Who doesn’t want to be a Millionaire these days? Practically, Everybody! Do you know 15 countries globally have the highest number of millionaires, the US on the number 1 list? Yes, that’s absolutely true! The millionaire’s count has risen substantially in the US for the past 4 to 5 years.
Do you know how many millionaires are in the US at present? Or do you know how many millionaires there are in the World? If not, you must look at these latest millionaire statistics to understand what you are actually missing! From Millionaire demographics to the average age of multi-millionaire, we will cover everything in these statistics. Let’s begin with the most interesting ones.
Global Millionaire Statistics – Editor’s Choice
1. In 2023, the global millionaire count reached 56.1 million.
According to the Credit Suisse Report, in 2020, there were 50.8 million millionaires worldwide, which rose significantly (around 5.2 million) in 2023 to make the count about 56.1 million. This means that now, an individual needs to make more than 1 million USD to join the global top 1% club. Among all the nations that have witnessed this year-over-year growth, the US remained top. [Source: Credit Suisse Research Institute]
2. The US, China, and Japan are the top three countries with the majority of millionaires on a Global scale.
As per the latest Credit Suisse Global Wealth Report, the top three countries having the most significant number of millionaires globally are the US (39.1%), China (9.4%), and Japan (6.6%). Focusing on region-wise growth, North America is on the top with 42.1% millionaire while Europe is in the second spot with a 17.2% millionaire count. [Source: Credit Suisse]
3. Global Millionaires Count has increased during the Global Lockdown in 2020.
During the pandemic, high-income countries like the US, Germany, Australia faced large differences in income shocks. In such countries, the business income or labor loss was adjusted with the emergency benefits and employment policies, positively affecting high-income individuals’ wealth. The biggest gain in millionaires count was in the US (around 1.73 millionaires), while Germany’s millionaire club increased by 633,000 new millionaires. [Source: Credit Suisse]
4. Three Countries that witnessed the biggest reduction in millionaires count in 2020 were India, Russia, and Brazil.
These three countries have lost the maximum number of millionaires between 2019 and 2020, with Brazil on the top with a reduction of around 81,000 millionaires. The primary reason for this loss was the share market’s fall and currency devaluation. During the first half of 2020, Brazil’s currency has depreciated by 27%. [Source: Credit Suisse]
5. The Average Age of Millionaires Worldwide is 57 Years. It takes 35-38 years to become a millionaire on average.
As per the Fidelity Investment Report by the New York Times, the average age at which a woman hits the millionaire mark is 58.5, while for the man, it is 59.3. This indicates that 80% of millionaires only become wealthy after turning 50. Only 4% of self-made millionaires have achieved this mark in less than 27 years. [Source: Business Insider]
What Percentage of Americans are Millionaires? – General US Statistics
1. Out of 250 million total population of America, 8% are Millionaires, i.e. around 20.27 million.
Between the period of 2019-2020 alone, around 2,251,000 new millionaires were added to the US millionaire club, making America the top country of having the maximum number of millionaires. [Source: CNBC]
2. 20% of Millionaires of the Total American Population have inherited their Wealth.
Only 20% of millionaires in America inherited their wealth, while the other 80% are self-made, first-generation millionaires. [Source: Ramsey Solutions]
3. Three States with the maximum percentage of millionaires in the US are California, New York and Florida.
Out of these three states, New York has the highest percentage of US millionaires, i.e. 8.51%, followed by Los Angeles (5.4%), Chicago (4.45%) and San Francisco (3.46%). The other two states after these three states are Texas and Illinois. [Source: Forbes]
4. Around 89,510 Multi-Millionaires in the US own at least $50 Million Net Assets.
This number of multi-millionaires in the US with at least $50 million net assets is equal to the 50.9% of UHNW (Ultra-High Net Worth) individuals globally. There are around 8,046,080 multi-millionaires in the US having at least $2 million of net worth, while 5,671,005 US households (about 4.4%) have at least $3 Million or more net worth. [Source: Statista]
5. The US witnessed 103.31% growth in Millionaires between 2010-2019.
In 2010, there were around 9.94 million individuals in the US worth at least $1 million. The figure increased as follows between 2010-2019:
- 2015 – 15.65 million
- 2017 – 16.47 million
- 2018 – 17.93 million
6. By the End of 2020, the US witnessed an increase of 8.4% in its Ultra-High Net Worth Individuals or Multi-Millionaires.
