Federal Reserve - Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. By 2010, revenue was more than $3.2 billion. For investors, real estate offers the biggest opportunity to develop wealth. Similar shares of multiracial Black adults identify as Protestant (41%) or as religiously unaffiliated (38%). Roughly one-fifth each live in the Midwest (21%), the Northeast (18%) and the West (18%). The second spot belongs to Los Angeles, with 16,295 millionaires. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals. Distribution of net wealth in the United States from Q1 1990 to Q3 2022. Households in 2018 - May 2019 Additionally, as baby boomers pass on, millennials will inherit an accumulated $68 trillion from their rich parents and relatives. The Black population of the United States is growing. The total Black Hispanic population is also quite young. Besides English, just under half (46%) of this population ages 5 and older speaks Spanish. Shares and percent changes are calculated using unrounded numbers. He worked for Kraft from 1986 to 1992. This trend is expected to grow. This population has grown from 960,000 in 2000 to 2.8 million in 2021, marking a 191% increase. Instead, the term couple is used and includes respondents who are married or living together as partners.2. 37% of borrowers with outstanding student loans who left before completing an associate degree are behind on payments. The number of foreign-born members of this group has increased from 250,000 people in 2000, but their share of the multiracial Black population has decreased from 16% in 2000. Federal Reserve Bank of St. Louis - Wealth Inequality in America over Time: Key Statistics 6. In comparison, more than one in every seven White households have surpassed the million dollar mark. Black Men XCEL The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities. Clicking on the following button will update the content below. Median household income increased across all quintiles from 2016 to 2019. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 Oprah makes anywhere from $75 million to $300 million each year, which has given her an amazing net worth of $3.5 billion. The five wealthiest black billionaires in the U.S. have a combined net worth of $22.7 billion. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). This marks an increase of 16% since 2000, when the population was 33.8 million. Wealth flows through us, not to us, says J.D. 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). This gap is primarily the result of lower average incomes and wealth. More than 8% of adults in the U.S. have enough assets to fit the definition, according to the Global Wealth Report 2020 by Credit Suisse. Leidesdorff, who had immigrated to the U.S. from the Danish West Indies, owned the . For those who made Forbes annual 400 Richest Americans list, their fortune combined soared to. 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). FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. 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. 12. When you break down the numbers, the inequities are even more depressing. The average student loan debt increased by 18.38% to $41,410. Most affluent women worldwide 2022, by net worth, Distribution of wealth in the United States 1990-2022. West is the thirdrichest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 billion). The median family net worth from that same survey is $121,700. 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. So the US is definitely the country with the most millionaires. Marital data was asked but not reported in the 2019 SCF. Three-in-ten make $75,000 or more, including about a fifth (19%) that make $100,000 or more. The S&P 500 gained 27% last year, while the Nasdaq was up 21%. Number of high net . William Leidesdorff. Millionaire Statistics by Age The world's 100 richest individuals earned their first $1 million at age 37, on average. 16. 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, Distribution of assets by category and wealth percentile U.S. Q1 2021, Countries with the highest millionaire rate in 2021, Distribution of wealth in the United States 1990-2022, 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 third 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 Q3 2022, 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 2020, 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. She is one of the wealthiest African Americans of the 20thand 21stcenturies. The couple . About 8,046,080 US households earn $2 million or more, covering about 6.25% of American households. 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. According to Forbes, as of October 2020, there were 614 American billionaires, the largest number of billionaires in the country's history. According to the Global Wealth Report, 43.4% of the worlds wealth is controlled by millionaires, or approximately $173.3 trillion. About a quarter (26%) of all Black U.S. adults ages 25 and older have a bachelors degree or more education. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. 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, Distribution of billionaires in the U.S. by gender 2022, 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).