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What Percentage of Americans Are Millionaires (2023 Updated)

What Percentage of Americans Are Millionaires

They say that money makes the world go round, and the United States is not known as the land of opportunity for nothing. Of course, that’s not to say wealth comes easy. 

The truth is that hard work, dedication, and perseverance are necessary to get the big pay-off, but if being a millionaire is your goal, it’s definitely worth it. Taking that into consideration, plus the fact that people come from far and wide to make America their home for exactly this reason, begs the question – What Percentage of Americans Are Millionaires

So, let’s take an in-depth look at American Millionaires and other millionaire-related info…


Millionaires On The Rise

Millionaires On The Rise

According to the Credit Suisse Research Institute’s most recent Global Wealth Report, around 22 million millionaires are living in the United States at the moment. That’s just over 8%. In addition, a 24% increase in the number of millionaires has led to a marked increase in the number of multi-millionaires. 

According to recent figures, the US has more millionaires than the overall populations of Greece, Sweden, and Portugal combined. A recent survey shows that 13.61 million households had a net worth of $1 million or more (excluding the value of their main residence).

Read more: How Long Is 1 Million Seconds

Most millionaires in the world…

 This equates to over 10% of US households. Approximately 8,046,080 US households, or 6.25 percent, have a $2 million net worth or more, and around 5,671,005 US households (4.4%) have a $3 million net worth or more.

America experienced the most year-over-year gain in millionaires within its borders than any other country, increasing significantly between 2020 and 2021. In addition, there was a 24% increase in the group with the highest net worth. This places it at the top of the list of countries with the most millionaires.

The Wealthy, And The Not So Wealthy

The second half of 2020 saw a significant increase in wealth as both stock markets and real estate valuations surged. 

For the first time, the report finds that slightly more than 1% of American adults now have millionaire status. According to the Credit Suisse analysis, the average wealth of the ordinary American adult increased by 6%, to a record high of $79,952. 


It is worth noting that the words ‘average wealth’ might be a tad misleading. Currently, around 745 American billionaires control roughly $5 trillion. This is as opposed to the $3 trillion which is distributed among the bottom half of American families, something of a glaring economic and social discrepancy. 

But, Where Does This Wealth Come From?

But, Where Does This Wealth Come From?

Becoming a millionaire just might be a little simpler than you think. In Thomas J. Stanley’s book, ‘The Millionaire Next Door: The Surprising Secrets of America’s Wealthy,’ he states that most millionaires have to work hard for their money. And contrary to what many might think, reaching the top tax levels doesn’t necessarily require wealthy parents. 

The truth is that only 3% of American millionaires inherited more than $1 million from their parents. And according to a 2021 survey by Ramsay Solutions, 79% never inherited any money at all.

Don’t just make assumptions…

This means that only around 20% of Americans got part of their wealth via inheritance, whereas the rest are self-made. Additionally, an Ivy League education is not necessarily required. According to the same survey, 62% of American millionaires attended state or public schools, and 80% saved and invested their money. 

How Many American Millionaires Have a Net Worth Of $50 Million?

In the United States, 89,510 individuals have a net worth of at least $50 million. This figure equates to 50.9 % of all ultra-high net worth (UHNW) individuals worldwide.

What Percentage Of Congressmen Are Millionaires?

What Percentage Of Congressmen Are Millionaires?

Because Congressmen provide their financial information in ranges, it is difficult to pinpoint the actual sum. However, the Center for Responsive Politics reports that in 2018, 43% of Congressmen had a net worth of over $1 million, meaning Congress has around 229 millionaires. That is more than seven times the 6% national figure.

What About Decamillionaires?

Millionaires are only one aspect of the equation. A lot of people have significantly more than a mere million, for example, decamillionaires (from the Greek word deca, meaning ten). 

Research shows that 1,456,336 families in the US are thought to have a net worth of at least $10 million. (However, it’s important to remember that we are discussing a household, not one specific person, which means that consequently, there may be more than one income earner.)

What Percentage of Americans Are Millionaires – Demographics 

Therefore, it seems there is no shortage of millionaires in America. But are they young or old? And what race are they? Let’s dig a little deeper to find out more about American millionaires


According to a survey on the age distribution of millionaires in the US, 62 is the average age, while millionaires over 65 make up about 38% of the population. Only 1% are under 35. West Coast millionaires tend to be a little older. 

The approximate age of billionaires is a little older than that of millionaires, at 65.9 years. Studies show that only 46 people become billionaires before they turn 40, which proves that these financial giants are not created overnight, but rather by means of hard work and expertise.