According to a Wealth-X financial report, there were around 101,240 multi-millionaires or UHNW individuals in the US by the end of 2020, an increase of 8.4% than the previous year. [Source: Robb Report]
7. By the end of 2020, the US had 21.9 million millionaires with at least $1 million net worth.
Despite the global pandemic, the number of millionaires in the US increased remarkably, with around 9% of adults as millionaires. So, if you live in the US, there are high chances that you must have known at least one millionaire out there. [Source: BBC]
US Millionaire by Age, Gender and Race
1. About two-thirds of the total US millionaires belong to the 60-80 age group.
As per the Millionaires Data by age, around 30% of the US millionaires belong to the age group of 60-69, while an additional 31% belongs to the age group of 70-79 years. Apart from them, 15% of US millionaires are of age 80 while only 5% belong to the 90 years of age group. [Source: Tax Foundation]
2. The Younger Generation of the US are less likely to belong to the Millionaire Club; Only 8% of US Millionaires are under 30.
Curious to know how many millionaires are under 30 in the US? As per the data, the answer is 8%, making around 1.79 million. Out of this 8%, 6% are under the age of 29 years while the rest, 2%, belong to 30-39. There are 7% of US millionaires that belong to the age group of 40-49. [Source: Credit Suisse]
3. In 2020, 85% of US Millionaires were White, making up 60% of the total population.
In the past 30 years, the numbers have changed a little bit. Apart from the 85% white millionaires in the US, the rest, 4.2%, accounts for Black households while 3.1% accounts for Hispanic Americans. [Source: USA Facts]
4. Out of the total American Millionaires, more than 80% are male.
Data shows that in 2020, there were around 86.5% male American billionaires, while only 13.5% were female billionaires. The number is pretty much the same for the American millionaires, with more than 80% male millionaires. [Source: Statista]
5. Among the richest self-made American women, Diane Hendricks is on the top, while Jeff Bezos and Elon Musk are the wealthiest male Americans.
As of February 2023, Jeff Bezos ranked 1st among the top 10 richest Americans with $189.3 billion net worth, while Elon musk scored the second position with an estimated $182.2 billion net worth. On the other hand, Diane Hendricks held the record of being the self-made richest female billionaire three years in a row with an estimated net worth of $8 billion. [Source: Forbes]
6. While there are few wealthiest African Americans in the US, Robert Smith still marks the top position.
As per the latest Black Millionaire Stats, Robert Smith is on the top in the list of richest African Americans with an estimated net worth of $6 billion. After him, the list is followed by David Steward ($3.7bn), Oprah Winfrey ($2.7bn), Kanye West ($1.8 billion), and Michael Jordan ($1.6bn). [Source: Business Insider]
7. Out of the 47.8 million population of Black Americans, only 1.5 million, i.e. 3.75%, are millionaires.
This is not a very pleasing statistic for those who want to know how many black millionaires are in America. According to the latest data, Black Americans are less likely to be millionaires than White Americans. Only 1.5 million of the total 47.8 million black Americans population belong to the millionaire club, making up only 8% of the total US Millionaires population. [Source: The Millionaire Choice]
8. According to Millionaires Statistics 2020, Out of 56 wealthiest women in the US, only 11 were self-made.
Among the list of 56 wealthiest women of the US in Forbes, the two names that hold the majority of their combined wealth were MacKenzie Scott and Alice Walton. While Scott got most of her wealth from her husband (Jeff Bezos) after divorce, Walton inherited the Walmart Fortune from her ancestors. Only 11 women on the list were self-made; the rest have inherited their wealth from their family or husband. [Source: Forbes]
