FAQs
There are 5.3 million millionaires and 770 billionaires living in the United States. Millionaires make up about 2% of the U.S. adult population. While an ultra-high net worth will be out of reach for most, you can amass $1 million by managing money well and investing regularly.
How many billionaires live in the United States of America? ›
About 770 billionaires live in the United States, according to a new report on the world's wealthiest cities from London-based consulting firm Henley & Partners.
What percentage of the population are millionaires and billionaires? ›
Conclusion. The 56 million millionaires around the globe account for just 1.1% of the world's adult population and 46% of the world's wealth. The nearly 22 million millionaires in the U.S. account for 8.8% of the country's adult population and over 39% of millionaires worldwide.
How many millionaires are there in the US each day? ›
In the U.S., 1,700 people become millionaires every day. finmasters.com/millionaire-st… 21,951,000 people in the U.S. have a net worth of $1 million or more. Only 3% of American millionaires received an inheritance of $1 million or above.
What percentage of the world's billionaires live in the US? ›
The U.S. is home to over a quarter of the world's billionaires, representing about 720 of the roughly 2,700 that exist globally.
Where do most millionaires live? ›
New York City wears the crown as the world's top city with the most millionaires in 2023. Seven of the World's Top 10 cities listed are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights.
Which US state has no billionaires? ›
They live in 42 of the 50 states. The only states where you won't find a billionaire are Alabama, Alaska, Delaware, New Hampshire, New Mexico, North Dakota, Vermont, and West Virginia.
How many millionaires live in each state? ›
List
Rank | State | Number of millionaire households |
---|
1 | California | 1,147,251 |
2 | Texas | 650,216 |
3 | New York | 570,456 |
4 | Florida | 496,971 |
47 more rows
Which country have most billionaires? ›
The country with the highest number of billionaires is, unsurprisingly, the US. The United States of America has 735 billionaires – same as last year, according to Forbes.
Where do 90% of millionaires come from? ›
“90% of all millionaires become so through owning real estate.” This famous quote from Andrew Carnegie, one of the wealthiest entrepreneurs of all time, is just as relevant today as it was more than a century ago. Some of the most successful entrepreneurs in the world have built their wealth through real estate.
No, a millionaire isn't in the top 1% of wealth in the U.S. To be in the top 1%, you would need to have a net worth of over $11 million.
What percentage of retirees are millionaires? ›
In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved. If you're looking to be in the minority but aren't sure how to get started on that savings goal, consider working with a financial advisor.
What age are millionaires? ›
This is according to a study conducted by Ramsey Solutions, which is the largest study of millionaires to date. The average age of a millionaire is 49 years old, which means it takes them over 27 years of saving and investing to reach this status. This may seem daunting, but the truth is, it's never too late to start.
What percentage of white Americans are millionaires? ›
In 2016, around 15.2 percent of all White families in the United States had a net worth of one million U.S. dollars or more. This compares to only 1.9 percent of Black families.
What is the average age to become a millionaire? ›
The average age of millionaires is 57, indicating that, for most people, it takes three or four decades of hard work to accumulate substantial wealth.
Which country is the richest in the world? ›
Here is the full ranking of the richest countries in 2023, according to their per capita GDP. Luxembourg, one of the smallest countries in the EU has a population of 634,000 and is the richest country in this ranking with a per capita GDP of nearly $130,000.
How many billionaires in the US are black? ›
Of the nearly 3,000 billionaires in the world, only 14 are Black. That's fewer than 1 percent. Of those 14, only two are women. Eight are Americans.
Who is No 1 richest person in the world? ›
Bernard Arnault
Billionaire, businessman and the chairman and chief executive of LVMH (LVMUY), Bernard Arnault holds the crown as the richest person in the world. According to Forbes, Arnault has a fortune of $217.9 billion.
Which nationality has the most millionaires? ›
According to data from Forbes, the United States has the highest number of billionaires in the world with a total of 724 billionaires. This is followed by China with 698 billionaires and India with 237 billionaires. Germany and Russia complete the top five countries with 136 and 117 billionaires respectively.
What state makes the most millionaires? ›
by state U.S. 2020. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets. This is nearly double the 650,216 millionaire households in Texas, the state with the second-highest number.
Millionaires Are Made, Not Born
In fact, the majority of millionaires didn't even grow up around a lot of money. According to the survey, 8 out of 10 millionaires come from families at or below middle-income level. Only 2% of millionaires surveyed said they came from an upper-income family.
What states are the easiest to get rich in? ›
Top 10 US Cities Where It's Easiest To Get Rich
- Nashville, Tennessee. Median household income: $65,565. ...
- Colorado Springs, Colorado. Median household income: $71,957. ...
- Charlotte, North Carolina. Median household income: $68,367. ...