Recent data shows that 76% of millionaires in the US are white or Caucasian, 8% are black or Asian, and 7% of all millionaires are Hispanic.

Where is the highest concentration of ultra-high net worth people?

With 24,660, New York has the highest number of UHNW individuals. Los Angeles, with 16,295, is in second place, and third is San Francisco, with 6,740. Chicago and Miami are in fourth and fifth place, respectively, with 6,085 and 5,615.

What proportion of the US economy is controlled by millionaires?

The Federal Reserve estimates that the top 10% of Americans hold 69.6% of the country’s wealth, and the lower 50% own only 2%. The fact that the wealthiest 1% possess more than a third of all US wealth (31.4%) is an excellent example of economic inequality. 

How Do millionaires Invest Their Money?

How Do millionaires Invest Their Money?

The most common investment for millionaires is still real estate. Roughly 90% of the world’s millionaires have invested their riches in real estate for over 200 years, and it is more than likely this will continue to be the case. 

The reason for this is that real estate presents the greatest potential for investors to increase their wealth. On a side note, purchasing your first house is an excellent opportunity to get your feet wet in this lucrative industry. Who knows, you may become the next tycoon!

How many homes does the average American millionaire own?

43% of US millionaires own one home, 8.5% have five or more, and over 20% have two. The average millennial millionaire owns three properties, with a portfolio of real estate totaling $1.4 million. 

Which Industries Employ The Most UHNW People?

Which Industries Employ The Most UHNW People?

The sector with the highest concentration of millionaires and UHNW people is unquestionably that of finance and investment. 

Around 14% of all ultra-high net worth people have this division as their main line of work, although they may also dabble in other prospects on the side. In second place are industrial conglomerates, with 9.1%, followed closely by the customer services and business sector.

Is there a significant increase in the number of millionaires?

Yes! In America alone, there were 2,251,000 more millionaires by mid-2020 than there were in 2019. Over the next five years, this trend is expected to continue, with the US witnessing a jump in both VHNW and UHNW individuals.

Let’s Talk About Millenial Millionaires

Let’s Talk About Millenial Millionaires

How many are there?

There are currently around 618,000 millennial millionaires in the US, and 93% of them have a net worth between $1 and $2.49 million. The baby boomers generation was the wealthiest in American history, making sure their millennial and Gen X offspring had no shortage of cash on hand. 

It is worth noting that plenty of these descendants make decent money themselves and are in the top ten of US earners. They are not, for the most part, reliant on handouts or inheritances from family. 

At what rate is their wealth increasing?

The millennial generation has the youngest grouping of millionaires, and their wealth is progressively increasing. They are worth an estimated $68 trillion in inheritance money from wealthy parents and relatives, and are predicted to hold five times the wealth they enjoy today by 2030.  

Which states have the highest per capita millennial millionaires?

Without a doubt, California leads in terms of both absolute numbers and per capita. The Golden State is home to about 44% millennial millionaires, which is comparable with the distribution of older generation millionaires as well. The states with the least number of millionaires are South Dakota, Vermont, and Wyoming.

Now, About The Billionaires

Who is the youngest billionaire in America?

That would be Austin Russel, the founder of Luminar Technologies. This firm produces instruments and sensor technology for driverless vehicles. Austin is 26 years old and has a net worth of $2.4 billion.

How many billionaires are there in America?

According to a census estimate from 2020, the US has 788 billionaires, with a total net worth of $3.431 trillion. In contrast, there were 404 billionaires in the US in 2010.

When did these billionaires make their first million?

Over two-thirds (69%) of the top 100 richest people in the world made their first million in less than ten years. The majority of self-made billionaires made their first million in fewer than five years.

Where do most of them live?

At 186, California has the highest percentage of billionaires, according to Forbes. This is down from 189 a year ago, but still higher than any other state. Larry Page and Sergey Brin, the co-founders of Google, are listed as the state’s richest people, closely followed by Mark Zuckerberg. 

New York has 135 billionaire residents, while Texas has 65. Bill Gates and Jeff Bezos both reside in Washington; Nebraska is home to Warren Buffet, and Elon Musk recently relocated to Texas. 

Maybe the first “Trillionaire”!

It is interesting to note that Elon Musk, founder of Tesla and Space X, is said to be in the lead to become the world’s first trillionaire within the next two years, at around the age of 52. This is due to a 129% annual growth rate. Jeff Bezos, who was on track to attain this distinction, will likely only do so in 2030, which is six years after Musk.

What About The Rest Of The World?

