Our team recently worked on the largest study of millionaires ever conducted and discovered most millionaires are ordinary, everyday people who follow basic money practices. A millionaire is someone who has a net worth of a million dollars.
Net worth is what you own minus what you owe. For example, say you have no debt besides a mortgage, a sizable emergency fund and a retirement account. So when you look at it that way, there are way more than 12 million millionaires living in the U. If you want to dig deeper into your personal net worth, use our free tool—the Net Worth Calculator. Okay, so how fast are our fellow Americans becoming millionaires?
It took most of them an average of 28 years to hit the million-dollar mark, and most of them reached that milestone at age If there are more than 12 million millionaires in the U.
We used the research from our study to break down the number of millionaire residents in each state. Here are the states with the most millionaires:. In fact, your state might just have a lower population than other states, which could be the reason for a lower number of millionaires.
Our team also collected data to find which U. Did you realize how many millionaires are in or around these cities? Well, now you know.
From to mid, 2,, new millionaires joined the ranks of millionaires in the United States alone. The youngest millionaires are millennials, and their wealth is steadily growing. By , millennials are expected to control five times as much wealth as they have now. Both per capita and in absolute numbers, California takes the lead. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an year-old German heir.
The youngest American billionaire is Austin Russel. There are approximately 51,, people who own one million USD or more worldwide. According to the Global Wealth Report, Moreover, In contrast, the bottom half of the wealth pyramid manages 1. According to Wealth-X, about Only 7. The United States tops the list of countries with the most millionaires, with China stands at number two with 6. Germany is next with 2. The UK has been knocked out of the top five and is now sixth with 2. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving.
The rule of thumb is that with hard work, you can achieve anything in America. There are a lot of inspiring people — both fictional and real — that have made it big that way.
Well, our research shows that the number of millionaires will only grow in the future. So you still have a chance to become a part of our statistics. Pet Ownership Statistics by State. There is an obvious proportional correlation between the percentage of millionaires who are white and the standard population percentage. It appears there are higher percentages of Hispanic Americans and Asian Americans that are millionaires than there are of Caucasian Americans.
With the rate that the U. I would expect that trend to continue, if not accelerate in the future. This is going to be a crazy ride.
I find the one percent question to be interesting, The IRS gives the one percent threshold of AGIs of tax returns, I would call that a proxy for households K as last reported so we can see that but the one percent threshold for net worth is commonly considered from two different sources one saying its It would be interesting to see the correlation between cumulative assets of the top 10 percent of earners including assets compared to the national debt for the span of to current.
It would be interesting to see these statistics by gender and highest level of education as well. The countries with the most millionaires paragraph is somewhat misleading. If the data is normalized instead of quoting the absolute numbers, in rough numbers, the USA is still 1 with a chance of being a millionaire, Japan is 2 at , the UK is 3 at , France is 4 at Germany is 5 at , and China, although 2 in absolute numbers has a millionaire ratio of I have not done the research but would guess that the national tax rates are an inverse of the millionaire ratios.
Absolute numbers can be more sensational but misleading, normalized data has greater value. The statistics cited may all be fine, but the commentary is less than adequate once the implications are recognized. Some of the remarks in the comment section are, too. The author clearly recognizes the difference between wealth and income. The difference can, and in some instances does, play out like this: in the manner of Warren Buffett, many very wealthy people do not spend an inordinate amount on goods and services, at least not when judged according to the funds they have available to them.
Due to their choice of lifestyle, they are not as pressed as they might have been to cash in their investments. They are free to do whatever they can to legally avoid paying taxes, asset management included, and keep watch on their assets while their long term investments grow at a hefty clip on average, in the long run. As cited by the author, much of those assets, whether they belong to the thrifty or not, are in the form of real estate. This is where the part I find disturbing enters the picture: it is one thing to claim that most great financial wealth is in the hands of, not heirs of great fortunes, but people whose wealth stems from hard work.
Another to treat the wealth accumulated on those earnings as accumulating through hard work. There is no distinction made in the commentary, so far as I can see, between wealth accumulated from hard work and the hefty portion of it that comes from investing that hard earned cash. It would be quite revealing to know the breakdown. The difference has a lot of important ramifications. In fact, that may be the biggest factor in the creation of the insidious problem of the great disparity in wealth we are watching grow by leaps and bounds, which evidence suggests increasingly tears at our social fabric as it gets even larger.
But, then, that can be fairly seen as parasitic on the stable conditions of a society. For relative stability and expectations of returns on investment go hand in hand. A favorable risk-reward ratio is largely a function of such conditions. Does that mean that the investor has no claim to rewards that come from taking the financial risk of purchasing property? Not at all. The United States attracts a great deal of cash from foreign investors, which is mainly why, due the strength provided to it by such investment, the dollar is the closest thing there is to a worldwide currency.
So much cash is invested that Instruments such as government bonds owe their stability to it, the track record of which fuels that attraction. The less stable the society, the more likely would occur shocks to the financial system that have an impact on worldwide perceptions of stability, a cause itself of greater instability, thereby setting up conditions suitable for a vicious cycle detrimental to the US economy. The United States benefits greatly, as far as its reputation is concerned, as a good place, frequently seen as the best place, to park vast wealth due to its combination of stability and economic dynamism.
But the stability is not an expendable factor, which means that the disparity in wealth threatens the very conditions that created the opportunity upon which great wealth-accumulation is typically built. For they have already utilized the opportunity afforded them which they helped create by hard work.
But there are two main points I want to highlight about such thinking: the first is that it is, as I mentioned, parasitic, for it weakens if not wipes out the conditions that made the accumulation of great wealth possible; second, it mistakes a necessary condition for a sufficient one: the opportunity could only have been created by hard work, assuming it was created legally, under the right conditions i.
Wearing such blinders would mean that a concern for promoting the maintenance of the conditions that made the growth of their wealth possible would more likely be absent from their thinking. Skip to main content Try our corporate solution for free! Single Accounts Corporate Solutions Universities. Published by Statista Research Department , Sep 14, In , a total of , individuals with net assets of at least 50 million U. 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. And, as stated in the data from , about 76 percent of U. As of , only four percent of millionaires in the U. In a poll on how U.
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. Number of high net worth individuals in the United States in Number of ultra high net worth individuals in the United States Number of millionaire households in the United States in Demographics Female share of the ultra high net worth population in the United States in Male share of the ultra high net worth population in the United States in Net worth Percentage of wealth owned by the top one percent in the United States.
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