- Austin, Texas. ...
- Arlington, Texas. ...
- Omaha, Nebraska. ...
- Raleigh, North Carolina. ...
- Forth Worth, Texas.
Which US city has the most wealth? ›
Atherton, CA
The richest city in the US is Atherton, California. It has a median household income of $450,690, which is almost seven times higher than the average American household income of $69,021. With a relatively low population of 6,950 residents, Atherton is a town known for its exclusivity and wealth.
What state do the wealthiest live? ›
With 186 billionaires, California leads the country with the most ultra-wealthy residents. These billionaires mainly come from the technology and entertainment industries. California's wealthiest resident in 2022 was Larry Page.
Which state has the millionaires tax? ›
There are 6 states that have adopted the millionaire taxes: California, Connecticut, Maine, New Jersey, New York, and Washington D.C. (technically not a state but we are still counting it).
How many US citizens make over $1 million a year? ›
California
There are just under 72,500 tax filers in California with an adjusted gross income above $1 million.
What states are millionaires moving to? ›
According to Henley and Partner's 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them.
Who is the richest woman in the world? ›
There are 337 women on the 2023 World's Billionaires list, including a familiar face as the world's wealthiest. T he reign of Françoise Bettencourt Meyers continues.
How many billionaires are in Mexico? ›
Key Takeaways. Mexico is home to 14 of the world's 2,640 billionaires, as measured in U.S. dollars.
What city has the most billionaires? ›
New York City came out on top of the world's wealthiest cities list with 340,000 millionaires, ahead of Tokyo with 290,300, and San Francisco's Bay Area with 285,000. San Francisco had the most billionaires, with 63, compared with New York's 58.
Most have paid off their mortgages. In 2020, 58% of the state's equity millionaires owned their homes free and clear. Statewide, there has been a dramatic rise in the number of Californians who have paid off their mortgages, from 1.6 million households in 2000 to 2.4 million in 2020.
Do millionaires keep their money in the bank? ›
High net worth investors typically keep millions of dollars or even tens of millions in cash in their bank accounts to cover bills and unexpected expenses. Their balances are often way above the $250,000 FDIC insured limit.
Where do rich people keep their money? ›
Cash equivalents are financial instruments that are almost as liquid as cash and are popular investments for millionaires. Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills. Some millionaires keep their cash in Treasury bills.
Are most millionaires born or made? ›
Recent studies have shown that the notion that most millionaires are born into wealth is a myth. In fact, over two-thirds of millionaires are self-made, according to a 2019 study by Wealth-X and a study by Fidelity Investments.
What net worth is considered wealthy? ›
You might need $5 million to $10 million to qualify as having a very high net worth while it may take $30 million or more to be considered ultra-high net worth. That's how financial advisors typically view wealth.
What income is considered rich? ›
With a $500,000+ income, you are considered rich, wherever you live! According to the IRS, any household who makes over $500,000 a year in 2023 is considered a top 1% income earner. Of course, some parts of the country require a higher income level to be in the top 1% income, e.g. Connecticut at $580,000.
What percentage of 401k are millionaires? ›
Notably, stashing away $1 million or more in a 401(k) plan is rare. Only about 1.4% of 401(k) accounts at the financial services firm had more than $1 million in assets at the end of 2022, according to Fidelity data.
How many people have $1000000 in their 401k? ›
The 442,000 millionaire mark in 2021 was a peak since the first 401(k) plan was first established in 1978 but the year that followed was a very uncertain one and so many people saw significant drops to their accounts.
What percentage of Americans have $100000 for retirement? ›
14% of Americans Have $100,000 Saved for Retirement
Most Americans are not saving enough for retirement. According to the survey, only 14% of Americans have $100,000 or more saved in their retirement accounts. In fact, about 78% of Americans have $50,000 or less saved for retirement.
What is the average age of a 401k millionaire? ›
The typical "401(k) millionaire" reaches the milestone after age 50, according to a Fidelity Investments report cited by the New York Times. On average, women hit the milestone at age 58.5, while the average man became a millionaire at age 59.3.
A net-worth millionaire is someone who has a net worth of at least $1,000,000. Net worth is a fancy way to say 'what you own minus what you owe. ' If that amount ends up being $1,000,000+, you're a net-worth millionaire."
What percentage of millionaires have a college degree? ›
It found that 88% of millionaires graduated from college, compared to 38% of the general population. In addition, 52% of millionaires had a master's or doctoral degree, compared to 13% of the general population.
What percentage of the rich are born rich? ›
According to data: 27% of the ultra wealthy are self made: It defines them as people with a "middle-class or poor upbringing and no inheritance." 46% have a head start: Almost half the super rich people surveyed either had some inherited wealth or an affluent upbringing.
