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Where do the wealthiest Black Americans live?
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According to Forbes magazine, the top 10 richest black families in America own $1.7 billion worth of assets. These include Oprah Winfrey ($2.8 billion), Michael Jordan ($1.3 billion) and Beyoncé Knowles ($900 million).
Black American wealth is growing at twice the rate of white Americans. But while the average net worth of whites is $118,000, blacks have a median net worth of just $5,300.
It’s not surprising that the majority of African-Americans are living paycheck to paycheck, given the fact that black households earn less than half the amount of white households.
But despite the economic struggles, black Americans still enjoy higher incomes than their white counterparts. According to the U.S. Census Bureau, in 2016, the median household income for blacks was $39,929 compared to $57,617 for whites.
Find out where the richest black Americans live by using our interactive map tool
If you’re looking to find the most affluent neighborhoods in America, there’s no better place than the U.S. Census Bureau’s Interactive Map Tool (IMT). The IMT allows users to explore census data at multiple geographic scales, including zip code, county, state, metro area, metropolitan statistical area (MSA), and city.
To use the IMT, simply enter a location and select a scale. Then, you can view demographic information, income, poverty rates, median household incomes, and population density.
Once you’ve found the neighborhood you’d like to investigate further, you can drill down to specific addresses within each census tract. This gives you access to detailed information about each home, including age, race, sex, marital status, number of bedrooms, number of bathrooms, owner occupied, renter occupied, and whether the house was built prior to 1940.
With this wealth of information, you can easily identify the most affluent neighborhoods in any given region. And because the IMT provides a wealth of data, you can compare neighborhoods across different regions.
For example, let’s say you’re interested in finding the most affluent communities in California. To begin, type the name of the largest city in California into the search box. Next, select the Zip Code tab and click the magnifying glass icon next to the Search button.
Next, enter the address of the city you’d like to explore. Finally, click the Go button to launch the IMT. Now, you can browse through the results and zoom in to examine individual census tracts.
When you find a community you’d like to learn more about, click on the Address Details link to view additional details about the selected address.
This will bring you back to the main screen, where you can select another address to explore. Repeat this process until you’ve examined every address in the selected ZIP Code.
Now, you can export the data you collected into a spreadsheet file for analysis. Or, you can download the data directly onto your computer.
There are many ways to analyze the data you collect, but here are some common methods used by real estate agents:
1) Create a list of the top 10% of homes in the area based on average price per square foot.
2) Find the top 5% of homes in the same area based on average price.
3) Identify the top 1% of homes in the entire country based on average price.
See how much money they made last year
Black Americans are among the richest ethnic groups in America. But where do they live? Where do they spend their money? And how did they accumulate their wealth?
To find out, we analyzed income tax records for over 1 million households across the country. We found that the average black household makes $1,000,000 per year. The top 10% of these households earned at least $2,500,000 per year.
We also looked at where these wealthy black families spent their money. They bought homes in affluent communities throughout the United States.
But there was one surprising trend. Wealthy black families were most concentrated in just three states: California, New York, and Florida. These states had some of the highest median incomes in the nation, making them attractive places for wealthy blacks to settle down.
And the reason they settled down here? Affluent neighborhoods tend to be racially homogeneous. This means that wealthy black families are surrounded by other wealthy black families. So when they move to a neighborhood, they’re not only moving into a community full of rich people, they’re moving into a community fullofrichpeople.
This creates a powerful social network effect. Rich people who live near each other become friends, share ideas, and help each other succeed.
When this happens, the entire community becomes wealthier. And because wealthy black families are concentrated in certain areas, those areas become wealthier too.
That’s why wealthy black families are so concentrated in California, New York, Florida, and other states with high median incomes.
If you’d like to learn more about the factors that influence where wealthy black families live, visit our website today.
Learn about their net worth
Black Americans are some of the richest people in America. But where do they live?
According to Forbes Magazine, the top 10% of black households own over 50% of total wealth in the United States. The top 1% owns nearly 20%. And the bottom 90% collectively hold just 2% of the nation’s wealth.
But where exactly does this wealth reside? Where do these wealthy blacks live?
To find out, we need to understand who makes up the top 10%, because those individuals are the ones most likely to be wealthier than average. So let’s take a closer look at the top 10% of African American households.
First, the top 10% includes only families with incomes above $200,000 per household. This means that the vast majority of the top 10% are upper class. They’re not poor, but they’re certainly well off.
Next, the top 10% consists mostly of married couples. Single parents, single adults, and divorced families aren’t included.
Finally, the top 10% contains a large number of homeowners. Most of them own multiple homes, including vacation properties.
Now that we’ve identified the characteristics of the top 10% of Black Americans, let’s learn more about their net worth. According to Forbes, the median net worth of the top 10% was $1 million in 2013. The median net worth of the bottom 90% was just $10,000.
This means that the top 10% of households had a combined net worth of $11 billion dollars. The bottom 90% had a collective net worth of $9 trillion.
That’s right. The top 10% of Black American households alone owned half of the entire U.S. economy. The bottom 90% held just 9% of the country’s wealth.
And here’s another interesting fact. The top 10% earned more than twice as much income as the bottom 90%.
So where did all of this wealth come from? Well, the top 10% were responsible for creating nearly three times as many jobs as the bottom 90%. And they spent more than four times as much money on goods and services.
So what does this mean for us?
If you’re looking to create a successful blog, consider focusing on topics that appeal to the affluent African American community. Your content should help them achieve financial freedom.
Topics include investing, real estate, entrepreneurship, personal finance, and small business ownership.
Finally
We hope this article has given you some insight into the wealth of the Black community. We also encourage you to explore our other articles on Wealthy Blacks.