How Many Millionaires In The US: A Complete Analysis

Khyati Hooda
By Khyati Hooda 24 Min Read
How Many Millionaires in the US

Millionaires in the US are individuals or households living in the United States whose net worth surpasses one million US dollars. As part of the high-net-worth group, their financial standing is a crucial indicator of wealth distribution and economic prosperity in the nation. 

In today’s article, you’ll discover how many millionaires in the US.

Millionaires in the US have diverse origins and accumulate wealth through various channels, such as successful entrepreneurship, astute investments, inheritance, or high-income careers. 

They frequently play influential roles in stimulating economic growth, fostering job opportunities, and engaging in philanthropic initiatives. In this article, you will learn everything about how many millionaires in the US.

How Many Millionaires In The US: Overview

Millionaires encompass individuals or households whose net worth surpasses one million US dollars, and they originate from diverse backgrounds, encompassing various age groups, professions, and socioeconomic classes.

Some have achieved their wealth through establishing and managing thriving businesses, as successful entrepreneurs who offer valuable products or services frequently reap significant financial benefits.

Numerous millionaires have grown their wealth by employing astute investment tactics. Engaging in stock markets, real estate, bonds, and other assets can yield substantial returns over the long term.

In addition, specific individuals achieve millionaire status by inheriting substantial wealth from previous generations in their families.

Being a real estate owner and manager can lead to becoming a millionaire, especially in areas where property values steadily rise. Moreover, pursuing specific high-paying professions like doctors, lawyers, CEOs, and tech executives can provide individuals with opportunities to amass wealth throughout their careers.

Those involved in the entertainment industry, such as actors, musicians, and athletes, have the potential to attain millionaire status through lucrative contracts, endorsements, and various other opportunities.

Current Millionaires In The US

how many millionaires in the US

Currently, there are approximately 24.5 million millionaires in the United States. This number of individuals is greater than Florida’s entire population! And this figure continues to increase.

Looking at the demographics of these millionaires, it’s worth noting that:

  • California & New York are the US states with the most millionaires.
  • Texas, Pennsylvania, Florida, Illinois, New Jersey, Massachusetts, Arizona, and Ohio are the top US states with the most millionaires.
  • Los Angeles, San Francisco, Philadelphia, St. Louis, Orlando, New York, Chicago, Washington, Phoenix, and Tampa are the top US cities with the most millionaires.

The growing number of millionaires in the U.S. is a testament to economic growth and financial resilience and indicates the increasing diversity among affluent individuals.

As you continue to learn about the current state of millionaires in the U.S., remember to keep an open mind and consider the various factors contributing to this financial accomplishment.

How Many Millionaires In The US: Annual Growth

During 2020, a turbulent year marked by the global pandemic, the number of millionaires in the United States saw significant growth. Despite the crisis, the U.S. added around 2.5 million new millionaires that year. This increase can be attributed to gains in the stock market and rising house prices.

By the end of 2020, there were approximately 22 million millionaires in the country, representing about 8.5% of the adult population. To put this into perspective, nearly one in every 11 adults in the U.S. was a millionaire at that time.

In addition to the growth in the number of millionaires, the number of multimillionaires also surged. There was a 24% gain in the number of the wealthiest individuals in 2020. 

And, today, there are approx. 24.5 million millionaires in the United States.

Some important factors driving this growth include:

  • Stock Market Performance – The stock market rebounded quickly once the starting shock of the pandemic subsided, primarily due to the timely response by the Federal Reserve and the U.S. government in implementing stimulus packages and propping up the markets.
  • Real Estate Gains – Despite the uncertainty caused by the pandemic, the housing market showed impressive resilience. With historically low mortgage rates and increased demand for homes, home prices surged in many locations as people reevaluated their living situations.

It is crucial to note that the pandemic and its economic fallout led to uneven wealth distribution, with many individuals and businesses being struck. In contrast, others, especially those with significant stock and real estate holdings, emerged even wealthier during this time.

How Many Millionaires In The US: By Age And Wealth

how many millionaires in the US

Let’s understand the age and wealth distribution of millionaires in the United States.