What city has the most black millionaires? ›
According to a 2015 study by NerdWallet, the Atlanta area is home to about 2.1 million black owned businesses which is the highest in the nation. Established in 2005, the Atlanta Black Chamber of Commerce is dedicated to supporting and connecting black entrepreneurs in the Atlanta area.
What is the average net worth of a white American? ›
Average Net Worth by Race or Ethnicity
Race or Ethnicity | Average | Median |
---|
White, non-Hispanic | $980,550 | $189,100 |
Black, non-Hispanic | $142,330 | $24,100 |
Hispanic | $165,540 | $36,050 |
Other | $656,600 | $74,500 |
Oct 18, 2022
What age do most millionaires retire? ›
Millionaire Statistics by Gender
The average age for women to have $1 million set aside for retirement is 58.5. The average age for men to have $1 million set aside for retirement is 59.3.
What does the average millionaire drive? ›
According to a 2022 study by Experian Automotive, a lot of wealthy folks simply don't drive fancy cars. The study found that for people with household income of more than $250,000, 61% don't drive luxury brands. They drive Toyotas, Fords and Hondas like the rest of us. Other studies show similar results.
Who is most likely to become a millionaire? ›
What Are Your Odds of Becoming a Millionaire? Transcript
What Are Your Odds of Becoming a Millionaire? |
---|
Percentage of people who are millionaires in America | 1 in 32 (3%) |
---|
Age 1,2 |
Older than 62 | 1 in 7 (12.5%) |
Younger than 40 | 1 in 55 (1.78%) |
19 more rows
How many people have $3,000,000 in savings? ›
1,821,745 Households in the United States Have Investment Portfolios Worth $3,000,000 or More.
What percentage of US population has $3 million dollars in savings? ›
What percentage of the U.S. population has $3 million dollars? According to The Kickass Entrepreneur, there are about 5,671,000 households in the U.S. that have a net worth of $3 million or more. This represents 4.41% of all U.S. households.
Somewhere around 4,473,836 households have $4 million or more in wealth, while around 3,592,054 have at least $5 million. Respectively, that is 3.48% and 2.79% of all households in America.
How much does the average 70 year old have in savings? ›
How much does the average 70-year-old have in savings? Just shy of $500,000, according to the Federal Reserve. The better question, however, may be whether that's enough for a 70-year-old to live on in retirement so that you can align your budget accordingly.
Can I retire on $2 million at 65? ›
Yes, for some people, $2 million should be more than enough to retire. For others, $2 million may not even scratch the surface. The answer depends on your personal situation and there are lot of challenges you'll face. As of 2023, it seems the number of obstacles to a successful retirement continues to grow.
How many Americans have over $100,000 in savings? ›
Most Americans are not saving enough for retirement. According to the survey, only 14% of Americans have $100,000 or more saved in their retirement accounts. In fact, about 78% of Americans have $50,000 or less saved for retirement.
Can you retire with $3 million at 65? ›
Is $3 million enough to retire at 65? A three million dollar annuity will provide a 65-year-old with roughly $201,900 per year for the rest of their life.
What is the average retirement savings by age 65? ›
Suggested savings: The general guidelines recommend having eight times your annual salary saved by 60. The median income for a 55-year-old is about $57,500, which means having $460,000 saved for retirement. The average savings for those 55-65 is $197,322.
Can I retire at 60 with $1 million dollars? ›
So, can you retire at 60 with $1 million, and what would that look like? It's certainly possible to retire comfortably in this scenario. But it's wise to review your spending needs, taxes, health care, and other factors as you prepare for your retirement years.
Does net worth include home? ›
However, one measure that many overlook is net worth. Your net worth represents how much wealth you have, measured by assets like a house, cars, 401(k), jewelry or cash in the bank, minus the debt obligations you have, or what you owe.
What is the average net worth of a 50 year old American? ›
Average Net Worth of an American Family
The average net worth of someone younger than 35 years old is $76,300, as of 2019. From there, average net worth steadily rises within each age bracket. Between 35 to 44, the average net worth is $436,200, while between 45 to 54 that number increases to $833,200.
What percentage of American retirees have a million dollars? ›
According to the Schroders 2023 U.S. Retirement Survey, working Americans age 45 and older expect they will need about $1.1 million in savings in order to retire, but only 21% of people in that age group expect to have even $1 million. That's down slightly from the 24% in 2022 who said they expected to save that much.
How much does the average American make in a lifetime? The answer varies by industry, education level, gender and location. The typical lifetime gross income range for American males is $1.13 million to $3.05 million, and $510,000 to $1.86 million for women, according to Social Security Administration data.
What percentage of retired Americans have over $1 million? ›
In fact, statistically, around 10% of retirees have $1 million or more in savings.