27 Millionaire Statistics: What percentage of Americans are millionaires?

🎶 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 Choice):

• The United States added 675,000 new millionaires from 2018 to 2019 alone.
• The total number of millionaires in US equals to 18.6 million.
• There are 705 billionaires in the United States. 
• There are 293,992 millionaire households in New Jersey.
• 76% of US millionaires are white or Caucasian.
• The city with the biggest concentration of ultra-rich millionaires is New York with 8,865 UHNW.
• The United States’ millennial millionaires own an average of three properties with a real estate portfolio worth $1.4 million.
• About 44% of the millennial millionaires of the US are concentrated in California.
• 47% of the world’s wealth is controlled by the top 1% UHNW individuals.

What Percentage of Americans are Millionaires?

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 US is 18.6 million. The United States also added 675,000 new millionaires from 2018 to 2019 alone. This puts US to the very top of the list of countries with the most millionaire list.

2. How many US millionaire households are there?

(Source: Spectrem)

A new survey has found that there are 11.8 million households which have a net worth of $1 million. That is equal to 3% of the United States entire population and about 40% of the global millionaire population.

So the US is definitely the country with the most millionaires.

3. What percentage of millionaires inherited their wealth?

(Source: Investopedia)

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

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 1,347,336 households with a net worth of at least $10.374 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 7,647,278 US households earn $2 million or more, covering about 6.07% of American households.  4,665,039 US households earn over $3 million or more, covering about 3.70% of all US households.

6. How many multi-millionaires in the US have $50 million net assets?

 (Source: Statista)

There are a total of 70,540 people in the United States with net assets of at least $50 million. This number equals to 47.2% 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: WealthX)

According to a census report in 2019, there are 705 billionaires in the United States with a combined net worth of $3 trillion. In contrast, the United States had 404 billionaires in 2010.

This means that since then there has been a whopping 53% growth in the total number of billionaires in the country. In fact, 14 of the world’s richest billionaires reside in the United States.

Considering packing your bags yet?

8. Which state has the highest percentage of millionaires?

(Source: Kiplinger)

According to a 2019 report, New Jersey wrested the top spot from Maryland when it comes to millionaire per capita. There are 293,992 millionaire households in New Jersey, thanks to its proximity to the Big Apple. So it stands to reason that the cost of living in the state is 13.4% higher than the US average.

9. Which state has the highest percentage of billionaires?

(Source: US News)

California and New York account for over 40% of all U.S. billionaires. However, the wealthiest people do not live in these two states. 

Jeff Bezos and Bill Gates both live in Washington, while Warren Buffet resides in Nebraska. Overall, about 75% of all US billionaires live in Texas, Florida, Illinois, Massachusetts, Connecticut, Georgia, Washington, and Nevada. 

US Millionaire Demographics, 2020

10. What is the average age of US millionaires?

(Source: Spectrem)

According to a report about US millionaire 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 in the West Coast are slightly older, as well.

So don’t worry. You most probably still have time to become rich.

11. What is the percentage of millionaires in American by race?

(Source: Statista)

If we talk about US millionaires by race and ethnicity, statistics show a wide racial disparity. 

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.

12. What is the average age of US billionaires?

(Source: US News, Financial Times)

The average age of billionaire is slightly older than that of millionaires at 66 years old. According to a 2016 report, only 46 billionaires were below the age of 40. This further reaffirms that billionaires are not made overnight but are built through experience and time.

13. What is the average millennial millionaire net worth?

(Source: Coldwell Banker)

There are 618,000 millennial millionaires in the United States with an average net worth ranging from $1 to $2.49. 

The boomers’ generation was the richest generation in the history of the United States. They are leaving huge piles of wealth to their millennial descendants. Many of these millennials are earning good money all by themselves as well.

US Earnings Income Percentile

14. What percentage of US wealth is managed by millionaires?

(Source: Jacobin Mag, Bloomberg)

According to the Federal Reserve report, the top 1% of the US owned 44% of the country’s wealth in 2019. A report by Boston Consulting Group further stated that by 2021, 70% of US’s wealth will be controlled by millionaires and billionaires.

Additionally, those worth over $20 million will manage 29% of the country’s wealth. Those worth less than $1 million will witness their control over wealth shrink to 29%.

