The Millionaire Landscape: What Percentage of Americans Are Millionaires?
Roughly 8.8% of American adults are millionaires. That’s about 1 in every 12 people, according to the latest Credit Suisse Global Wealth Report.
Sounds high? It is, especially when you consider that the US holds nearly 40% of the world’s millionaires, despite having just 4% of the global population.
But what does being a “millionaire” really mean? Is it all yachts, private jets, or just a well-balanced investment portfolio and decades of disciplined saving?
In this deep dive, we’ll explore what percentage of Americans are millionaires and uncover the real numbers behind millionaire status in the US. Let’s unpack the stats and see how close you might be to joining the club.
Editor’s Choice
- About 8.8% of American adults are millionaires due to rising asset values and long-term investing.
- Most millionaires are self-made and earn average incomes. 79% built their wealth without inheritance, and many never earned six-figure salaries.
- American millionaires hold over 60% of their wealth in equities and retirement accounts, while their primary homes comprise only a small portion of their net worth.
- Demographics show inequality. Most millionaires are white (76%) and over 60 years old.
- Lifestyle and habits matter more than income. Most millionaires live below their means, budget carefully, and avoid luxury spending.
How Many Millionaires Are There in America?
As of early 2024, the United States has roughly 22.7 million millionaires, which accounts for about 8.8% of the adult population. That means nearly 1 in every 12 American adults holds a net worth of $1 million or more.
This number has more than doubled in just over a decade. Back in 2010, the US had around 10.5 million millionaires. The surge since then has been fueled by rising stock prices, real estate growth, and wealth generated through tech and entrepreneurship.
Here’s how the growth looks over time:
Here’s the kicker: the US is home to nearly 40% of all millionaires globally, even though it makes up only about 4% of the world’s population. That’s wealth domination.
Who Counts as a Millionaire? Net Worth vs. Liquid Assets
What exactly makes someone a millionaire? You’d think it’s simple. Millionaires are those who have a million bucks. But the reality is a bit trickier. Some millionaires don’t feel rich, and others with high incomes don’t qualify. It all comes down to net worth and how you calculate it.
In this section, we’re breaking down the difference between headline millionaires (on paper) and those with liquid wealth they can actually spend.
1. The US has 22.7M millionaires by net worth but only 14.5M by investable assets.
(UBS, Spectrem Group)
Not all millionaires are counted the same. Some have seven figures locked in home equity; others have it sitting in stocks and cash. The difference? It comes down to how you define net worth.
Credit Suisse includes total assets, such as your home, vehicles, investments, and savings—minus debts. By this broad definition, the US has around 22.7 million millionaires as of 2024.
But the Spectrem Group looks only at investable assets or money you can spend or invest. That means no primary residence, no business ownership, and no collectibles. Their 2023 data shows only 14.5 million US households meet that stricter threshold.
Same million-dollar label, but a big difference in liquidity. It’s a reminder that net worth can look good on paper, even if you can’t touch most of it.
2. 7.8M Americans are high-net-worth individuals, but only 0.04% are ultra-rich.
(Capgemini)
According to the Capgemini World Wealth Report 2023, there were approximately 7.8 million high-net-worth individuals (HNWI) in the US. This group is defined as those with $1 million or more in investable assets, excluding primary residences.
However, the situation differs for Ultra-High Net Worth (UHNW) individuals, or those with 30 million dollars or more. The number drops sharply to just 113,000 individuals, less than 0.04% of the US adult population.
In other words, being a millionaire puts you in the top 9%, but being ultra-wealthy places you in an elite club so small that it wouldn’t even fill most NFL stadiums. The sharp wealth drop-off shows just how top-heavy the millionaire pyramid is.
US Millionaires by Demographics
Not all millionaires look the same. We’re not just talking about lifestyle. Age, race, gender, and education all shape who gets into the millionaires club and who doesn’t.
While the total number gets all the headlines, the real story is in the breakdown. Who’s actually building wealth in America? Which groups are rising fastest, and which are being left behind?
Let’s dig into the numbers and see who’s sitting at the top of the financial pyramid.
3. The average American millionaire is 61 years old.
(Yahoo Finance)
Millionaire status isn’t typically a young person’s game. As of 2024, the average age of an American millionaire is 61, up from 57 just a few decades ago. This aging trend points to the long grind of wealth building—years of investing, home appreciation, and steady income growth.
