Most of us dream about acquiring big fortunes and joining the ranks of the ultrarich. After all, who wouldn’t want to trade in their car loans for luxury rides and the fanciest accommodation listings? Millionaire statistics tell us that these dreams aren’t especially far-fetched as the already expanding global millionaires club is expected to swell further in the coming years.
To give you a unique look into the world of wealth, we’ve compiled a list of exciting stats and facts on the top 1%. Keep reading to find out more about money, incomes, and where millionaires live.
Top 10 Facts & Millionaire Statistics for 2022
- The number of US millionaire households in 2021 was 13.61 million.
- There are 22 million millionaires in the US.
- New Jersey had the highest ratio of millionaire households per capita —9.76%.
- The US is home to 110,850 UHNW individuals.
- The first African American woman millionaire was Madam C.J. Walker.
- 88% of millionaires have between $1 million and $5 million.
- There were 56.1 million millionaires around the globe at the end of 2020.
- London is home to the highest concentration of dollar millionaires in the world — nearly 875,000.
- By 2025, global wealth is expected to increase by 39% and reach $583 trillion.
- Adult millionaires surpassed 1% of the world’s population for the first time in 2020.
Millionaire Statistics for the US
1. The number of US millionaire households stood at 13.61 million in 2021.
(The Ascent) (Statista)
Since the Great Recession that lasted between 2007 and 2009, the number of millionaire households gradually grew from 6.8 million in 2009 to 11 million in 2019. And despite the economic downturn caused by the pandemic, that number rose by a further 600,000 in 2020 finally reaching 13.61 million in 2021.
This means that over 10% of US households have a net worth of $1 million.
2. There are 22 million millionaires in the US.
(Credit Suisse)
If you’re trying to figure out how many millionaires there are in the world, the US is a good place to start. Based on the latest stats, out of 56.1 millionaires in the world, 39.1% or 22 million are in the US. In 2020 alone, there were 21,951 adults with more than $1 million, which marks an increase of 1,730 from 2019.
3. In 2020, New Jersey had the highest ratio of millionaire households per capita — 9.76%.
(Kiplinger) (Statista)
When looking at the number of millionaires by state, 9.76% or 323,443 households in New Jersey have more than $1 million in assets. Next on the list is Maryland, with 9.72%, followed by Connecticut (9.44%), Massachusetts (9.38%), and Hawaii (9.20%).
The states with the lowest ratio of millionaire households per capita in 2020 were Mississippi (4.18%), West Virginia (4.21%), Arkansas (4.33%), Kentucky (4.69%), Louisiana (4.81%), and Alabama (4.87%).
4. San Jose, Sunnyvale, and Santa Clara are metro areas with the highest concentration of millionaires in the US — 13.6%.
(Kiplinger) (Statista)
When it comes to the number of millionaires in the US by city, San Jose, Sunnyvale, and Santa Clara top the list with 93,431 millionaire households. Perhaps unsurprisingly, these cities are also known for housing the world’s largest tech companies, including Apple, Google, and Tesla.
Other areas with a high percentage of millionaire population include Bridgeport, Stamford, and Norwalk (12.4%), San Francisco, Oakland, and Hayward (12.2%), and the Washington, D.C. area (11.7%).
5. Stats on U.S. millionaires by age show that millennials make up around 2% of the millionaire population.
(Forbes) (CNBC)
Some of the most recent data show that there are more than 618,000 millennial millionaires in the US. They account for roughly 2% of all American millionaires. Most millennial millionaires, aged between 34 and 37, have a net worth between $1 million and $2.49 million.
Interestingly, even though 83% of millionaires in the US don’t invest their money in cryptocurrencies, 47% of millennial millionaires have at least 25% of their wealth invested in digital money.
6. Data on U.S. millionaires by race shows that 76% of them are white.
(The Millionaire Choice)
At the same time, Asian and Black Americans account for 8% of the millionaire population in the US, while Hispanics make up 7%.
