Money, money, money
Must be funny
In the rich man’s world …
Ah, the American dream.
You come to America, work your butt off, and boom — you’re a millionaire.
What percentage of Americans are millionaires then?
The number of super-rich individuals has gone up for the 10th year in a row! In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal.
That’s not all:
Millionaire Statistics (Editor’s Pick):
- The United States added 2,251,000 new millionaires from 2019 to 2020.
- The total number of millionaires in the US is 20.27 million.
- There are 788 billionaires in the United States.
- There are 323,443 millionaire households in New Jersey.
- 76% of US millionaires are white.
- New York is the city with the biggest concentration of ultra-rich millionaires with 24,660 UHNW.
- The United States’ millennial millionaires own an average of three properties with a real estate portfolio worth $1.4 million.
- About 44% of US-based millennial millionaires live in California.
- 43.4% of the world’s wealth is controlled by the top 1%.
What Percentage of Americans are Millionaires?
Let’s start with the basics. The number of millionaires, their households, and how they got their wealth.
1. How many millionaires are in the US in 2020?
(Source: Credit-Suisse)
The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. The United States also added 2,251,000 new millionaires from 2019 to 2020 alone, which puts it at the very top of the list of countries with the most millionaires.
Since the adult US population is around 250 million, that means that just over 8% of Americans are millionaires.
2. How many US millionaire households are there?
(Source: Spectrem)
A new survey has found that there are 13.61 million households that have a net worth of $1 million or more, not including the value of their primary residence. That’s more than 10% of households in the US.
So the US is definitely the country with the most millionaires.
3. What percentage of millionaires inherited their wealth?
(Source: Ramsey Solutions)
Only about 20% of Americans inherit their riches.
The rest of them (80%) are self-made, first-generation millionaires. Most millionaires have to work for the money and don’t get rich once a relative dies, according to “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J Stanley.
Gatsby would be proud.
Multimillionaires in the United States
Of course, millionaires are only one part of the equation. Many people have more than a single million, and some have much, much more.
4. How many people are worth 10 million?
(Source: DQYDJ)
Have you ever wondered how many decamillionaires are in the US?
Well, we did.
And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million.
It is important to note that we are talking about a household, not an individual. So there may be more than one person earning in a single household.
5. How many multi-millionaires are in the US?
(Source: DQYDJ)
About 8,046,080 US households have a net worth of $2 million or more, covering about 6.25% of American households. 5,671,005 US households have a net worth of $3 million or more, covering about 4.41% of all US households.
6. How many multi-millionaires in the US have $50 million net assets?
(Source: Credit-Suisse)
There are a total of 89,510 people in the United States with net assets of at least $50 million. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world.
Obviously, there’s a huge wealth disparity.
7. How many billionaires in the US are there?
(Source: Wealth-X)
According to a census report in 2020, there are 788 billionaires in the United States with a combined net worth of $3.431 trillion. In contrast, the United States had 404 billionaires in 2010.
8. How many millionaires are in Congress?
(Source: Center for Responsive Politics)
There are 229 millionaires in Congress. The exact number is hard to determine since Congress members reveal their finances in ranges. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. That’s 43%, over seven times the national rate of 6%.
US Millionaire Demographics, 2021
Who are these millionaires, though? Let’s check the US millionaire distribution by age and race.
9. What is the average age of US millionaires?
(Source: Spectrem)
According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. About 38% of US millionaires are over 65 years of age. Only 1% are below 35. Millionaires on the West Coast are slightly older, as well.
So don’t worry. You most probably still have time to become rich.
10. What is the percentage of millionaires in America by race?
(Source: Statista)
According to the most recent data available, 76% of US millionaires were white or Caucasian. Black American and Asian millionaires each accounted for just 8%. Hispanics made up 7% of the total millionaire population.
11. What is the average age of US billionaires?
(Source: Wealth-X)
The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. According to a 2016 report, only 46 people became billionaires before the age of 40. This further reaffirms that billionaires are not made overnight but are built through experience and time.
12. What is the average millennial millionaire’s net worth?
(Source: Coldwell Banker)
There are 618,000 millennial millionaires in the United States, and 93% of them have a net worth ranging from $1 to $2.49 million.
The boomers’ generation was the richest generation in the history of the United States. They are leaving huge piles of wealth to their Gen X and millennial descendants. However, many of these millennials are earning good money all by themselves as well.
Joining the top US Earnings Income and Wealth Percentile
How old were they when they started accumulating serious wealth? And how much of wealth overall do they control? Keep on reading to find out.
13. What percentage of US wealth is managed by millionaires?
(Source: Federal Reserve)
According to the Federal Reserve, the top 10% in the US own 69.6% of the nation’s wealth. If you need a clearer example of financial inequality you just need to know that around a third of the US wealth (31.4%) is owned by the top 1%, which is almost 16 times more than the bottom 50% who own 2% of it.
14. How long did it take Billionaires to Earn Their First Million?
(Source: Visual Capitalist)
Most self-made billionaires earned their first million dollars within five years. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years.
Where Do American Millionaires Live and What Do They Do?