4. 66% of US millionaires are over 60, and fewer than 10% are under 45.
(Business Insider)
A complete 66% of American millionaires are between 60 and 79 years old. They’ve had decades to grow assets through investing, home equity, and retirement plans.
Meanwhile, only 9.8% of millionaires fall between the ages of 35 and 44, and those under 35 barely register. Despite viral stories of overnight success, the data shows that the millionaire status is still on a slow climb. It is earned over time, not just through tech IPOs or crypto bets.
5. 76% of American millionaires are white.
(Federal Reserve Board)
According to the Federal Reserve’s 2019 Survey of Consumer Finances, about 76% of US millionaires are White, while Black and Hispanic Americans each make up only around 8%.
The stark gap highlights deep-rooted systemic barriers—from unequal access to education and jobs to limited financial resources. Despite ongoing efforts, wealth building remains an uphill battle for many minority communities.
6. One-third of millionaires in the US are women.
(Zippia)
Women now account for 33% of US millionaires, a sharp rise from past decades. The growth is driven by women’s strides in education, entrepreneurship, and financial independence.
However, disparities remain, especially at higher wealth tiers. For instance, in 2023, women accounted for only 11% of UNHW individuals globally. This only shows that while more women are achieving millionaire status, they are still underrepresented among the ultra-wealthy.
What Do US Millionaires Own?
Millionaires are not sitting on stacks of cash. Their wealth is tied up in things that grow: stocks, real estate, retirement accounts, and sometimes, business equity. But not all millionaire portfolios look alike.
Understanding what millionaires own gives you a blueprint for how wealth is built and kept. It also reveals how different their asset mix is from the average American.
Explore where their money is with the numbers below.
7. Over 60% of millionaire wealth is held in equities and retirement accounts.
(Vanguard, Pew Research Center)
US millionaires build and protect their wealth by betting big on the market—allocating 65% to stocks, 25% to bonds, and just 10% to cash. That’s 90% of their portfolio working for them, with equities doing the heavy lifting.
Retirement accounts also pack a serious punch in wealth building. According to the Pew Research Center, they make up over 54% of high-net-worth individuals’ total net worth. Meanwhile, the general public keeps only 27% of their net worth in such accounts.
| Millionaire Mindset Millionaires are not just lucky. They’re strategic. Their portfolios are designed for long-term growth, not quick wins. While the average American leans heavily on home equity, millionaires rely on investments that grow quietly in the background: stocks and retirement accounts. |
8. Middle-class wealth is 50% home equity.
(Pew Research Center)
For the middle class, the home isn’t just where the heart is. It’s where the wealth is. About 50% of middle-income families’ net worth is tied up in home equity, with an additional 25% in retirement accounts. That leaves a modest 15–20% in other financial assets like stocks or bonds.
Conversely, millionaires spread their wealth across equities, private businesses, and income-producing real estate. Their primary home accounts for just 7.6% of their net worth.
Where Do Most US Millionaires Live?
Some zip codes are practically millionaire magnets. From Silicon Valley suburbs to Manhattan penthouses, wealth tends to pool in specific regions, and it’s not just because of the view.
Where millionaires live says a lot about opportunity, industry, and economic ecosystems. Some states are tax-friendly havens, while others are booming thanks to tech, finance, or real estate.
Let’s examine where America’s millionaires are concentrated and why.
9. California tops the nation with over 1.1 million millionaire households.
(Yahoo Finance)
California leads the United States in the number of millionaire households, with around 1,147,251 households with over $1 million in investable assets as of 2019. This accounts for about 8.51% of all households in the state.
Despite facing challenges like high living costs and outbound migration, California continues to attract and cultivate wealth, thanks in part to its robust tech industry, entertainment sector, and diverse economy.
Following California, the states with the highest number of millionaire households are:
10. New Jersey leads the nation with 9.8% of households being millionaires.
(Kiplinger)
When it comes to millionaire density, New Jersey tops the list. As of 2023, 9.8% of New Jersey households have investable assets of $1 million or more, edging out Maryland and Connecticut for the highest concentration in the US.
Wealth in the state is supercharged by its close ties to economic powerhouses like New York and Philadelphia, a highly educated population, and booming finance, pharma, and tech sectors.
