55+ Millionaire Statistics & Facts: Exploring the Richness Trends [2024]

January 23, 2024 0 Comments

Dreaming of millionaire status?

There are 56.1 million millionaires worldwide and the number is expected to reach up to 84 million by 2025.

Millionaire statistics reveal that approximately 14% of US households are in the millionaire club. 

Curious about the secrets of self-made millionaires?

It is interesting to note that 67% of wealthy people watch less than one hour of television daily and 63% spend less than one hour daily surfing the internet.

Are you on the right track to your seven-figure success? Here’s a glimpse into the statistics behind the millionaire success stories.

Top Millionaire Statistics: Editor’s Pick

there are 56.1 million millionaires worldwide
  1. The US has been reported to have 21,951k number of millionaires. [7]
  2. The collective worth of millionaires accounts for up to $191.6 trillion. [1]
  3. Millionaires control about 46% of the world’s wealth. [1]
  4. Finance and investments also have 371 billionaires along with millionaires. [4]
  5. 76% of US millionaires are white, while only 8% of US millionaires are black. [8]  
  6. The global number of millionaires is expected to reach 84 million by 2025. [13]
  7. It is recorded that 33% of the US’s millionaires are women. [10]
  8. 74% of millionaires have reported being happy with their work/life balance. [16]

General Millionaire Statistics Worldwide

How many millionaires are there across the globe?

According to the latest global wealth report, there are 56.1 million millionaires worldwide. [1]

The collective worth of millionaires accounts for up to $191.6 trillion. [1]

Out of these 40% of people are from the US. [1]

Approximately 14% of US households are in the millionaire club. [13]

After the US, next in line are China (10%), Japan (6%), the United Kingdom (5%), Germany (5%), and France (4%). [2]

These top six countries represent 70% of the world’s millionaires. [2]

If someone is a millionaire, they are in the top 0.6% of wealth for the world’s population. [2]

Millionaires control about 46% of the world’s wealth. [1]

top countries with number of millionaires

Millionaire Statistics By Industry

Which industry produces the most millionaires?

The finance and investments industry produces the highest number of millionaires. [4]

Other top careers for millionaires include engineering, accounting (CPA), and law. [4]

In a survey managers and teachers were other careers of millionaires. [4]

Finance and investments also have 371 billionaires along with millionaires. [4]

The top seven industries producing millionaires are finance and investments, technology, manufacturing, fashion and retail, healthcare, food and beverage, and real estate. [5]

Millionaire Statistics By Race, Ethnicity & Education

Do race and ethnicity divide millionaires?

  • 76% of US millionaires are white, while only 8% of US millionaires are black. [8]  
  • 7% of US millionaires are Hispanic or Latino. [8]
  • 8% of US millionaires identify themselves as Asian, while their total population in the US is 6%. [8]
  • 22.3% of Asians who are graduates have a good chance of becoming a millionaire in the US. [8]
  • It is projected that nearly 6.8% of Hispanic or Latino people,  middle-aged and college-educated are already millionaires or are more likely to become millionaires. [8]
  • About 6.4% of Black people, collegeeducated, and middleaged are estimated to be or to become millionaires. [8]
  • 88% of millionaires are college graduates. [8]
  • 52% of surveyed millionaires have a master’s degree. [8]
US millionaires based on race

Millionaire Statistics By Age & Gender

  • As of 2013, the average millionaire is 57 years old. [9]
  • 42% of millionaires were aged between 57 and 75 years. [9]
  • 19% of millionaires were millennials aged between 18 and 31 years. [9]
  • Most millionaires earned their first million by the age of 37. [9]
  • About 7.6% of the U.S. adult population are millionaires. [13]

How many women are millionaires?

Are millionaire statistics doing justice to women?

It is recorded that 33% of the US’s millionaires are women. [10]

The average age for women to have $1 million saved up and set aside for retirement is 58.5, while the average age for men is 59.3. [10]

Millionaire Statistics By Location

US has 22 million millionaires

How many millionaires are in your city?

