Here's How Many Billionaires And Millionaires Live In The U.S. (2024)

Instagram. TikTok. The technology and business section of every newspaper. All of these outlets feed the American public a nonstop stream of the world’s wealthiest people, from their lifestyles to their latest obsessions. And while they might seem like they’re everywhere, America’s richest are few in number.

Well, the billionaires at least. As of 2023, there are a mere 735 billionaires in the U.S. The millionaires are more plentiful—almost 22 million. But being one of America’s wealthiest won’t solve your every problem. Even billionaires struggle, which is why it’s important to chart a path toward your own definition of wealth.

America’s Best-Known Millionaires

Here’s the truth about America’s millionaires: You might be living next door to one. They’re much more plentiful in number and can run the gamut from your favorite social media influencer to the manager one cubicle over from you who started saving for retirement at 22.

America, however, is home to 40% of the world’s millionaires, including well-known members of the club like:

• Dwayne Johnson aka The Rock—$800 million
• Dolly Parton—$650 million
• J.Lo—$400 million
• Channing Tatum—$80 million
• Mindy Kaling—$35 million
• Zendaya—$20 million
• Angela Bassett—$25 million
• Awkwafina—$8 million

America’s Best-Known Billionaires

Now it’s time to name the who’s who in American billionaires. Do we even need to say that Elon Musk rings in as the nation’s wealthiest person for 2023?

With a net worth of $251 billion—you know, give or take a billion on any given day—Musk has hung onto the top spot despite a baffling series of financial, social and political missteps. What’s more, he’s worth $90 billion more than Jeff Bezos of Amazon fame and fortune.

Additional billionaire elites in America include:

• Larry Ellison of Oracle, worth a jaw-dropping $158 billion
• Good ol’ Warren Buffet, still in the top five at $121 billion
• Bill Gates, with a nothing-to-turn-your-nose-up-at $111 billion
• Mark Zuckerberg, clocking in at a quite plentiful $106 billion

While 735 billionaires might seem like a lot, that’s a figure on par with the graduating class size of some American high schools. But they’re outnumbered by far—and rightly so—by the good public servants who investigate America’s dearly departed; there are over 1,900 medical examiners in the U.S.

It’s Not All Roses for America’s Wealthiest

The 400 richest people in the nation have a combined net worth of—gulp—more than $4 trillion. That’s a staggering figure when you consider that there are 12 zeros in it.

And although America’s richest citizens have grown their wealth by leaps and bounds over the past couple decades, Stash Graham, managing director and chief investment officer with Graham Capital Wealth Management, says that even those flush with cash are still coming to grips with the impact of rising prices.

“We had a retired, high net-worth client who wanted to provide their grandson with the same private education they offered their son at the same prep school in Florida,” says Graham. “They lamented that current tuition was four times more expensive than it was 25 years ago when their son first attended.”

Perhaps this is a way that the “rest of us” can relate to those with wealth among “the best of us.” But while it might seem like being one of America’s wealthiest would be a one-way ticket to Easy Street, even a pile of money comes with its fair share of challenges.

Wealth Guilt Is Real

It might seem unfathomable to many, but children inheriting massive sums of wealth can experience feelings of guilt. For example, they might think they don’t deserve their parents’ wealth, or there might be other issues coming into play.

“Often, the way mom and dad made their money does not resonate with the NextGen,” Jon Foster, CEO of Angeles Wealth Management, says. “Value systems can change across generations.”

In situations like these Foster says that wealth managers play a critical role in making an inheritance from a previous generation match the new generation’s goals. They can build investment strategies and philanthropy programs that help the newly wealthy put their money to work in new ways.

Surprised by the ‘Law of Subtract and Divide’

Failing to make the right adjustments to an inheritance can have disastrous consequences, including a quick trip to rock bottom.

“Children of wealthy parents often assume that the lifestyle they lead may go on forever,” Foster says. Unfortunately, there’s often a rude awakening when a parent dies and it’s time to distribute their assets. This is where the “law of subtract and divide” comes into play.

“If you are one of three children, upon your parent’s death, you subtract the estate tax due, then divide by three,” he says.

Suddenly, the kids have less money than they might’ve planned and must invest and spend wisely to build back up what “subtract-and-divide” took away if they want to continue a more luxurious lifestyle.

“This is why some wealthy families may go ‘shirtsleeves to shirtsleeves’ in just a few generations,” says Foster.

It’s All About Tax Efficiency

If you thought tax time each year was the ultimate annual struggle, the uber-wealthy have to deal with taxes almost daily.

Someone might make a ton from their phenomenal tech company, but Foster says these moguls are more concerned with what they get to keep after taxes. And this means an entirely different approach to investing.

“If you are in the highest tax bracket, which for residents of high tax states could be north of 50% on incremental ordinary income or short-term capital gains, a 10% fully taxable return may only be worth 5% net to you,” he says.

So unlike everyday investors who may buy and sell investments as-needed, the richest of the rich typically need to seek out investments they may never have to sell since realizing returns can be overly punitive.

Building Wealth Your Way

It’s easy to look at millionaires and billionaires and think, “I’ll never be someone who’s considered ‘wealthy.’” You might want to tell that thought to have a seat on the sidelines. That’s because “wealth” is all about what you value most.

For instance, say you dream of spending your second act traveling the world. In this case, your idea of wealth is having enough to fund your travel goals and daily lifestyle in retirement. While it’s not billions in the bank, it’s plenty to fill your photo album with once-in-a-lifetime shots and unforgettable experiences.

Perhaps your idea of wealth is building a legacy that will help you support a charitable cause near and dear to your heart. A financial advisor can help you build a plan so that your finances include modest tax-free distributions from your individual retirement account to the charity of your choice.

The most important thing to remember about wealth is that it’s up to you to define. No matter how much you have in the bank, you can be truly wealthy when you have enough to accomplish the goals you find the most important. And if that’s an afternoon spent in a rocking chair on the front porch of a home you’ll pass onto your kids—guess what? You’re wealthy.