Topic: Millionaires in the U.S. (2024)

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    The number of American households with assets of one million U.S. dollars or more has been steadily increasing in the over the last decade. About 6.98 million individuals in North America had financial assets worth at least one million U.S. dollars in 2020, which was an increase of 2.67 million in comparison to 2008. While the millionaire population has been growing throughout the economic recovery, the strongest growth has been at the very top of the wealth ladder.

    Net worth

    In the first quarter of 2021, the top one percent in the U.S. owned 53.5 percent of all stocks and mutual funds, while the bottom 90 percent owned 11.4 percent. This value may not mean much to the average person until you see just how much value the high net-worth population has. In combination with individuals across the continent, the total value of the high net-worth individuals in North America came to 24.32 trillion U.S. dollars in 2020.

    Demographics

    In 2020, a total of 110,850 individuals with net assets of at least 50 million U.S. dollars were residing in the United States. That is about 54 percent of the total number of ultra-high net worth individuals (UHNW) worldwide. Other aspects of the wealthy population are disproportionate as well. In 2019, about 56 percent of UHNW individuals in the United States were male.

    This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.

    Published by Statista Research Department, Feb 22, 2024

    Key insights

    Number of individuals worth more than 1m USD in the U.S
    22.7m

    Topic: Millionaires in the U.S. (2)

    Detailed statistics

    Number of people with wealth over one million U.S dollars 2022, by country

    Share of stock & mutual funds held by top 1 percent in the U.S.
    53.5%

    Topic: Millionaires in the U.S. (3)

    Detailed statistics

    U.S. distribution of assets by category and wealth percentile Q1 2021

    Share of U.S. population who are millionaires
    9%

    Topic: Millionaires in the U.S. (4)

    Detailed statistics

    Countries with the highest millionaire rate in 2022

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    Billionaires

    Around the world

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    Topic: Millionaires in the U.S. (49)

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    Topic: Millionaires in the U.S. (2024)

    FAQs

    How many US Americans are millionaires? ›

    As of the most recent data from the Federal Reserve, about 18% of households were millionaires. That's approximately 23.7 million households in the United States. And with the strong stock market returns and appreciation in home prices since the end of 2022, it's a good bet there are even more in 2024.

    Keep Reading ›
    What defines a millionaire in the US? ›

    It's a simple math formula based on your net worth. When what you own (your assets) minus what you owe (your liabilities) equals more than a million dollars, you're a millionaire. That's it! Being a millionaire is not about how much money you make in a year, your feelings or emotions, or your crazy uncle's opinion.

    Find Out More ›
    How many Americans are worth $100 million? ›

    The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018. The divergence grows even more at the top of the wealth ladder. The U.S. has 9,850 centi-millionaires — those worth $100 million or more — compared with China's 2,352.

    Show Me More ›
    Why do the US have so many millionaires? ›

    Tax-Efficient Wealth Building

    Millionaires are often just people who know how to engage in tax-efficient investing, Fernandes pointed out. These folks utilize all of the tax-advantaged accounts available to them, such as Roth IRAs and 401(k)s, which can provide significant tax benefits over the long term.

    Find Out More ›
    How old is the average millionaire? ›

    Millionaires — those who have a net worth of at least $1 million —are, perhaps not surprisingly, on the older end. They're predominantly 55 and older; just 2.4% are under the age of 35.

    Continue Reading ›
    How many people have 1 million in 401k? ›

    The amount of retirement millionaires continues to grow, too: As of March 2024, the number of 401(k) accounts with balances of at least $1 million rose to 885,138, up nearly 12%, from year-end 2023, and nearly 30% year over year.

    Read More ›
    Is millionaire upper middle class? ›

    With that in mind, a net worth of $604,900 would put you in the upper 25% of American households and having $1 million or more should make you firmly a member of the upper class. Of course, it's important to remember that net worth is calculated by adding up your assets and then subtracting your liabilities.

    Read More ›
    What salary is considered rich? ›

    According to IRS standards, a monthly income of approximately $45,000 qualifies someone as wealthy. However, if you're aiming for the top 1% as measured by the Economic Policy Institute (EPI), you'd need to earn about $68,277 monthly.

    Read On ›
    Is a millionaire still considered rich? ›

    Only 8% of investors with $1 million consider themselves wealthy, a recent report from Ameriprise Financial found. Instead, 60% categorized themselves as upper middle class, and a notable 31% considered themselves middle class. The study revealed wealth is more than just hitting a specific dollar number or lifestyle.

    Get More Info ›
    How rare is a millionaire? ›

    This is based on the number of people who have the equivalent of $1 million in U.S. assets. There are about 336 million people in the U.S. With 24.5 million of them being millionaires, the odds that someone in the U.S. will end up a millionaire come in at around 7.29%.

    Get More Info Here ›

    Is $6 million rich? ›

    You now need a net worth of $5.8 million to be among the richest 1% of Americans, report finds. Americans need a net worth just south of $6 million to break into the richest 1%.

    Get More Info ›
    How many people in the US have 1 million dollars in the bank? ›

    The number of American households with assets of one million U.S. dollars or more has been steadily increasing in the over the last decade. About 6.98 million individuals in North America had financial assets worth at least one million U.S. dollars in 2020, which was an increase of 2.67 million in comparison to 2008.

    See More ›
    What race has the most millionaires in America? ›

    Share of U.S. families who are millionaires 2016, by ethnicity. 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.

    Learn More ›
    Which state has the most millionaires? ›

    American states with highest ratio of millionaire households per capita in 2020
    CharacteristicRatio of millionaire households per capita
    California8.51%
    New Hampshire8.47%
    Virginia8.31%
    Alaska8.18%
    9 more rows
    Feb 2, 2024

    Know More ›
    Are most millionaires born or made? ›

    79% Of Millionaires Are Self-Made — Lessons From Those Who Built Wealth Without Inheritance. Recent studies have shown that the notion that most millionaires are born into wealth is a myth. Recent studies have shown that the notion that most millionaires are born into wealth is a myth.

    Know More ›
    What percentage of Americans have a net worth of over $1,000,000? ›

    Additionally, statistics show that the top 2% of the United States population has a net worth of about $2.4 million. On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million. Therefore, about 2% of the population possesses enough wealth to meet the current definition of being rich.

    Discover More Details ›
    What percentage of US citizens are rich? ›

    The top 1% of American earners now control more wealth than the nation's entire middle class, federal data show. More than one-quarter of all household wealth, 26.5%, belongs to Americans who earn enough money to rank in the top percentile by income, according to Federal Reserve statistics through mid-2023.

    See More ›
    What is a typical millionaire profile? ›

    A Profile of the Average Millionaire

    The average millionaire is now a 50-year-old Gen Xer, the Point2 analysis found. While boomers long made up the largest portion of the millionaire population, Gen X has taken over — 37% of millionaires are Gen Xers compared to 29% that are boomers.

    Read More ›
    What percentage of US citizens have 5 million dollars? ›

    “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.”

    Learn More ›
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