Despite high living costs and taxes, New Jersey’s affluent suburbs and strong economic opportunities continue to attract and retain wealthy individuals, solidifying its status as the state with the highest proportion of millionaire households.
11. New York City tops the US with 384,500 millionaires.
(Henley & Partners)
New York City remains the undisputed leader in millionaire population, boasting approximately 384,500 millionaires as of 2025. This figure places the Big Apple at the pinnacle of global wealth hubs.
Following closely is the San Francisco Bay Area, home to 342,000 millionaires, reflecting the region’s robust tech-driven economy. Los Angeles ranks third with 220,600 millionaires, showcasing its diverse economic base spanning entertainment, technology, and international trade.
How Fast Is the Millionaire Population Growing?
Millionaire status isn’t as rare as it used to be, and the numbers prove it. The US millionaire population has more than doubled in just over a decade. What’s fueling this surge? Market gains, tech windfalls, and booming home values, for starters.
But what’s coming next? The pace of growth reveals how quickly wealth is shifting, and who’s most likely to benefit from the next big wave.
Find out how fast America is minting new millionaires using the stats below.
12. The number of US millionaires has nearly tripled since 2010.
(UBS, CNN Money)
Millionaire households in the US have nearly tripled—from 8.4 million in 2010 to 21.95 million in 2024. This marks a stunning surge in wealth over just 14 years. Fueling this rise are a roaring stock market, skyrocketing real estate, and the explosive growth of tech.
13. US millionaire households projected to reach 27.7 million by 2026.
(Credit Suisse)
The United States is on track to see its millionaire households grow from approximately 24.5 million in 2021 to 27.7 million by 2026, marking a 13% increase over five years.
This growth, while substantial, is modest compared to emerging markets like China, which is projected to nearly double its millionaire population in the same period.
Income vs. Wealth: How Do Millionaires Make Their Money?
High income doesn’t automatically make you wealthy, and most millionaires aren’t raking in seven-figure paychecks. In fact, many built their fortunes slowly, through smart investments, business ventures, and compound growth instead of flashy salaries.
So what really separates millionaire earners from the rest?
It’s not just what they make. It’s what they do with what they make. Let’s break down how America’s millionaires actually build their wealth and why it’s more accessible than it looks.
14. 79% of US millionaires are self-made.
(Ramsey Solutions)
Contrary to popular belief, the majority of American millionaires didn’t inherit their wealth. 79% of US millionaires built their fortunes without any inheritance. Only 21% received some inheritance, and a mere 3% inherited $1 million or more.
This data stresses that most millionaires achieved their status through diligent saving, investing, and financial discipline, rather than relying on windfalls or family wealth.
15. Most US millionaires never earned six-figure salaries.
(Ramsey Solutions)
Think all millionaires have sky-high salaries? Think again. Only 31% of millionaires averaged $100,000 or more annually over their careers. Remarkably, one-third never earned six figures in any single working year.
This data shatters the myth that a high income is a prerequisite for wealth. Many millionaires achieved their status through consistent contributions to retirement accounts, avoiding debt, and making informed financial decisions over time.
16. The top 5 professions among US millionaires are engineer, accountant, teacher, manager, and attorney.
(Ramsey Solutions)
Surprisingly, the most common professions among US millionaires aren’t the high-glamour, high-income roles you might expect. The top five careers that produce millionaires are:
These professions share a common thread: they often attract individuals who are detail-oriented, disciplined, and adept at following structured processes. Such traits are conducive to consistent saving, prudent investing, and long-term financial planning.
It is worth noting that teachers, despite typically earning modest salaries, rank third on the list. This simply proves that building wealth is less about high income and more about financial habits and discipline.
The American Dream: How Hard Is It to Become a Millionaire Today?
Once upon a time, becoming a millionaire felt like winning the lottery. Today? It’s still tough, but not impossible. With the right habits, time, and a little market momentum, the path to $1 million is more realistic than most people think.
However, inflation, student debt, and housing prices are real obstacles. So, how long does it actually take to join the millionaire club? And what does the journey look like for everyday earners?
Check out how hard it really is to hit that seven-figure milestone in today’s economy.
17. A person earning $80K can retire a millionaire by investing 15% annually.
(Fisher Investments)
If you earn $80,000 per year and consistently invest 15% of your income ($12,000 annually) starting at age 30, you could retire with over $1.5 million by age 65, assuming a 7% average annual return.