7. There are only nine black billionaires in the US.
(The Active Times) (McKinsey & Company) (AJC)
Out of 2,755 billionaires in the world, only nine are black and American. That short list includes Oprah Winfrey, Tyler Perry, Jay-Z, Michael Jordan, Rihanna, Kanye West, David Steward, Robert F. Smith, and Alex Karp.
Meanwhile, a recent study looking at how many black millionaires lived in America in 2020 found that a mere 2% of black households or 340,000 families had a net worth of over $1 million.
8. Investor Robert F. Smith is the wealthiest black billionaire in America, with a net worth of $6 billion.
(Black Enterprise) (Forbes)
American businessman, philanthropist, investor, and chemical engineer Robert Frederick Smith is also the founder and CEO of Vista Equity Partners. As one of the best-performing equities, Vista has more than $50 billion in assets.
9. The first African American millionaire was Madam C.J. Walker.
(History)
Born Sarah Breedlove in 1867, she made her millions by creating and selling homemade hair care products specifically for black women. She used a lot of her money to fund scholarships for women and made sizable donations to charities such as the NAACP and the Black YMCA.
10. New York and California have the most billionaires by state.
(Statista)
After covering the list of millionaires by state, it’s time for a closer look at a much narrower list of American elites.
In 2020, the Golden State had the highest number of billionaires — 165, followed by New York (118 billionaires) and Florida (58 billionaires).
11. Of the top-10 universities with the richest alumni, nine are in the US.
(Statista)
Harvard tops the list with a total of 13,650 ultra-high net worth individuals, who have a combined net worth of $4.76 trillion.
Cambridge University is the only non-US institution to make the cut. It’s the seventh on the list, with 2,760 ultra-high net worth alumni and a combined fortune of $390 billion.
12. John Jacob Astor was the first American millionaire.
(History)
Astor had several careers, including drug smuggling, while making his fortune as one of Canada’s largest fur exporters following the opening of new markets in the US during the 1790s. By the end of the century, his net worth exceeded $250,000, which is almost $5 million in today’s dollars.
13. The richest self-made woman in 2021 was Diane Hendricks, with a net worth of $11 billion.
(Forbes)
US self-made millionaire statistics show that the cutoff to make Forbes’ ranking of the country’s richest women rose to $225 million in 2021. That list includes 25 billionaires, such as the CEO and founder of Epic Systems, Judy Falkner, who clinched second place with a net worth of $6.5 billion.
The youngest person on the list of self-made women was Whitney Wolfe Herd (32). At the same time, a life sciences mogul, Alice Schwartz, was the oldest woman on the list at 95.
14. 21% of American millionaires received some sort of inheritance.
(Ramsey Solutions)
So, how are most millionaires made in America? Contrary to popular belief that rich people simply have their money wired to them, a lot of millionaires actually have to work for their keep. Only 16% of them inherited over $100,000, and a mere 3% of millionaires received an inheritance over $1 million.
15. More than half of the lawmakers in the US Congress are millionaires.
(OpenSecrets)
If you’re trying to get more specific information like how many US senators are millionaires, it’s important to note that some lawmakers haven’t filed annual financial disclosures. Among those who have, Democratic Senator Mark Warner was the wealthiest member of Congress in 2020, with an estimated net worth of more than $214 million.
Other prominent names on the list include Republican Fred Upton ($78.9 million) and House Speaker Nancy Pelosi ($114.6 million).
Global Millionaires: Latest Stats & Figures
16. There are 62.1 million millionaires worldwide, millionaire statistics for 2021 indicate.
(Credit-Suisse) (Fast Company)
By the end of 2021, 73,710 people made between $100 million and $1 billion, 1,769.200 made $10 million to $100 million, while 60,319,510 had a net worth between $1 million and $10 million.
So, how many millionaires in the world have an ultra-high net worth or assets worth more than $10 billion? Only 2,582.
17. According to 2020 millionaire statistics, the US added 1.73 million new millionaires to the global roster that year.
(Statista)
During the same period between 2019 and 2020, Germany gave the world an additional 633,000 millionaires compared to Australia’s 392,000 and Japan’s 390,000. On the other hand, in Brazil and India, the number of millionaires dropped by 108,000 and 66,000, respectively.
