The team noted millionaires must have at least $1 million in investable assets, which can include cash, stocks, bonds and funds, and other types of investments and financial products. Mo Ibrahim. [1], Other billionaires of African descent on the 2021 Forbes list included Nigerian businessman Mike Adenuga with $6.1 billion, American investor Robert Smith with $6 billion, American businessman David Steward with $3.7 billion, American media mogul Oprah Winfrey with $2.7 billion, South African gold magnate Patrice Motsepe with $2.9 billion, Byaruhanga Kimberly Junior Southern African mining magnate, entrepreneur and investor with $2.8 billion, Tiger Woods, Barbadian music artist/entrepreneur Rihanna with $1.7 billion,[2] American sports executive Michael Jordan with $1.6 billion, Jamaican-Canadian businessman Michael Lee-Chin with $1.6 billion, Nigerian businessman Abdul Samad Rabiu with $1.6 billion, American rapper Jay-Z with $1.4 billion, Nigerian businesswoman Folorunsho Alakija with $1.1 billion, Mo Ibrahim of the United Kingdom with $1.1 billion, and American media mogul Tyler Perry with $1 billion. Only 7 of 614 billionaires in the USA are black, according to 2020 statistics. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets. Visit her at, Fee-only vs. commission financial advisor, This article is part of Business Insider's "Inside the racial wealth gap" series. According to the Sunday Times Rich List, Sudanese-born Mo Ibrahim is the richest Black man in Britain. You can learn more about the top ten below or skip to the end to see the rankings for all 128 places. Forbes estimates that Perry has a net worth of$1 billion. At every income level even among the top 10% of earners white Americans' net worth is higher than that of Black Americans. Jim started in the family business in 1972 as a production assistant in the newspaper division and . I'm going to keep building wealth. Martin Luther King Jr., before his assassination in 1968. He went on to purchase an NBA team, the Charlotte Hornets, in 2010. In fact, about 80% of US millionaires worked for their money, with only 20% of millionaires inheriting their fortunes. Annalect. So what city in Georgia crushed all categories as the richest city? Smith is perhaps best known for his philanthropy. Annual Wages of Top Earners 2020 Average, Lake Lanier is considered the dirtiest Lake in Georgia. And the total number of households in the United States of America was 128.54 million in 2020. The median household income for single-race Black households in 2019 is $43,200, meaning half of households headed by a single-race Black person earn more than that and half earn less. Overall,. Over a third of the U.S. Black population (35%) was 22 years or younger in 2019. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks. Thats a lot of Georgia cheddar, folks.Secondly, you have to be a hard worker. Fast forward to April 2021, his investments hit $1 million and now hes a cryptocurrency millionaire. RELATED:Atlanta fast becoming a mecca for African Americans in tech, FROM 2018:Wealth gap between whites and blacks widened after Great Recession. In 2019, Black household spending totaled approximately $835 billion. 39 Jim Kennedy ($10.8 billion). The gap is even wider when we look at Black and white Americans. Here are 10 of the richest people in Georgia. In the U.S. overall, it takes a net worth of $2.2 million to be considered wealthy by other Americans up from $1.9 million last year, according to financial services company Charles Schwabs annual Modern Wealth Survey. Who is the richest person in Savannah Georgia? In some cases, we receive a commission from our partners; however, our opinions are our own. In fact, the same study showed that 80 percent of current millionaires didn't reach $1,000,000 until at least 50 years old Research conducted by Thomas Corley of Rich Habits, showed that 86 percent of wealthy people who work full time put in 50 hours or more each week at their career Black-owned businesses with paid employees: 7,683 (ranked 2nd in country), *among cities with the nations 20 largest African American populations, Sources: U.S. Census Bureau, Black Enterprise. That's second only to the New York region, which has nearly twice as many African American adults. Heres why, Study shows colorectal cancer showing up more in younger people, Atlanta neighbors want to reclaim and revitalize the Joyland neighborhood, Kemp administration deals blow to Buckhead cityhood push, Georgia Power proposes steep rate increase for customers - How it affects what you pay. The consent submitted will only be used for data processing originating from this website. Its history of creating black wealth includes landmark legislation in 1974 by the city of Atlanta that opened doors for African American businesses to get city contracts and the massive film studio Tyler Perryopened here last year. The number of black farmers in America peaked in 1920, when there were 949,889. Bubba and Dan Cathy: The Cathy brothers run Chick-fil-A, which their father Truett founded in 1967. Only 13 of the 2,153 people on Forbes' 2019 Billionaires List were black, the magazine reported. Answer (1 of 14): I don't know that anyone has done a census on that (there are 11 million household in America alone that are technically millionaires). Arthur M. Blank owes most of his fortune to being the co-founder of Home Depot, but also made quite a killing after buying the Atlanta Falcons for a cool $545 million. How Many Millionaires Are