The secret? Compound interest. Your money earns returns, and then those returns earn returns. It’s slow at first. However, by the time you hit your 50s, the growth curve takes off.
18. Saving $1,000 a month can make you a millionaire in 22 years.
(Bankrate)
If you save $1,000 monthly and earn a 7% annual return, you’ll hit $1 million in just 22 years. That’s not fantasy. It’s compound interest doing the heavy lifting.
Bump that to $1,500/month, and you’re there in 18 years. Drop it to $500/month, and it stretches to 30 years. The bottom line is you don’t need a windfall. You need a plan, consistency, and time. Millionaire status is about leverage.
Global Comparison: How Does the US Stack Up?
It’s no secret that the US has a millionaire problem, in a good way at least. With less than 5% of the world’s population, it holds the lion’s share of the world’s millionaires. But how does it compare to rising wealth powerhouses like China, Switzerland, or Australia?
In this section, we’ll see how America’s millionaire population stacks up globally and what that says about its economic muscle, wealth distribution, and long-term dominance.
19. The US is home to 38% of the world’s millionaires.
(UBS)
Though home to just 4% of the world’s population, the US boasts a staggering 38% of global millionaires. That’s nearly 22 million as of 2023.
The wealth concentration highlights America’s dominance in global finance, driven by a strong financial system, an entrepreneurial spirit, and heavy investment in tech and innovation. Mainland China trails in second with 10% of the world’s millionaires, totaling just over 6 million.
20. The US leads the world with over 225,000 ultra-high-net-worth individuals.
(Knight Frank Wealth Report 2024
The US leads the world in wealth, boasting 225,077 ultra-high-net-worth individuals (UHNWIs). That’s around 36% of the global total.
The dominance reflects America’s powerful financial system, entrepreneurial spirit, and heavy investment in tech and innovation. China follows with 98,551 UHNWIs, trailed by Germany at 29,021.
Common Misconceptions About Millionaires
Most millionaires aren’t driving Lamborghinis or living in beachfront mansions. Many shop at Costco, drive used cars, and track their budgets like hawks.
There’s a big gap between how people think millionaires live and how they actually build and keep their wealth. The myths are loud, but the data tells a different story.
Dive into the most common millionaire misconceptions and see what the numbers really say.
21. Most millionaires live in modest homes and avoid luxury spending.
(The Millionaire Next Door, Ramsey Solutions)
Contrary to popular belief, the majority of American millionaires lead surprisingly frugal lifestyles. According to The Millionaire Next Door by Thomas J. Stanley and William D. Danko, many millionaires reside in average neighborhoods, drive used cars, and prioritize financial independence over conspicuous consumption.
Supporting this, the National Study of Millionaires conducted by Ramsey Solutions found that a significant number of millionaires live in homes valued under $300,000 and avoid luxury spending.
22. 94% of millionaires stick to a budget and track their spending.
(Ramsey Solutions)
Millionaires are not reckless spenders. They’re disciplined planners. 94% of them follow a budget and track their spending closely.
Building wealth isn’t about earning big. It’s about smart, consistent financial habits. Most millionaires live below their means, steer clear of unnecessary debt, and make every dollar count for long-term stability and growth.
Conclusion
Nearly 8.8% of American adults have reached millionaire status. But the numbers tell a bigger story: most millionaires got there through steady saving, long-term investing, and financial discipline. Not high salaries or big inheritances.
The road to $1 million is longer than glamorous, but it’s also more achievable than most people think. If building wealth is your goal, start with what you have, stick to a plan, and let time do the heavy lifting.
Are you ready to join the 8.8%? Start today. Consistency beats perfection.
US Millionaire FAQs
What net worth qualifies you as a millionaire in 2025?
A millionaire is typically defined as someone with a net worth of $1 million or more, including assets like real estate, investments, and savings, minus any debts. Some reports focus only on investable assets, which excludes your primary home.
How many US households become millionaires each year?
According to recent studies, the US adds roughly 1.4 to 1.6 million new millionaire households each year, driven by rising home values, stock market growth, and business ownership.
What percentage of millennials are millionaires?
As of 2023, just 2% of US millennials (ages 27–42) are millionaires. However, that number is growing as more reach peak earning years and benefit from market gains and home equity growth.
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