Infographic: Number of Millionaires Keeps Rising (2024)

FAQs

Is the number of millionaires increasing? ›

The number of millionaires is rising globally

Over the last 15 years, wealth has shot up the most in the Asia-Pacific region, and second fastest in the Americas, according to UBS.

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Topping the charts is Vietnam, where the number of millionaires has skyrocketed by an astonishing 98%.

There are over 22 million millionaires in America, which means that roughly 1 in 15 Americans are millionaires, per the 2024 UBS Global Wealth Report.

Ninety-three percent of millionaires said they got their wealth because they worked hard, not because they had big salaries. Only 31% averaged $100,000 a year over the course of their career, and one-third never made six figures in any single working year of their career.

In 2022, 128,000 individuals with net assets of at least 50 million U.S. dollars were residing in the United States, by far the highest number of any country.

Rich people often find themselves poor after making bad financial decisions. According to a blog by renowned penny stock investor Timothy Sykes, the average millionaire goes bankrupt at least 3.5 times. The reasons rich people go broke are not all that different than the reasons anyone goes broke.

But being counted among the highest net worth individuals can be much "easier" in some countries than it is in others. To belong to the 1% in America, your net worth would have to be about $5.8 million or higher, according to the new Wealth Report from real estate company Knight Frank.

The average age of American millionaires rose to 61 in 2022 from 57 in 1992. Younger workers struggle to amass wealth, leading to an increased reliance on inheritances. Boomers' wealth accumulation is affecting economic factors like consumer spending and housing.

What race are most millionaires? ›

76% of millionaires in the U.S. are white, and white people account for 60% of the total U.S. population.

What are the chances of becoming a millionaire? Roughly three out of 100 people in the U.S. are millionaires, but your chances of becoming a millionaire depend very much on your age, your race, and your education.

As of June, there were roughly 497,000 so-called retirement-created millionaires in the U.S., according to the wealth management firm, which analyzed balances across 26,000 of its customers' accounts. Nearly 399,000 Americans also have a least $1 million in an individual retirement account.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year.

The United States is home to by far the largest contingent of dollar millionaires: 22 million in 2023, representing 6.6 percent of the country's population. Next on this list is China with 6 million (0.4 percent of the population), while France completes the podium with 2.9 million (4.2 percent of the population).

Nearly 22 million people in the U.S.—roughly one in 15 Americans—had wealth upwards of $1 million last year, according to UBS' 2024 global wealth report.

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There are now 426,330 individuals worth $30 million or more, known as ultra-high-net worth individuals, according to Altrata's World Ultra Wealth Report 2024.