General Millionaire Demographics
1. Majority of Millionaires are married, have a family (at least one kid) and a home.
Out of the total worldwide millionaires, around 76% are married, having at least one kid; 94% percent own a house, while 22% own a business. 42% of millionaires have a graduation degree. The average number of properties they own are 2.4, with an average real estate portfolio of around $919,000. [Source: ColdwellBankerLuxury]
2. Only 1% of the adult population are Millionaires worldwide, representing 40% of the total global net worth.
In 2018, there were 47 million adult millionaires globally, representing 0.9 percent of the total population. The number, however, increased by the end of 2019, hitting 51.9 million adult millionaires with a combined net worth of about $173.3 trillion, which is more than 40% of the total global net worth. [Source: Credit Suisse]
3. Between 2010 to 2019, the number of Millionaires in Canada grew by 60.22%, while it was by 91.05% in the UK.
In Canada, there were around 1.45 million millionaires by the end of 2019, while in the UK, the number doubled with 2.35 million during that period. Between 2019-2020, Canada witnessed 200,000 more millionaires, while in the UK, it was around 133,000. [Source: Credit Suisse]
4. Around 70-80% of Millionaires at least have a College Degree, Rest 30% have a Master’s or PhD degree.
This data indicates that having a college degree always benefits a person to become rich (at least the majority of millionaires believe it). However, at the same time, pursuing further academic success doesn’t seem relevant to them. [Source: Census Government]
5. The percentage of Millionaires and Global Wealth will be projected to rise by 31% between 2020-2025.
As the number of millionaires is increasing over the years, reaching 84 million, the global wealth is also rising. It will be projected to increase by 31-39% over the five years, with a prediction to reach around $583 trillion by 2025. [Source: Credit Suisse]
6. China is expected to have the highest growth in millionaires percentage in the next five years, with 92.7%.
As China is one of the top countries worldwide, having a high number of millionaires, the growth can rise by 92.7% (three times faster than the US) over the next five years, followed by Denmark (82.4%) and India (81.8%). [Source: Statista]
7. With a total number of 618,000 Millennial Millionaires in the US, the average net worth of each ranges between $1 to $2.49 million.
The wealthiest generations in US history are boomers, with plenty of wealth leaving for Gen X and Millennials. But over the years, Millennials have earned well to make their mark in the list. [Source: Coldwell Banker Luxury]
8. Real Estate is the favorite choice of Global Millionaires to Spend and Invest over 200 years.
More than 90% of Global Millionaires believe that Real Estate is the best option to invest and develop wealth, and thus over 200 years, the majority of them have been enhancing their wealth by investing in it. [Source: CNBC]
9. The Finance and Investment Industry have the highest number of UHNW individuals and Millionaires worldwide.
Around 14% of UHNW individuals (including millionaires) engage in Finance and Investment Industry as the primary industries. After this, the other two most engaged sectors are Business and Customer Services and the Industrial sector. [Source: Statista]
The Verdict
So, while researching how many millionaires in the World, we have witnessed that the US has seen the highest growth in Millionaires count over the years. The data mentioned above indicates that Americans are continuously working hard to be on the top, not only in the millionaires club but also in the part of the billionaires club. Even in the pandemic, the list of millionaires worldwide grew and grew only.
Now you know how many years it takes on average to be a millionaire or multi-millionaire. According to multiple reports, the millionaires and billionaires count will only grow more and more in the future. So, you have a chance to make a mark in this millionaire club. These millionaire statistics are a great way to form a solid strategy to earn your first $1 million to join the Millionaires club. Start today, work hard and become a part of these statistics in future!
Sources:
- Credit Suisse Research Institute
- Credit Suisse (Global wealth report)
- CNBC
- CNBC (Investment in Real estate)
- Ramsey Solutions
- Forbes (state-wise Billionairs)
- Forbes
- Forbes (Self-maid richest women)
- Statista
- Statista (Chinese millionaires)
- Statista (Leading primary industry)
- Robb Report
- BBC
- Tax Foundation
- USA Facts
- Business Insider
- The Millionaire Choice
- ColdwellBankerLuxury
- Census Government
