How Many Black Millionaires In America Are There

How Many Black Millionaires In America Are There in 2024?

Published on: July 20, 2023
Last Updated: July 20, 2023

How Many Black Millionaires In America Are There in 2024?

Published on: July 20, 2023
Last Updated: July 20, 2023

There has always been something desirable about becoming a millionaire.

It’s like you’ve joined a club and secured financial security for life. 

It’s certainly nice being able to afford anything you want.

However, for many people the real reason to become a millionaire is for status.

This is particularly relevant in the US where the country sees itself as a classless society. 

In other words, becoming a millionaire is simply proof that you’re successful. 

Statistics show that there were 5.2 additional millionaires across the planet in 2021.

That means there are 62.5 million millionaires in the world.

But, how fair is the distribution of millionaires?

How many black millionaires in America are there? It’s time to find out. 

Key Statistics

  • There are 5,280,000 non-white millionaires in the US
  • 76% of millionaires in the US are white
  • 33% of US millionaires are women
  • Just 8.8% of US millionaires are african americans
  • William alexander leidesdorff is believed to be the first black millionaire in the US
  • The average age of a millionaire is 57
  • Most millionaires have a financial/investment background
  • 88% of millionaires are college graduates
  • Percentage wise there are significantly more black millionaires in the US than africa
  • There are just 7 black billionaires in the US

How Many Black Millionaires In America Are There in 2024?

Black Millionaires 155

1. There Are 5,280,000 Non-White Millionaires In the US

Current estimates suggest there are 22 million millionaires in the US.

That’s an impressive figure, especially as many of them are self-made. 

Of course, the fact that just over 5 million of those are non-white is a little disconcerting.

It means the vast majority of US millionaires are white, potentially suggesting an unfair advantage.

(Zippia)

2. 76% Of Millionaires In The US Are White

It’s easy to do the sums and calculate that if there are 22 million millionaires and just over 5 million of them are not white, then 76% of US millionaires are white. 

Some of these can be attributed to historical favoritism for white people, specifically white males.

However, if the rate of millionaires is rising by 5.2 million across the globe, it seems that white people still have an unfair advantage. 

Interestingly, white people, which doesn’t include Hispanic or Latinos, make up 60% of the US population. Yet they make up 76% of millionaires.

(Zippia)

3. 33% Of US Millionaires Are Women

An encouraging statistic is the level of female millionaires. It has been rising steadily in recent years and now accounts for 33% of millionaires.

That means a third of all US millionaires are female. 

There may still be room for improvement but this statistic is moving in the right direction. 

(Zippia)

4. Just 8.8% Of US Millionaires Are African Americans

While women of all ethnicities are enjoying a surge in millionaire status, black people are still a very small percentage of US millionaires.

Current studies show that just 8.8% of all US millionaires are black.

Yet, black people make up 14% of the country’s population.

The same issue applies to Hispanics and Latinos who make up 7% of US millionaires and 19% of the population.

Interestingly, the opposite is true for Asians who are 8% of US millionaires and just 6% of the population.

(Zippia)

5. William Alexander Leidesdorff Is Believed To Be The First Black Millionaire In The US

William Leidesdorff immigrated to the US in the early 1800s.

He was a pioneer and, despite only living until his 38th birthday, made several notable achievements. 

These included owning the first steamship in San Francisco, setting up the first public school in California, and creating the first hotel and the first waterfront warehouse in the city. 

He became a naturalized US citizen in 1834 in Louisiana and headed to California in 1841. He lived in California until his death in 1848. 

During those few years he created an impressive portfolio of real estate.

But, what elevated him to millionaire status was when gold was found on his land. That was around the time of the California Gold Rush. 

(Investopedia)

6. The Average Age Of A Millionaire Is 57

It isn’t essential to be a captain of industry to become a millionaire.

There are plenty of modern millionaires who have achieved financial success through the use of a careful savings and investment plan. 

Of course, this approach does mean you won’t become a millionaire until later in life. It can take 20 years or more to become a millionaire this way. 

This may be the reason that the average age of a millionaire is 57. 

However, it’s worth noting 42% of millionaires are baby boomers.

That’s people between 57 and 75 years old.

This helps to maintain the high average age of a millionaire as just 19% of millionaires are millennials, (aged 18-31).

(Zippia)

7. Most Millionaires Have A Financial/Investment Background

It’s not surprising that the financial and investment industry is one of the most rewarding financially!

A recent survey showed that there are 371 billionaires within the industry and approximately 35% of millionaires come from the financial and investments sector. 

The next most lucrative industry is technology with 20% of millionaires in this sector.

