There are approximately 56.1 million millionaires in the world. But the question is,how many millionaires are there in America? Don’t we all want to know the numbers? Yes, we do. So that one day, we may as well be amongst the elites living the American Dream.
However, it is crucial to understand that not all millionaires were born CEOs. Sometimes it is enough to take a small step daily, for example, become an essay assistantand then accumulate capital and start your own business.
Do you know that according to recent stats, the number of millionaires in the United States of America has surpassed the total population of Greece, Sweden, and Portugal? Quite terrific, isn’t it?
Well, who doesn’t want to be a millionaire–we all want a lavish lifestyle with all the expensive fixations we see on our screens.
The number of millionaires in the US is increasing day by day–to back that up, the count of new millionaires from 2019 to 2020 was 2,251,000.
If you look at the numbers, it feels like everyone is getting rich in the US at a mind-boggling rate.
And that’s precisely what we are going to cover today. Call it the millionaires in the US goto guide or American Dream in Numbers 101; we’ll be coveringhow many millionaires are there in America.
That’s not it! We’ll cover what’s a millionaire, how long it takes tobecome a millionaire and everything in between.
From average US householdnet worth to which state has the most millionaires in the US, we will cover everything.
With that being said, let’s start with the basics.
What Is A Millionaire?
Millionaires are high net, worth individuals. To get more specific, a millionaire is someone who hasa net worth of a million dollars. And now you might be thinking, what’s net worth?
Net worth is what you own minus what you owe. For instance, if you have $2 million in cash and owe $1 million to a bank, your net worth is $1 million.
The number of millionaires in the US is 20.27 million. And out of all millionaires, 44% of US-based millionaires reside in California, better known as The Golden State.
How Long Does It Take To Become a Millionaire?
Money, money, money, oh honey, how long does it take to count to a million?
Well, if you aren’t a millionaire yourself, then you should focus on the questions like how to make a million in a year, how to make a million dollars fast, or how long it takes to become a millionaire. The use of theMillionaire Calculator could be helpful.
But if you are below 65, you shouldn’t worry about being phased out of the race of millionaires in the US.
According to Spectrum, the average age of a millionaire in the US, or the answer tohow many millionaires are there in America, is 62 years old. And about 35% of millionaires in the US are over 65 years of age, and only 1% are below 35.
On average, it takes about 28 years to become a millionaire. But for some millionaires in the US, it took about ten years on average.
How Many $4 Or $5 Millionaires Are There In The US?
So, our first quest of the adventure ofhow many millionaires are there in Americastarts with this.
Currently, there are over 4,473,836 or 4.4 million households in the United States of America that have $4 million or more in wealth.
On the flip side, the number of households with $5 million or more in wealth is estimated at around 3,592,054 or 3.59 million households.
And the total number of households in the United States of America was 128.54 million in 2020. If we use the figure to determine the percentage of households worth over $4 and $5 million, the percentage is around 3.5% and 2.8%, respectively.
How Many Americans Have More than $50,000,000 or $100,000,000 In Net Worth?
How have you ever wondered how many Americans have more than $50 or $100 million net worth?
According todqydj, out of 128.54 million households in the United States, around 97,287 have a net worth of over $50 million. And about 34,507 households have a net worth of 100 million or over– that’s 0.07% and 0.03% of the total households.
We mentioned the net worth in terms of households as it’s impossible to trace individuals with 50+ or 100 million net worth.
How Many Decamillionaires Are There In America?
Now ontohow many millionaires in America are worth $10,000,000.
But before we tell you how manydeca-millionairesare there in the US, it’s important to note that deca-millionaires aren’t the 1%. The 1% count starts from $11 million and $11,099,166, to be precise.
Once again, the estimation of deca-millionaires in the US is based on households and not individuals. 1.13% of American households, or around 1,456,336 households in America, are deca-millionaires.
Now onto what is considered wealthy in America; you guessed it right! The toll of millionaires in the US with more than $2 million of net worth.
How Many Multimillionaires With More Than $2 million Are There In The United States?
According toSchwab’s 2021 Modern Wealth Survey, most Americans say that to be considered wealthy in the US in 2021, one must have a net worth of nearly $1.9 million. Not to mention, that’s less than the net worth of $2.6 million Americans that were considered wealthy in 2020.
Well, speaking of multimillionaires, there are approximately 8,046,080 US households with $2 million or more in net worth. That’s roughly 6.25% of the total population of the United States of America.
So if you know someone who has a net worth of more than $2 million, you know one of the 6% in America.
How Many Multimillionaires With More Than $3 Million Are There In The United States?
Before we tell you the answer tohow many millionaires are there in America with more than $3 million net worth, do you want to know the average American’s net worth?
The answer is $784,000. But the median net worth of Americans is $121,700. Now onto the real question.
Currently, approximately 5,671,005 households in the US have more than $3 million– the value accounts for up to 4.41% of all US households.
Once again, we would like to clarify that we are taking households into account and not individuals.
How many ultra-high net worth individuals are there in the United States?