Age Distribution

Understanding the age distribution can provide valuable insight into their journeys to financial success. While data on the exact number of millionaires by age might not be available, here are some:

  • Young millionaires (age 18-34) – This group is relatively small, likely due to the time it often takes to build substantial wealth. Some may have inherited wealth or achieved success in entrepreneurship at a young age.
  • Middle-aged millionaires (age 35-64) – Many U.S. millionaires fall into this age bracket. At this stage, individuals generally have more work experience and advanced careers and benefit from long-term investments.
  • Older millionaires (age 65+) – Most millionaires are in this age group, as they have had ample time to accumulate assets and investments throughout their lifetime. Retirement and estate planning often play a significant role in their financial strategies.

Wealth Distribution

Wealth distribution among millionaires is essential to consider, as it highlights the inequalities that exist within this population: 

  • Lower-tier millionaires (net worth of $1-5 million) – This group represents a substantial portion of the millionaire population. Their wealth may come from various sources, such as business ownership, real estate, investments, and high-paying careers.
  • Mid-tier millionaires (net worth of $5-20 million) – These individuals have achieved even higher financial success. They may have more extensive investment portfolios, possess valuable assets, or hold executive positions in successful companies.
  • Upper-tier millionaires (net worth above $20 million) – Although this category comprises only a small percentage of millionaires, their wealth is often vast. Some individuals may be in the top 1% and have a sizable economic influence.

Keep in mind that the journey to millionaire status is different for everyone. Age, opportunity, and financial decisions can significantly impact a person’s wealth and net worth.

How Many Millionaires In The US: Geographical Distribution

Here is the geographical distribution of millionaires in the United States:

Top States With Millionaires

Regarding the distribution of millionaires across the United States, some states come out on top. The highest concentration of millionaires can be found in the following:

  • California – Known for its tech industry and celebrity-driven culture, this state has a prosperous economy and numerous millionaires.
  • New York – As a major financial center, many wealthy individuals reside here.
  • Texas – With a strong economy and no personal income tax, this state is home to many wealthy residents.
  • New Jersey – With a high living standard, this state boasts many wealthy residents.
  • Massachusetts – Wealthy individuals are drawn to this state’s high-quality education and tech hubs.

Other states with a notable number of millionaires include Pennsylvania, Florida, Illinois, Arizona, and Ohio. However, it is essential to note that the total number of millionaires can vary in each state due to various factors such as career opportunities, taxes, and population density.

Cities With High Millionaire Density

In addition to the states, some specific cities in the U.S. are home to a high density of millionaires. A few of the most notable ones include:

  • San Francisco, California – This city’s booming tech industry has generated numerous millionaires.
  • New York City, New York – As a global financial hub, this city attracts wealthy individuals who work in finance, real estate, and entertainment.
  • Washington, D.C. – Many wealthy individuals reside in the nation’s capital, where they hold positions in government, policy, and lobbying firms.

Other cities with a notable number of millionaires include Los Angeles, Philadelphia, St. Louis, Orlando, Chicago, Phoenix, and Tampa.

Encountering millionaires in cities throughout the U.S., such as those mentioned here, is not uncommon. While not every city boasts a high wealth density, it is essential to remember that millionaires come from different backgrounds and industries.

As you explore the geographical distribution of millionaires, you may notice a unique blend of factors contributing to wealth accumulation in each area.

How Many Millionaires In The US: Residence

Around 33% of millionaires reside in zip codes with lower home values than the national median average.

Over 50% of millionaires reside in neighborhoods where the average household income is not more than $75,000 per year. About 6 out of 10 millionaires own a house with a value below $500,000.

How Many Millionaires In The US: Industries And Inheritance

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Here are the industries that contribute to the millionaire status:

Industries Contributing To Millionaire Status

Many industries contribute to creating millionaires in the United States, but some stand out due to their growth and profitability. Here are a few that have significantly contributed to millionaire status:

  • Technology – This industry has created a vast number of millionaires, especially in areas such as software development, social media, and e-commerce.
  • Finance and Investments – The finance industry generates impressive wealth, particularly in investment banking, private equity, and asset management.
  • Real Estate – Many US millionaires have accrued significant wealth through real estate investments, development, and sales.
  • Healthcare – The growing healthcare industry also creates numerous millionaires, particularly in pharmaceuticals, medical devices, and biotechnology.

Although these are some of the standout industries, millionaires come from various areas, and one’s success is often the result of hard work, smart investments, and seizing opportunities.