Manufacturing, fashion and retail, and even healthcare round off the top five industries in which you should be working if you want to become a millionaire. 

(Zippia)

8. 88% Of Millionaires Are College Graduates

In a testimony to education, the latest statistics from Zippia show that 88% of millionaires graduated from college.

This suggests that education is a critical factor in seeing and utilizing financial opportunities. 

It’s worth noting that just 33% of US citizens have graduated from college.

With graduates forming such a high rate of millionaires it’s clearly worth completing your education.

In fact, 52% of millionaire respondents said they earned a master’s degree or higher. 

Additional facts related to this include 62% of millionaires stating they graduated from a public or state school.

Only 8% say they went to a more prestigious private school. 

(Zippia)

9. Percentage Wise There Are Significantly More Black Millionaires In The US Than Africa

Black America

The number of black millionaires in the US is surprisingly low compared to the number of black people and the number of US millionaires. 

However, it is still significantly higher than in Africa.

Forbes conducted research comparing black millionaires in the US with the number of black millionaires in the top 19 African countries. 

The results are surprising. In the top 19 countries there are just 120,900 black millionaires.

That’s just 0.014% of the population!

In contrast, there are nearly 2 million black millionaires in the US, a much more impressive 6.64% of the population.

In short, it’s easier to become a black millionaire in the US than anywhere in Africa. 

(Forbes)

10. There Are Just 7 Black Billionaires In The US

As an increasing number of people become millionaires there has become a bigger interest in who is a billionaire.

It’s effectively the new version of millionaire status but much harder to reach. 

There are currently 614 billionaires in the US.

however, just 7 of them are black! The list includes celebrities like Oprah Winfrey, Jay-Z, and even the legendary Michael Jordan. 

The fact that all the black billionaires are high-profile celebrities simply amplifies the truth, that it is difficult for a black person to become a billionaire. 

(Business Insider)

Future Projections

There were 1.7 million new US millionaires in 2020. That’s 33% of the world’s new millionaires in one country.

As the above statistics show, in 2020 there were 5.2 million new millionaires across the planet.

It’s predicted that this number will rise as an increasing number of people take advantage of online opportunities to create wealth and become millionaires.

By 2025 there are likely to be 84 million millionaires.

Of course; the higher the number of millionaires the more important it will be for people to become billionaires.

That will be the ultimate power statement.

The good news for anyone looking to become a millionaire is that 80% of millionaires obtained their wealth through hard work.

They came from families with below middle-level incomes and didn’t have the benefit of an inheritance. 

It should be noted that the wealth controlled by millionaires has also increased dramatically.

In 2000 millionaires were worth $41.5 trillion and controlled 35% of the world’s wealth. 

By 2020 the combined wealth of millionaires was equivalent to $191.6 trillion, that’s 46% of the world’s wealth. 

Steps To Become A Millionaire

Black Millionaires

Becoming a millionaire is possible but, if you’re looking to be in the wealthiest 1% of the country you’ll need to have a net worth which exceeds $11 million. 

It’s rarely something you can achieve overnight. However, it is possible to become a millionaire:

Inherit Money

Perhaps the most obvious and least likely way to become a millionaire is to simply inherit a fortune. 

Of course, this approach is rare and you would know in advance that it’s going to happen.

Save & Invest

This is perhaps the simplest approach for the average person.

All you need to do is stay debt free and put as much money as possible into a good savings and investment account. 

The key to success is to start early and to make sure the account gives you compound interest, that’s interest on your interest.

Start A Business

The third option is to start your own business and hope to be successful enough that you either make a million in profit or you sell the business for over a million. 

This takes years of dedication and hard work, but the end result is definitely worth it.

If you’re going to adopt a business module you should create a written financial plan.

It will allow you to set an overall goal and mini goals, making your aim achievable. 

Summing Up

There are 22 million millionaires in the US.

The country with the second most millionaires is China, with a recorded 5 million!

Japan follows with 3.66 million, then Germany with nearly 3 million, and the UK with 2.5 million. 

These five countries have 36 million of the world’s 56 million millionaires!

However, if you ask how many black millionaires in America are there, you’ll be surprised to learn there are precious few. 

The above statistics illustrate this and emphasize that while it’s possible to be black and a millionaire, it’s significantly more challenging to achieve than it is for a white person. 

Sources

ForbesZippiaInvestopedia
ForbesBusiness InsiderBalancing Everything

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Written by Eddie Hurst

I’m a full-time social media research specialist. Actually you could say I’m a bit obsessed. I seek out the latest information and hacks for our How-to Guides. As well as that, I put companies under the microscope for reviews.