Where’s the highest concentration of US millionaires and other rich people? How did they get rich, and how do they stay rich?
15. Which state has the highest percentage of millionaires?
(Source: Kiplinger)
According to a 2020 report, New Jersey wrested the top spot from Maryland when it comes to millionaire per capita. There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. With that concentration of wealth, it’s not surprising that the cost of living in the state is 13.4% higher than the US average.
16. Which state has the highest number of billionaires?
(Source: Forbes)
While California takes the lead here with 189 billionaires, the wealthiest Americans don’t live in these two states, Mark Zuckerberg being the only exception.
Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas.
If you want a more detailed breakdown of US-based billionaires by State, you can check out more of our content.
17. Where do millionaires invest their money?
(Source: The College Investor)
Investing in real estate is still the most popular of all millionaire investment and spending choices. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. This trend is expected to grow.
For investors, real estate offers the biggest opportunity to develop wealth. A good way to dip your toes in the real estate business is to buy your first primary residence.
18. Which US city has the highest number of UHNW people?
(Source: Wealth-X)
New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. The second spot belongs to Los Angeles, with 16,295 millionaires. San Francisco is third, with 6,740 millionaires. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively.
19. How many properties are owned by the average American millionaire?
(Source: Statista)
The largest fraction (43%) of millionaires in the US owns only one house. Roughly 20% own two, and only 8.5% of them own five or more.
When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million.
20. Which industries have the most UHNW individuals?
(Source: Wealth-X)
The finance and investment industry is definitely the industry with the most millionaires and UHNW people. Roughly 14% of all UHNW individuals engage in it as their primary industry. Industrial conglomerates come in second, with 9.1%, and they’re closely followed by the business and customer services industry at 9%.
Growth Rate of Millionaires
Is the number of millionaires increasing? How quickly and what does it mean?
21. How many new millionaires were added in 2020 in the US?
(Source: Credit-Suisse)
From 2019 to mid-2020, 2,251,000 new millionaires joined the ranks of millionaires in the United States alone. The trend is expected to continue over the next five years, with the US seeing a growth in both the VHNW and UHNW individuals.
22. What is the wealth growth rate of the youngest millionaires?
(Source: Coldwell Banker)
The youngest millionaires are millennials, and their wealth is steadily growing. By 2030, millennials are expected to control five times as much wealth as they have now.
Additionally, as baby boomers pass on, millennials will inherit an accumulated $68 trillion from their rich parents and relatives.
23. Which states have the most millennial millionaires per capita?
(Source: Coldwell Banker)
Both per capita and in absolute numbers, California takes the lead. About 44% of the millennial millionaires of the US are concentrated in California, which is pretty consistent with the population of older millionaires as well.
About 14% of millennial millionaires live in New York State. However, most millennials prefer Traverse City, Michigan, as their second home since the price of luxury homes there starts from $500,000 — a far cry from $2 million in Silicon Valley.
Global Wealth Statistics
Now that we’ve covered US-specific millionaire statistics, let’s turn our eyes to the rest of the world.
24. Who is the youngest billionaire in the world?
(Source: Forbes)
According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. He’s worth $3.3 billion after he inherited his father’s 50% stake in a German drugstore chain.
The youngest American billionaire is Austin Russel. Aged 26, he’s worth $2.4 billion, and he’s the founder of Luminar Technologies, a company that makes sensors and other tech for autonomous vehicles.
25. How many millionaires are there in the world?
(Source: Credit-Suisse)
There are approximately 51,882,000 people who own one million USD or more worldwide. They own $173.3 trillion of wealth, according to the Global Wealth Report. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%.
26. What is the percentage of world wealth controlled by millionaires?
(Source: Credit-Suisse)
According to the Global Wealth Report, 43.4% of the world’s wealth is controlled by millionaires, or approximately $173.3 trillion.
Moreover, 83.9% of the world’s wealth is owned by the top 10% richest people. In contrast, the bottom half of the wealth pyramid manages 1.4% of global wealth, showing there is an almost insurmountable disparity in the global distribution of wealth.
27. How many global UHNW people are self-made?
(Source: Wealth-X)
According to Wealth-X, about 71.9.% of UHNW millionaires were self-made. 20.3% of them benefited from a combination of inheritance and self-created wealth. Only 7.7% became wealthy solely through inheritance.
28. Which countries have the most millionaires?
(Source: Credit-Suisse)
The United States tops the list of countries with the most millionaires, with 20.27 million people whose net worth matches or exceeds one million USD. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires.
Germany is next with 2.221 million millionaires, and France follows close behind with 2.192 million millionaires. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires.
Bottom Line
So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving.
The rule of thumb is that with hard work, you can achieve anything in America. There are a lot of inspiring people — both fictional and real — that have made it big that way.
But if it was that easy, wouldn’t we be all millionaires?
Well, our research shows that the number of millionaires will only grow in the future. So you still have a chance to become a part of our statistics.
Go, now. Make Gatsby proud.
You may also be interested in:
What Percentage of Americans Make Minimum Wage?
How Many Americans Live Paycheck to Paycheck?