Role Of Inheritance

Inheritance plays a smaller role in millionaire status than many might assume. The average inheritance in the US is around $55,000, typically for individuals aged 51 or older.

This modest size of inheritance means that relying solely on inheritance to attain millionaire status is not a viable plan for most. Moreover, only 4-5% of those with a net worth of $100 million or more are expected to pass on inheritances to beneficiaries.

In other words, most US millionaires likely came into their wealth through their accomplishments and investments rather than solely depending on inheritance.

How Many Millionaires In The US: Investing Trends And Finance

Let’s look at the famous investments, savings, and financial planning done by millionaires in the United States:

Popular Investments Among Millionaires

According to market research firm Phoenix Marketing International, millionaires in the US tend to diversify their investments with a focus on long-term growth. Some popular investments among this group include:

  • Stocks – Many millionaires are known to invest in blue-chip, dividend-paying stocks and well-established companies with a history of stable earnings.
  • Real Estate – Real estate is a favored investment option for the wealthy, as properties can provide rental income, tax benefits, and long-term value appreciation.
  • Bonds – Bonds, particularly investment-grade corporate and government bonds, are often included in the portfolios of millionaires due to their relatively lower risk and predictable income stream.
  • Mutual Funds and ETFs – These investment vehicles enable those with significant investable assets to diversify their holdings and reduce the risks associated with individual securities.

Importance Of Savings

Savings play a crucial role in the financial journey of millionaires. Through disciplined saving habits, you can set aside a considerable amount of money over time, which can then be invested to generate additional wealth. It’s essential to:

1. Create a budget – Be mindful of your income and expenses and plan accordingly to allocate a portion of your earnings towards savings.

2. Build an emergency fund – Aim to have at least 3-6 months’ living expenses in a liquid account to cover unexpected costs.

3. Utilize tax-advantaged accounts – Make the most of retirement savings accounts to save for the long term while enjoying tax benefits.

Financial Planning

Effective financial planning ensures that your money is working optimally for you. It involves setting goals, creating a plan to achieve them, and regularly reviewing your progress. Some key components include:

  • Risk Management – Evaluate your risk tolerance and invest accordingly. Diversify your holdings to reduce volatility and the potential for significant losses.
  • Tax Considerations – Be aware of the tax implications of your investment decisions, and seek advice from a tax professional if needed.
  • Retirement Planning – Start early and consistently contribute to retirement savings accounts to maximize compounding returns and secure your financial future.

As you strive to emulate the financial success of millionaires, consider incorporating these investing trends and finance principles into your approach. Remember, the path to wealth is often a long-term, disciplined journey.

How Many Millionaires In The US: Global Wealth Context

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The distribution of wealth globally is highly concentrated, with the 15 wealthiest nations accounting for 84.3% of global wealth. The United States, as mentioned earlier, has the biggest share of this wealth.

However, it’s important to note the increasing wealth gap within the US and globally, with a widening disparity between the rich & the poor.

This concentration of wealth in the hands of a small group results in a significant impact on markets and the global economy, as the spending and investment habits of the wealthy can influence financial markets and asset prices.

When considering the scope of global wealth, it’s essential to shed light on the top 1% of high-net-worth individuals – billionaires and multi-millionaires who control an enormous portion of the world’s wealth and resources.

This group of ultra-rich people has seen their wealth grow substantially in recent years, contributing to the wealth gap and causing concern about the impact of this increasing concentration of money, power, and influence.

To give you a clear view of the wealth context, remember that:

  • The United States leads in terms of millionaire population and wealth share.
  • Wealth distribution is highly concentrated, with a significant wealth gap present.
  • The top 1% of high-net-worth individuals wield considerable economic influence.

How Many Millionaires In The US: Demographics And Socioeconomic Factors

Educated individuals have an increased likelihood of becoming millionaires. 6.4% of Black, college-educated, middle-aged individuals are estimated to be millionaires or on their way to becoming so.

Regarding income levels, it’s essential to note that the top 1% in the U.S. hold around 53.5% of stocks and mutual funds.

Approximately 40% of a typical millionaire’s net worth comes from real estate. When it comes to home value, high-net-worth households often invest in properties in areas with desirable features.

The cost of living also plays a crucial role since it can directly affect income, expenses, and the ability to accumulate wealth.

