Four out of 10 affluent black Americans do not have a will and more than half have not worked with a financial advisor to establish an estate plan or wealth transfer plan during the past five years, according to a survey called Wealth in Black America conducted by Northern Trust.

However, the study found that wealthy black Americans are interested in learning more about estate planning, and 42 per cent have already worked with a financial advisor in the past five years to establish an estate or wealth transfer plan. 

“Over the past few years the number of affluent blacks has increased, and we can expect this group to continue having a major positive influence on their families and communities,” said Marguerite Griffin, national director of philanthropic services at Northern Trust. "At the same time, like many Americans, too many affluent blacks have not executed wills or other estate planning documents."

The study also found that 52 per cent of black respondents give to educational institutions, compared to 39 percent for non-black people, while 47 percent of black Americans give to human-services organisations compared to 38 per cent for non-black people.  Black respondents were found to be less likely to donate to environmental or animal organizations than non-black people, with 36 per cent of non-black respondents giving to such organizations compared to 29 per cent for blacks.

Older affluent blacks (55+), meanwhile, are more likely to donate to religious and human services organizations (57 per cent and 55 per cent), while younger affluent blacks tend to donate to educational institutions (37 per cent). 

The study queried 361 affluent blacks and 256 affluent non-blacks with household incomes of at least $250,000 or a minimum of $1 million in investable assets.