Global Capital

Worldwide, there are now 56.1 million millionaires, a huge increase over the 50.8 millionaires a year ago. The most accurate way to illustrate the overall numbers of worldwide wealth is by means of a pyramid shape. For example:

  • Around the world, 55% of adults have assets worth less than $10,000.
  • 32.8 % have assets between $10,000 and $1,000,000.
  • Due to the rapid growth of a strong middle class in many developing countries, including China, 11.1 % of people have between $100,000 and $1 million in their own financial portfolio.
  • The 1 % is at the top of the pyramid, their figures indicating the biggest yearly gain since 2003, at 45.8 %.
  • Elon Musk, the creator of Tesla, saw a 751% increase in his personal wealth between the middle of March 2020 to the middle of October 2021, while Jeff Bezos, creator of Amazon, saw a rise of 70.1%.

Who is the world’s youngest billionaire?

Who is the world’s youngest billionaire?

According to Forbes Magazine, the youngest billionaire in the world is an 18-year-old German heir named Kevin David Lehmann. Kevin inherited his father’s 50% ownership stake in a German pharmacy, increasing his net worth to $3.3 billion.

How many HNW individuals are self-made?

According to Wealth-X, around 71.9% of UHNW millionaires are self-made. One-third of them, or 20.3%, profited from inheritance and own wealth, while only 7.7% of them acquired their money through inheritance alone. 

What is the total number of millionaires around the globe?

Worldwide, there are about 51,882,000, roughly 43.4%, of people who have a million dollars or more in their possession. The Global Wealth Report states that they are wealthy to the tune of – wait for it – $173.3 trillion! US millionaires make up 39%, while China comes in second, with 11% of the world’s millionaires. 

In addition, the top 10% of wealthiest individuals own 83.9% of the world’s wealth. The worldwide wealth distribution shows a nearly insurmountable discrepancy because the lower half of the wealth pyramid only controls 1.4% of total wealth.

Which nations have the highest number of millionaires in the world?

With around 20.27 million citizens with a net worth equal to or over one million USD, America tops the list of nations with the most millionaires. China comes in second with 6.143 million, followed by Japan with 3.275 million. 

Next in line is Germany, with 2.221 millionaires, while France is right behind with 2.192 million millionaires. The UK, with 2.116 million, has fallen from its position in the top five and is now in sixth place. 

What Percentage Of Americans Are millionaires In a Nutshell:

What Percentage Of Americans Are millionaires In a Nutshell:

  • America has 20.27 million millionaires. 
  • 788 billionaires live in the US. 
  • 76% of American millionaires are caucasian.
  • New York has the highest percentage of millionaires. 
  • 1% of people hold 43.4% of the world’s wealth.
  • 44% of American millennial millionaires live in California.
  • The average millennial millionaire owns three properties, totaling a $1.4 million real estate portfolio.

Advice On How To Make Your Million!

Let’s start with a few financially relative articles such as Jobs That Can Make You A Millionaire, or Careers That Make You Rich, as well as the Best 6 Figure Jobs, the Top Low Stress Jobs That Pay Really Well, and the Top Good High Income Skills To Learn in 2023.

Next, we’ve put together our top earning job opportunities in various sectors, such as the Best Paying Jobs In Energy, the Top Highest Paying Trade Jobs, or how about the Top High Paying Entry Level JobsBest Paying Jobs In Finance, and even the Best Remote Jobs That Pay Well, and Best Remote Transcription Jobs That Pay Well, if you prefer working from home.

In addition, we also recommend checking out the Top Highest Paying Sales Jobs, the Top Highest Paying Medical Jobs, or perhaps the Top Highest Paying Engineering Jobs, along with the Top Highest Paying Retail JobsTop Highest Paying IT Jobs, and finally, the best High Paying Truck Driver Jobs.

What Percentage Of Americans Are Millionaires – Final Thoughts 

Fortunately, it seems like the American dream is still very much alive and well. Taking into account the proportion of millionaires in the country, there is no shortage of people who are willing and eager to amass vast amounts of cash. 

Analysis indicates that the number of millionaires will continue to rise in the coming years. For example, the second half of 2020 saw the financial and real estate markets booming, meaning that million- and billionaires made enormous gains, primarily as the market value of the enterprises they owned increased. As the value of real estate rose, so did the number of millionaires (and billionaires). 

Hard work pays off…

The bottom line is that hard work and dedication, coupled with a bit of savvy, will enable you to do anything in the US, including chasing your dreams and making them a reality. This has been proven time and time again, both in realty (the Elon Musks of the world) and in fiction (just ask James Gatz, better known as Jay Gatsby). 

So, go chase those dreams and make your First Million!

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