuals in North America in 2021, Distribution of asset holdings in the United States in Q1 2021, by asset category and wealth percentile, Share of households who are millionaires by state U.S. 2020, Share of households in the United States with one million or more U.S. dollars in investible assets in 2020, by state, Number of households who are millionaires. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics However, this represents a decline in the share of the Black Hispanic population who are immigrants: That share has decreased from 27% in 2000 to 18% in 2021. 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. B.E. Feb. 24, 2023, https://www.zippia.com/advice/millionaire-statistics/. Financial Samurai. 10. An estimated 21.5% of people who are white, middle-aged, and college-educated are or will become millionaires. Broader analysis shows that 52% of Black U.S. households earn less than $50,000, while 48% make $50,000 or more. How many millionaires are there in the U.S.? div_id: 'div-gpt-ad-rightrail-1', This is the highest median net worth for Hispanic families since the SCF began in 1989. You may opt-out by. There was little variation across income groups, though the 90th percentile received the largest percentage gain. Fortune. Even though a college degree typically correlates to a higher net worth, 31% of all college graduates are in the bottom 50th%. Who Is in the Top 1% and 10%? Accessed on December 22, 2021. The Roots of Black Wealth Run Deeper Than We Ever Dreamed, Jay-Zs Powerful (and Controversial) Money and Business Lessons From 4:44, How to Create Conscious Black Millionaires, Beauty Industry Experts Talk Navigating Your Niche, 2016 Black Enterprise Entrepreneurs Summit, Dr. Ali Yasin Teaches How to Think Like the Wealthy. 3. Florida comes in a close second with 3.8 million, and Georgia comes in third, with 3.6 million. Pew Research Center - The Growing Diversity of Black America houseboat living in south carolina; how to install gensim in jupyter notebook; best sunrise spots in san jose; It has grown from 1.5 million in 2000, marking a 238% increase. The median age of single-race Black people in 2021 was 35, three years younger than the full U.S. populations median age of 38. page_type: '', Average wealth in America has grown over the past 50 years, but not at the same rate for everyone. 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. 8. Celebrity. We have not included all available products or offers. | 25 U.S. Salary Statistics [2023], 29 Worthwhile Union Statistics [2023]: Membership, Union Vs. Non-Union Jobs, And Facts, Zippia. 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. The global number of millionaires is expected to reach 84 million by 2025. 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. For the under 35 age group, median student loan debt increased by 11.89% over 2016 levels to $22,000. The U.S. Black population is young. An estimated 2% of Black households, roughly 340,000 families, have a net worth over $1 million, according to the economic state of Black America report. A quintile is when the data is separated into five different yet equal sections. Regarding the bottom half of the wealth distribution, there is now some evidence concerning the wealth impact of the pandemic on various subgroups such as women, minorities or younger generations, but it will be some years before survey data gives a clear indication of the full distributional effects. For the fourth quarter of 2019, total wealth in the U.S. was $111.04 trillion. The multiracial, non-Hispanic Black population pyramid shows that this population is particularly young. INFORMATION This is far more than the 12% of the general U.S. adult population that has earned above an undergraduate degree. url: '', div_id: 'div-gpt-ad-rightrail-2', These include positions in the C-suite such as CEO and CFOs as well as vice presidents. This suggests there is likely a discrepancy between the number of multiracial Black people in the U.S., as reported through demographic data analysis, and the number of multiracial Black people who identify themselves in this way. Homeownership participation for the 35-44 age group 61.4% in 2019 is still significantly below the pre-Recession high of 68.3% in 2004. Here is a breakdown of the average net worth of Americans by age. Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019 The average millionaire is 57 years old. Your Chances of Becoming a Millionaire by Race, Age, and Education. Accessed on December 22, 2021. The median is less influenced by the extreme wealth of a very small group of survey respondents.

Largest Championship Parade, Articles H

About the author