The number of the world’s millionaires is constantly increasing. Most Americans want to become the owners of great wealth, and for quite a large percentage of the country’s population, this dream has become a reality.
The Federal Reserve of America regularly conducts surveys of households, which are conducted once every two years. During the survey, all data related to financial assets are catalogued. In this article, we will consider all the questions related to wealth of the American millionaire population.
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America has an ever-increasing millionaire population. It is not only due to inflation. Even if you adjust for inflation, the number of millionaire households with a net worth of at least seven figures has skyrocketed. The leap from 2019 to 2022 was the sharpest. Before that, the figure remained relatively stable for 18 years.
A study conducted in 2024 revealed that practically 24,500,000 millionaires were living in 2024. To give you an idea of the scale, this number exceeds the population of Florida. At the same time, the number of millionaire households continues to grow.
We want to draw your attention to the fact that millionaires do not look as they may seem. In reality, most millionaires did not inherit their huge capital. They don’t drive expensive cars. They don’t go to five-star restaurants. In real life, most millionaires are ordinary people who follow standard money practices.
It is also worth researching the total number of millionaires in the world. The USA is at the very top of the ranking.
Recently, a study on growth of millionaires was conducted. It found that in 2023, the number of rich people in America increased significantly to 500,000, or 7.3%.
A millionaire is someone who has a net worth of 1,000,000 dollars or more. Net worth is what you own right now. What you owe is subtracted from this amount. It is calculated using a very simple math formula.
For example, you have a huge emergency fund. You also have a retirement account, and you’ve taken out a mortgage. Plus, you have no more debt. To get the net worth, you need to add up your retirement account, emergency savings, and house price. Then, subtract the mortgage debt. The resulting figure is net worth, on the basis of which you can estimate a person’s wealth level.
Traditionally, most of the capital of a millionaire is money in the retirement account or real estate (for example, buying a house). Note that many millionaires avoid debt. Here are the real numbers: 73% of millionaires have never used a credit card in their entire lives.
The total number of millionaires in the United States is interesting. But it’s much more fascinating to learn specific names. Very wealthy people can surround you and be much closer to you than you might think. It could be your favourite actor, boss, or the manager who sits across the cubicle from you and has been saving for retirement since you were 22.
The United States has approximately 40% of the millionaires worldwide. Here is a wealth ladder of some of the most famous Americans:
There are far fewer millionaires among famous people, and many rich people with millions of dollars do not appear on magazine covers.
Millionaires live in different parts of the United States, given the fact that their number is approaching 25,000,000 people. The most people with capital in the seven-digit sum are found in the following states:
Also, millionaires often live in other states of the country. In addition, one study collected data to see which cities had the most millionaires. In this case, the number of millionaires in the population as a percentage was considered. Millionaires are most often found in the following 10 cities:
But our research doesn’t end with geography alone. We also delved deeper into the question of who a millionaire is and whether they are really rich.
Most millionaires are indeed rich, but it’s not that simple. It depends on how exactly you understand the word “millionaire.” The word is often used as a stereotypical reference to a rich person.
When we hear the word millionaire, many people imagine a person who lives in a huge mansion, drives only expensive cars and eats only lobster. If a person is a millionaire, he is not bad with money. But in reality, he’s not swimming in dollars like Scrooge McDuck. The main reason is that even a million dollars does not have the purchasing power that money had in the past. Inflation has caused the dollar to sag.
In reality, many millionaires live quite the life we are all used to. The main difference between these people is that their bank account is larger. It is if you compare it to the average person. The whole point is that these people were set for the long term. They were saving from an early age, making plans in advance.
Today’s millionaires are people with the following lifestyles:
Therefore, we can conclude that finding at least one millionaire in your neighbourhood is quite possible. At the same time, from the looks of it, it may seem that this person does not have such an impressive fortune.
Rich people don’t have to be spenders. The reality is that these people can save, save up, and don’t go into credit.
The United States Federal Reserve examines all types of financial assets and liabilities:
At the same time, a huge number of American millionaires have just 2 of the biggest sources of wealth:
The average modern millionaire has about $810,000. It is the amount of savings in retirement accounts.
Let’s debunk one of the myths. Many people believe that to become a millionaire, you must start a business. It is not true:
Therefore, having a business is not the main prerequisite to becoming wealthy.
It makes sense that the average millionaire is of age. Money accumulates over time, and investment earnings take time to appear in the account.
In the United States, the average age of a millionaire is approximately 62 years old.
We also suggest checking the statistics about millionaires by age group:
In general, if a household has at least 1 person over 50, the probability of having a net worth of 1,000,000,000 or more is very high. At the same time, if a person in the household is 20-30 years old, the probability of him being a millionaire is very low.
It is also worth paying attention to the average income of millionaire households:
These figures are much higher than the national median household income, which is 70,000. But that doesn’t mean that high income is unattainable. This is especially true for families with two breadwinners in their 40s and 50s. The main thing is persistence in work and developing a clear savings plan. It is within the power of many.
The number of millionaires in the United States is constantly increasing, and it is a dynamic number. At the time of writing our article, it amounted to almost 24,500,000 people. At the same time, most millionaires are found in California. If you calculate the number of millionaires based on a population percentage, they are most numerous in New York, NY.
The stereotypes about millionaires are not always true. They don’t necessarily have to be businessmen. You don’t have to come from a wealthy family. Often, a good retirement plan is required. You can enlist the help of a financial advisor. You also need to have adequate housing. Another helpful tip from millionaires: don’t abuse credit.
