Who doesn’t want to be a millionaire?
The truth is everyone would like the freedom which comes with being a millionaire.
Of course, as prices continue to rise, being a millionaire is becoming easier.
Some people have become millionaires simply by purchasing a house and holding onto it for twenty years.
That’s how much house prices have been rising.
With that in mind, it’s not surprising that there has been an increase in millionaire numbers.
In fact, some people now associate being a billionaire as a more significant achievement.
To decide if being a millionaire is still a significant achievement, it’s time to take a look at how many millionaires are there in the US and the world.
You may be amazed by the following statistics.
Key Statistics
- There are 56.1 million millionaires on the planet
- The United States has 22 million millionaires
- Approximately 40% of millionaires are in the US
- 1% of US adults are worth at least a million
- Most new millionaires are a result of the stock market & real estate
- The average US adult became 6% wealthier in 2021
- 76% of US millionaires are white
- Most US millionaires are between 60-79 years old
- 88% of millionaires graduated from college
- China has the second largest number of millionaires
- Switzerland has the highest per capita millionaires
How Many Millionaires Are There In The US & The World in 2024?
1. As Of 2021 There Are 56.1 Million Millionaires On The Planet
It’s interesting to note that roughly 55% of the global population has less than $10,000 in assets.
Approximately 33% have between $10,000-$100,000 in assets, and 11% have between $100,000 and $1 million.
Just over 1% of the world’s population have assets worth over one million.
That’s reflected as 56 million millionaires and nearly 3,500 billionaires.
Compared to a global population of eight billion, it shows the majority of the wealth is in the hands of the few.
(Credit Suisse)
2. Approximately 40% Of Millionaires Are In The US
There are roughly 56 million millionaires in the world and 40% of them are in the US.
That’s an impressive 22 million US millionaires.
Research suggests that the majority of US millionaires have become millionaires through careful financial decisions and hard work.
They don’t generally have a jetset lifestyle.
Instead, these are older people who have accumulated their wealth over time and are looking forward to financial security in retirement.
(Credit Suisse)
3. 1% Of US Adults Are Worth At Least A Million
Between 2020 and 2021 the world gained 6 million millionaires. That’s an unprecedented increase.
Many of these new millionaires were in the US, reflected in the roughly 3 million additional US millionaires.
On paper, this is great news for the US as, for the first time, 1% of the population is officially a millionaire.
Of course, it’s not so good for the rest of the population.
(Statista)
4. Most New Millionaires Are A Result Of the Stock Market & Real Estate
Recent years have seen massive gains in real estate value and the stock market continues to offer the potential to earn high returns on investments.
Of course, there have been economic issues, such as the financial crash in 2008, the pandemic in 2020, and the housing crash in 2016.
However, the overall trend has remained positive.
On the back of this, many people have seen their net worth grow dramatically.
Others have taken advantage of the markets to boost their net worth.
The fact that housing prices have grown an average of 5.4% every year since 1992 shows how even a standard $250,000 home can turn someone into a millionaire. It just takes time.
(Financial Samurai)
5. The Average US Adult Became 6% Wealthier In 2021
On the face of it, this statistic is great for the average US citizen.
However, averages can be misleading.
There are roughly 332 million people living in the US. 22 million of these are millionaires and just 745 are billionaires.
The limited few with enormous wealth can make the figures look good for the country.
However, the truth is the 745 billionaires have a combined wealth of $5 trillion.
The rest of the US has a combined wealth of $3 trillion, demonstrating where the money is.
Add to this the fact that US billionaires saw an increase in net worth of approximately 70% during the pandemic.
You don’t need to be a rocket scientist to realize the poor are actually getting poorer, regardless of what the average salary or net worth says.
(Statista)
6. 76% Of US Millionaires Are White
According to the latest studies 76% of US millionaires are white.
Yet, white people, which doesn’t include Hispanics or Latinos, only make up roughly 60% of the population!
In contrast, just 8% of US millionaires are black, despite black people making up 14% of the population.
The same is true for Asian people, they constitute 8% of US millionaires but are just 6% of the population.
Hispanic and Latinos fare the worst.
They make up roughly 19% of the population, yet only 7% of US millionaires are Hispanic or Latino.