Remember that demographics and socioeconomic factors can influence your financial journey, but ultimately, your success depends on your perseverance, hard work, and well-informed financial decisions.

Steps To Follow To Become A Millionaire

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Here are the steps to follow to become a millionaire:

  • Establish specific financial objectives and create a clear plan to achieve them. Determine the desired amount of wealth you aim to accumulate and set a realistic timeline for reaching your goals.
  • Develop a comprehensive budget to monitor your income, expenses, and savings. Search for areas where you can cut unnecessary expenses and allocate more funds toward savings and investments.
  • Embrace a frugal lifestyle and avoid excessive spending. Prioritize saving a significant portion of your income rather than spending it all.
  • Pay off high-interest debts. Reducing debt will free up more of your income for savings and investments.
  • Consistently save a part of your income & invest it wisely. Explore long-term investment options like stocks, mutual funds, real estate, and retirement accounts to grow your wealth over time.
  • Minimize risk and potentially increase returns by diversifying your investments across different asset classes. Diversification can protect your wealth during market fluctuations.
  • Be aware of your spending habits & resist making impulsive purchases. Keep your focus on long-term financial objectives rather than short-term gratification.
  • Building wealth is a process that requires discipline and patience. So, stay dedicated to your financial plan, even during challenging times.
  • Seek advice from financial advisors or experts who can offer personalized guidance to optimize your financial strategies.

Frequently Asked Questions On How Many Millionaires In The US

1. How many Americans are worth $100 million?

About 9,630 centi-millionaires of Americans are worth $100 million.

2. How many US citizens make over $1 million a year?

About 8.8% of US citizens make over $1 million a year.

3. Is $2 million a multi millionaire?

Yes, $2 million is a multi millionaire.

Conclusion: How Many Millionaires In The US

According to recent data, there are approximately 24.5 million millionaires in the United States. The US has a substantial and steadily increasing number of millionaires. Nevertheless, this figure may fluctuate due to factors such as economic conditions, investment trends, and shifts in wealth distribution.

The significant number of millionaires in the US exemplifies the nation’s economic prosperity, wealth accumulation opportunities, and entrepreneurial drive. Numerous millionaires reside in neighborhoods with diverse household incomes and property values, challenging the belief that all millionaires live exclusively in affluent areas.

Achieving millionaire status in the US requires individuals to establish precise financial goals, adopt prudent financial habits, and maintain a long-term outlook. Key factors in the path to wealth accumulation include saving diligently, making wise investments, and pursuing opportunities for income growth.

I hope today’s article on how many millionaires in the US sounds helpful!

Frequently Asked Questions

What is the number of millionaires in the US in 2023?

As of 2023, there are about 22 million millionaires in the United States. This accounts for 8.8% of the total adult population in the country.

How many millionaires are below the age of 30?

Unfortunately, I don’t have accurate information on the number of millionaires below the age of 30. The data available only covers the broader population of millionaires.

What is the percentage of millionaires globally?

Globally, there are around 62.5 million millionaires. This represents an 11.4% increase from the year 2020.

How many millionaires reside in California?

I do not have specific numbers for California, but you can assume that there is a significant number of millionaires residing there due to its strong economy and flourishing tech and entertainment industries.

How many Black millionaires are there in the US in 2023?

Of the total U.S. millionaires, 76% are white. While there is no exact number provided for Black millionaires, you can infer that there are fewer Black millionaires relative to the white population, given the representation shared.

What percentage of the US population has a net worth of $2 million or more?

There is no specific data on the percentage of the US population with a net worth of $2 million or more. However, with nearly 22 million millionaires in the country, it is safe to assume that a substant

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Khyati is an entrepreneur, marketing consultant, and a personal finance expert.Building on her achievements, Khyati wrote two acclaimed books: "Failure's Gold," exploring success through hardship, and "Tomorrow's Wallet" on the future of money management.Her work has also been featured by LinkedIn, PPC Hero, Social Pilot, and Training Mag.Khyati has managed over $50M in marketing budgets across various industries including technology, finance, education, retail, consumer goods and more - successfully delivering over 15x ROI for her clients.Khyati has managed over $50M in marketing budgets across various industries including technology, finance, education, retail, consumer goods and more – successfully delivering over 15x ROI for her clients.
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