Self-Made? How many millionaires live in Germany? Parker also is the producer and host of AJCs ATL Closeup, a things to do series featuring local influencers. Cobb County. You are born with innate, natural talent. Phoenix Marketing International said the estimates were further refined with age and income distributions provided by Claritas, a Nielsen-owned company that collects demographic, lifestyle and behavioral data for marketing companies. Thats fewer than 1 percent. And the second way was building the community around my business. If youre curious enough, here are the poorest cities in Georgia, according to data: Poorest: Cordele2nd Poorest: Camilla3rd Poorest: Swainsboro. But despite Atlantas benefits, many blacks in Atlanta faced with overcoming generational poverty still struggle to build wealth. You need at least a Starter Account to use this feature. The contract, he said, put us on the map.. The 7% rise in millionaire households in 2018 is the strongest rate of growth in that market since the financial downturn ten years ago, David M. Thompson, the managing director of the Phoenix Affluent Practice, said in a statement. You need a Statista Account for unlimited access. Johns Creek Its been recognized as the safest large city in Georgia, as well as one of the best cities to live in the United States. He founded a clothing line that he sold toIconix for$204 million in 2007 and co-owns cognac brand D'Uss,in addition to owning music streaming service Tidal. Her dedication then earned her 40 rental properties and turned her into a millionaire by age 30. This statistic shows the number of millionaire households in the United States from 2006 to 2020. You can only download this statistic as a Premium user. Arthur M. Blank, 56Net Worth: $2.8 Billion. We aim to deliver bite-sized pieces of infotainment about where you live. You have to do scary things. 5. Finding work that you feel naturally drawn to. It's not easy for anyone to become a billionaire in America, but it's likely even harder if you're Black. 2023 AfroTech, Blavity, Inc. All rights reserved. To see which cities are the wealthiest in Georgia for 2023, take a look at the list below. [8] Michael Lee-Chin of Canada, who is Jamaican of Chinese and Black ancestry, was on the list from 2001 to 2010 but dropped off in 2011. Why work for someone else when you have this nugget (of information) sitting here? asked Queen-Robinson, 39, looking at her dad. Credit: Photo provided by Ceciley Pangburn, Forbes: These are the top cities where African-Americans are doing the best economically. Queen, 77, said his business, originally called Ebony Glass, and other black-owned businesses wouldnt have made it without Jacksons program, which required the city set aside a percentage of contracts for minority-owned businesses. According to Forbes, the Baltimore native sold his first tech business for $23 million back in 1999, providing him with the success and capital that helped launch his career. 1 albums before taxes, but a large portion of his wealth comes from his business ventures, according to Forbes. 7. Anne is the surviving daughter of Cox Enterprises founder James M. Cox. Its true, and its very likely youll make some less-than-desirable investments along the way, but you have to keep going.. And looking at your work experience and seeing: How does that match a problem in the marketplace that you could solve? To be in the top. [10] Rihanna is of both Guyanese and Irish descent. In the Peach State, there are 211,662 millionaire households, for a ratio to total households of 5.44 percent, according to the Phoenix Marketing International report that tracks high net-worth households. Shawn Carter, better known as Jay-Z, may be hip hop's first billionaire, but he didn't make his fortune off his music career alone. as well as other partner offers and accept our, Visit Business Insider's homepage for more stories. I think 100,000 of that numbers being professional athletes/sports players would be a very generous estimate. 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. That far exceeds the 55% of the general population surveyed who hold that view. It's true, and it's very likely you'll make some less-than-desirable investments along the way, but you have to keep going. Then you can access your favorite statistics via the star in the header. RELATED:Forbes: These are the world's 13 black billionaires. Take the steps right now to unblock your money mindset, eliminate debt, save, and invest. In the 1970s, it was " the black mecca of the south " and Hotlanta. Anne Cox Chambers Wealth $17.1 billion. 2. She owns 25.5% of her television network OWN, an 8% stake in WW International, and has a content creation deal with Apple TV+. Out of our 20, the populated nations with more billionaires are the United States with 7, and Nigeria with 5. To build wealth director of marketing before founding HomeSnacks however, our opinions are our own need at least Starter... Of both Guyanese and Irish descent director of marketing before founding HomeSnacks 835 billion Closeup, a things do! Mo Ibrahim is the producer and host of AJCs ATL Closeup, a to! This website to April 2021, his investments hit $ 1 million and hes. In Georgia and Nigeria with 5 parker also is the producer and host AJCs. The dirtiest Lake in Georgia rights reserved we receive a commission from our partners ;,! 39, looking at her dad 's homepage for more stories 20, the Charlotte Hornets, in.! 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