Where Do American Millionaires Live

15. Which city has the highest number of UHNW people?

(Source: Investopedia)

The city with the most concentration of ultra-rich millionaires is New York, with 8,865 UHNW. The second spot belongs to Los Angeles with 5,250 millionaires. Chicago is third, with 3,255 millionaires. San Francisco and Washington DC take the fourth and fifth positions with 2,820, and 2,735 UHNW individuals respectively.

16. Where do millionaires invest their money?

(Source: The College Investor)

Out of the most popular millionaire investment choices, investment in real estate remains number one. For over 200 years, approximately 90% of the global millionaires spend their fortune or real estate investment. 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. 

17. How many properties are owned by the average American millionaire?

(Source: Business Insider, Market Watch)

The United States’ millennials who became millionaires own an average of three properties with a real estate portfolio worth $1.4 million. Additionally, the billionaires in the US own approx. 9 properties. Over 505 of these properties are within different cities and/or states of the country. 

Additionally, they have 14% of properties in Mexico, 13% of properties in the Bahamas, 9% of properties in the Caribbean, 12% of properties in England, and 9% of properties in France.

18. How many millionaires are in Congress?

(Source: Center for Responsive Politics)

The percentage of millionaires in Congress is 48. Over half the members of Congress are millionaires as compared to just 1% of America as a whole. The exact number is hard to determine since Congress members reveal their finances in ranges. But according to the Center for Responsive Politics almost half had a net worth of over $1 million.

19. Which industries and professions have the most URNW individuals?

(Source: Forbes)

The industries and professions with the most millionaires and billionaires are as follows:

• The finance and investment industry with 267 billionaires, amounting to 15% of the world’s 1,810 billionaires. 
• The fashion and retail industry has 221 billionaires, making up 12% of the world’s billionaires. 
• Real estate is the third-largest source of wealth and the industry has 163 billionaires. 
• The tech industry has 159 billionaires, thanks to an increasing number of unicorn companies.

Growth Rate of Millionaires

20. How many new millionaires were added in 2019 in the US?

(Source: Barrons, Credit-Suisse)

From 2018 to 2019, 675,000 new millionaires joined the ranks of the ultra-high net worth individuals 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 standard and UHNW individuals.

21. What is the growth rate of the youngest millionaires?

(Source: Forbes)

The youngest millionaires are millennials and their wealth is steadily growing. By 2030, millennials are estimated 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. 

22. Which states have the most millennial millionaire per capita?

(Source: Coldwell Banker)

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 the millennial millionaires live in New York State. However, most millennials prefer Traverse City, Michigan, as their second home since the price of luxury home there starts from $500,000 — a far cry from $2 million in Silicon Valley.

23. Who is the youngest billionaire in the world?

(Source: Forbes, Forbes)

According to Forbes, the youngest billionaire in the world is 29-year-old Evan Spiegel, the co-founder of Snapchat. However, the Forbes 400 list does not rank all billionaires, only those with a network of $2.96 billion. However, if we also consider people with a network of $1 billion, Kylie Jenner at 21 is the youngest billionaire.

Global Wealth Statistics

24. How many millionaires are there in the world?

(Source: Global Wealth Report)

There are approximately 46.8 million millionaires in the world. They own $158.3 trillion of wealth, according to the Global Wealth Report.

Neat.

25. What is the percentage of world wealth controlled by millionaires?

(Source: Global Wealth Report)

According to the Global Wealth Report, 47% of the world’s wealth is controlled by the top 1% millionaires. The number is expected to increase to 52% in 2020. 

Moreover, 82% of the world’s wealth is owned by the top 10% richest people. In contrast, the bottom half of the wealth holders will manage less than 1% of global wealth, showing there is an almost insurmountable disparity in the global distribution of wealth.

26. How many global millionaires are self-made?

(Source: WealthX)

According to WealthX, about 67.7% of millionaires were self-made. 23.7% of millionaires benefited from a combination of inheritance and self-created wealth. Only 8.5% became millionaires after completely inheriting their wealth.

27. Which countries have the most millionaires?

(Source: Statista)

The United States tops the list of countries with the most millionaires. China stands at number two with 4.45 million millionaires, followed by Japan with 3.03 million millionaires. Next are the United Kingdom with 2.46 million millionaires and Germany with 2.19 million millionaires. Following closely are France with 2.08 million millionaires, Australia with 1.18 million millionaires, Spain with 979,000 millionaires, India with 759,000 millionaires, and Brazil with 259,000 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.