Sure, the definition of ultra-high net worth individuals varies all over the still. But, most experts believe individuals who have at least $30 million in investable assets fall in the category. This wealth includes the cost of their primary residence.
According to this year’s wealth report by Knight Frank, the number of UHNEIs grew at 9.3% between 2020 and 21. With approximately 230,000 UHNEWIs, North America comes on the top with the largest global subset.
The same report estimates that the number is projected to increase by 28% by 2026, reaching 300,000 UHNWIs.
How Many Billionaires are there in the United States?
According to the Forbes 35th annual billionaires list, there are a record-breaking number of 2,755 billionaires in the world at the moment. Over a quarter of them live in the United States. This rounds out the total figure of billionaires in the United States to 927. On the contrary, World Population Review counts this figure as 724.
Which States Have the Most Millionaires?
It’s the point where things will get quite exciting and somewhat competitive. We aren’t just talking abouthow many millionaires are there in America. Still, we are going to see how the states stack up in terms of most millionaires.
Maryland ranks top in terms of millionaires as a share of all households at 7.87%. New Jersey ranks number two at 7.86% after getting crowned two times straight for facilitating millionaires as a share of all households in 2019 and 2020.
Connecticut, Hawaii, Alaska, Massachusetts, New Hampshire, Virginia, and Delaware ranked third, fourth, fifth, sixth, seventh, eighth, and ninth, respectively, with millionaires as a share of all households with 7.75%, 7.57%, 7.50%, 7.41%, 7.36%, 6.98%, and 6.62% – in that order.
Also called The Golden State, the answer to how many millionaires in California is quite surprising. In terms of millionaires as a share of all households, California ranks 10th with 6.61%. But in terms of millionaire households, it ranks top on the millionaire by state chart with 885,225 millionaire households.
Last and certainly not least, Texas, New York, Florida, Illinois, Pennsylvania, New Jersey, thestate of Ohio, Virginia, and Michigan ranks from second to tenth in the respective order in terms of millionaire households.
Which Countries Have the Most Millionaires?
The United States leads the world for its millionaires in sheer numbers alone. According to Credit Suisse, it had 21,951 millionaires in 2020. This number is expected to grow at %27.7% to approximately 28,055 by the time 2025 rolls around.
However, Switzerland tops the list of millionaires per capita. It’s 14.9% of the population has a net worth of $1 million or above. Australia comes second with 9.4% of the population being millionaires, and the US ties with Luxembourg at 8.8% millionaires among its population.
Some Interesting facts about the number of Millionaires in the United States
As most millionaires call the US their home, below are some interesting facts about the American millionaires.
55% of the US millionaires are men
Back in 2019, Quantum published a report in which they highlighted the millionaire disparity. Still, it’s a massive increase from 2014, when about 87% of the millionaire space was occupied by men.
Only 11 out of 56 richest women in the United States are self-made
That’s right. According to the Forbes Billionaires List, the top 10 women all inherited their wealth either from their ex-husbands or family. Another interesting stat is that only two women of color are on the Forbes List.
You need $1.9 million to be considered wealthy in the USA
According to the Schwab modern wealth survey 2021, average Americans believe an individual should have $1.9m in personal net worth to be wealthy. Interestingly, this bar for being wealthy is considerably lower than in 2020 – in 2020, this amount was $2.6 million.
Millionaires are made, not born
Despite what a vast majority of people believe, only a small percentage of wealthy individuals inherited money. According to RamsaySolutions, 79% of the millionaires in the United States did not receive any inheritance. Only 1 in 5 millionaires (which is 21% of the total amount) got some inheritance, while only 3% got an inheritance of $1 million or more.
Millionaires don’t always go to elite colleges
The National Study of Millionaires shows that it’s the degree that matters, not the college. According to their research, approximately two-thirds of the total number of millionaires (62%) in the US graduated from public state schools. On the other hand, only 8% of all millionaires received prestigious private schooling. However, a majority of them did receive their degree.
85% of the American millionaires in the year 2020 were white
Now, this is an unfortunate increase within just a single decade. Forbes revealed back in 2020 that the majority of the US millionaires are white. In 2013, the same figure stood at 76% Caucasian millionaires. There were 8% Asian and African-descent millionaires at that time, while Latino millionaires were 7%.
The wealth of the world’s billionaires rose to $5 trillion during the Covid19 pandemic.
The pace at which the world’s billionaires increased their fortunes is astonishing. Even during the pandemic, when the world economies struggled with maintaining steady growth, billionaires added record-breaking numbers to their wealth. The wealth of Jeff Bezos, Elon Musk, Bernard Arnault, and Bill Gates saw an increase of $64B, $126.4B, $74B, and $64B, respectively.
Key Takeaways
It wouldn’t be stretchy to say that the United States of America is the hub of millionaires. Alone, New York has the highest concentration of ultra-rich millionaires, with 24,660 UHNW.
But hey, don’t get all overwhelmed by seeing the numbers. You can also be the plus one in those staggering millionaire figures. All you need to do is just make a plan, act on it with consistency, improvise, and voila, you are on the path to success!
What do you think about these facts? Let us know in the comment section below. And thanks for reading!