Out of these New Jersey has the highest percentage of millionaire households. [7] 

The top 5 US states with the highest percentage of millionaires include

US StatePercentage of Millionaires
New Jersey9.76%
Maryland9.72%
Connecticut9.44%
Massachusetts9.38%
Hawaii9.2%

The nine cities with the most millionaires across the world are Tokyo, New York City, London, Paris, Frankfurt, Beijing, Osaka, Hong Kong, and Shanghai. [6]

What Are General Millionaire Behaviors?

Curious about general millionaires’ traits?

It is reported that 66% of millionaires have their own businesses. [2]

67% of wealthy people watch less than one hour of television daily. [2]

63% spend less than one hour daily surfing the internet. [2]

According to research conducted by Thomas Corley of Rich Habits, 86% of wealthy people who work full-time put in 50 hours or more each week in their career. [14]

Unlike popular opinion, 86% of millionaires made their own wealth and didn’t inherit it. [15]

72% of millionaires believe ‘smart investing’ is key to success. [16]

74% of millionaires have reported being happy with their work/life balance. [16]

there are 1700 new US millionaires every day

Hail your millionaire journey with the latest trends and projections.

The US added 1.7 million new millionaires in 2020. [12]

According to current projections, there are 1700 new US millionaires every day. [3]

It is surprising to note that 80% of millionaires grew up in middle-income level families. Only 2% grew up in high-income families. [11]

Asian middleaged people who are collegeeducated have the highest chance of becoming millionaires in the US. [13]

The global number of millionaires is expected to reach 84 million by 2025. [13]

FAQs

How many adults are millionaires?

1.1% (nearly 56 million people) of the world’s adult population are millionaires. 

Which cities have the highest number of millionaires across the world?

The nine cities with the most millionaires across the world are Tokyo, New York City, London, Paris, Frankfurt, Beijing, Osaka, Hong Kong, and Shanghai.

Which industries have the highest number of millionaires?

The top seven industries producing millionaires are finance and investments, technology, manufacturing, fashion and retail, healthcare, food and beverage, and real estate.

How many millionaires are there in the US?

There are 21,951,000 millionaires in the US. 

Conclusion 

There are 56.1 million millionaires across the world. Almost 40% of these are from the US. The major industries producing millionaires are finance and investments, technology, manufacturing, fashion and retail, healthcare, food and beverage, and real estate.

It is surprising to note that 80% of millionaires grew up in middle-income level families. Only 2% grew up in high-income families. And 86% of millionaires made their wealth and didn’t inherit it.

While there are many ways to become a millionaire, 72% of millionaires believe ‘smart investing’ is key to their success in today’s world.

Sources

  1. Credit Suisse. Latest global wealth report 
  2. Millionaire Foundry. 42 Best Millionaire Statistics, Facts & Resources for 2023
  3. Bloomberg. 1,700 new U.S. millionaires are made every day
  4. Rutgers. Become a Millionaire One Small Step at a Time
  5. Forbes. How Billionaires Got So Rich in 2021
  6. Assets Entrepreneur. Wealthiest People
  7. United States Census Bureau. QuickFacts: United States
  8. Financial Samurai. Your Chances of Becoming a Millionaire by Race, Age, and Education
  9. Statista. Distribution of U.S. Millionaires by Generation, as of 2013
  10. CNBC. How Many Women Millionaires? Depends on the Study.
  11. Statista. The American States with Highest Ratio of Millionaire Households Per Capita in 2020.
  12. The Guardian. World Gained 5.2m Millionaires Last Year in COVID Crisis – Report
  13. Financial Gym. Who Is in the ‘Top 1% and 10%’?
  14. Rich Habits. Rich Habits.pdf
  15. Fidelity Investments. Millionaire Outlook
  16. Spectrem Group. Financial Wellness