(Forbes)
7. Most US Millionaires Are Between 60-79 Years Old
The average age of a US millionaire is 57. However, the majority of millionaires are actually between 60-79 years old.
These are often referred to as baby boomers.
They are the ones that have been lucky enough to live through boom times, making money on real estate, stock markets, and the digital revolution.
The reason the average age is lower is thanks to the few young millionaires and billionaires.
Many of these are a result of social media and digital technology. This helps to reduce the average age of a millionaire.
It doesn’t change the fact most US millionaires are older.
(Forbes)
8. 88% Of Millionaires Graduated From College
This is an interesting fact as it reflects the additional opportunities available to people with a college degree.
Sadly, that’s something not available to many people in the US, particularly ethnic minorities.
This is reflected in the fact that just 33% of US adults graduate from college and 52% of millionaires achieved a masters degree or higher.
In short, minority groups are still struggling to access the opportunities afforded to others.
(zippia)
9. China Has The Second Largest Number Of Millionaires
As of 2022, China has just over 6 million millionaires. That’s impressive as they had no millionaires in 2000.
However, it also demonstrates how big the gap is between US wealth and the rest of the world.
China has roughly a quarter of the number of millionaires that the US has, yet China is in second place for millionaires!
The third place goes to Japan with nearly three-and-a-half million millionaires. That’s just 6% of the millionaires in the world.
Interestingly, the UK gets fourth position with 5.3% of the world’s millionaires.
That’s a little under three million millionaires. France and Germany have similar numbers.
(Statista)
10. Switzerland Has The Highest Per Capita Millionaires
There are many times more millionaires in the US than anywhere else on the planet.
However,n if you look at the number of millionaires in comparison to the number of people in the country, the story changes.
Switzerland is home to just over a million millionaires.
That means 15% of their population are millionaires. The only other country that can come close is Hong Kong. The US slips to fifth on this list.
(Statista)
Future Millionaire Trends
Markets are recovering strongly from the global pandemic.
Many companies are performing better than ever. This creates investment opportunities.
Naturally, there is volatility, much of which is being caused by Russia’s illegal invasion of Ukraine.
Climate change and other global issues can also affect the markets. However, this is still providing opportunities for investors to make good rates of return.
Current predictions suggest the rate of millionaires created each year will continue to grow.
Many of these will continue to appear in the US. However, China is likely to see a rapid rise in millionaires, making them one to watch.
It could make next year’s statistics very interesting reading. A recent Gitnux survey estimates there will be 70 million global millionaires by 2025.
There is also likely to be an increase in the number of billionaires.
This is directly connected to the increase in millionaires. Becoming a millionaire is still a significant achievement.
But, the number of millionaires in the world is making it seem less significant. Hence the reason more people will be striving to be billionaires.
It should be noted that higher numbers of millionaires is not necessarily a good thing.
Redistribution Of Wealth
The way it stands at the moment the richest 1% of citizens are likely to get richer while the poorest get poorer.
It’s an old adage but remains true.
It’s easy to see why many people, especially the poorest, are calling for wealth redistribution.
There is even an argument advocating for it.
The reasoning is that income distribution and buying power has changed radically.
If it was still the same as between the end of WWII and 1975 then every US citizen would be $1,144 better off a month.
Instead, all these additional funds have been funneled to the wealthiest 1%. Of course, even if this was to be done, the logistics would be a nightmare.
You’re better off trying to make a million on your own. The simplest way to join the millionaires club is slowly.
Sure, you could become a social media influencer and earn a significant amount of money. But, it’s unlikely.
Instead, concentrate on paying down debts, committing a consistent amount to savings every month, and wait.
Just remember, your savings need to earn compound interest, which means you earn interest on interest. The earlier you start the better.
It can also help to get as many employer contributions to your savings pot as possible.
If they are willing to donate, take advantage of their offer!
Summing Up
The answer to how many millionaires are there in the US and the world is both too many and not enough!
The US has 22 millionaires and 745 billionaires. The number is increasing steadily every year.
While you may be able to join them with the right business venture, the safest approach is to slowly build your funds and improve your net worth.
It may not be overnight success worth shouting about but anyone can become a millionaire.