18. The US has the highest number of the world’s millionaires.
(DW)
How many millionaires live in the US? About 4,458,000. Second place goes to Japan, which is home to 2,720,000 millionaires, followed by Germany (1,199,000 millionaires), China (1,034,000 millionaires), and the UK (553,000 millionaires).
19. The US also leads when it comes to the number of UHNW individuals, with 110,850 members.
(Credit-Suisse)
Stats on millionaires by country again put China right behind the Americans, with 28,130 UHNW individuals. Third place went to Germany (8,630), and the fourth to the UK (5,100). The last on the top-five list is Japan, with 4,670 individuals.
20. Europe registered 151,665 UHNW individuals living on the continent in 2020.
(Statista)
When it comes to the number of millionaires by country and region, North America is the top location. In 2020, 190,085 individuals from North America had assets of at least $30 million. Europe was second with 151,665 individuals, while Asia took third place with 116,697 individuals.
Most of these UHNW individuals invest in a variety of assets, including real estate, artwork, and even gold.
21. London has the highest number of dollar millionaires in the world — 875,000.
(The Guardian)
London has always been one of the favorite hangout spots for the super-rich. The raw numbers reveal that London recently overtook New York as the city with the highest concentration of dollar millionaires. That means one in 10 Londoners are dollar millionaires.
Of course, the British capital has its share of problems, with an estimated 2.5 million residents living in poverty at a time when the number of individual and business bankruptcies is on the rise across the UK.
22. Millionaire statistics from 2020 show that Africa had 125,000 individuals with assets of $1 million or more.
(Statista)
This is the lowest number in the last decade. In 2019, there were 138,000 individuals with assets of at least $1 million. Due to the pandemic, total private wealth in Africa decreased by 9%, reaching $2 trillion.
23. 88% of the world’s millionaires have between $1 million and $5 million.
(Credit-Suisse)
8.1% or 4.5 million millionaires in the world are worth between $5 million and $10 million, while 2.5 million are worth over $10 million. Just over two million have assets between $10 and $50 million, and 215,030 have assets above $50 million.
Meanwhile, 68,010 have a net worth of over $100 million, and 5,332 are among the richest millionaires in the world, with more than $500 million.
24. Global wealth is projected to increase by 39% and hit $583 trillion by 2025.
(Credit-Suisse)
The number of millionaires is also expected to spike by 2025 and reach 84 million. Wealth per adult is expected to grow by 31%, and the number of UHNWIs is expected to hit 344,000.
25. In 2020, adult millionaires accounted for more than 1% of the world’s population for the first time.
(Newsweek)
Of course, the percentage of millionaires in the world remains a tiny fraction of the global population. Yet, these individuals hold half of the world’s total wealth. And even though median earnings have increased in recent years, economic inequality in industrialized countries like the US remains a huge problem.
26. Kevin David Lehmann is currently the youngest billionaire in the world.
(The Hilltop News)
Lehmann is only 18 years old, and he already has a net worth of $3.3 billion after inheriting his father’s pharmaceutical business.
Norwegian sisters Alexandra (24) and Katharina Anderson (25) are in second place, with a net worth of $1.4 billion.
FAQs
What percentage of the world population are millionaires?
Despite the pandemic, 2020 was the first year when adult millionaires account for more than 1% of the world’s entire population. The number of millionaires grew by 5.2 million, amounting to a total of 56.1 million. The number of UHNWIs with assets of more than $50 million also increased by 24%. The total global wealth increased by 7.4%, and wealth per adult reached $79,952.
How many millionaires were in the US in 2021?
By the end of 2021, there were 21,951,000 millionaires in the US. What’s more, the wealthiest category increased by a staggering 24%. This means that, for the first time ever, over 1% of US citizens were millionaires.
3% inherited over million dollars from their parents, while 79% managed to make their own fortune.
How many millionaires were in the world in 2020 and 2021?
There were 56.1 million millionaires in the world by the end of 2020. The US had the highest number of millionaires (39.1% of the world total), followed by China (9.4%), Japan (6.6%), Germany (5.3%), the UK (4.4%), France (4.4%), Australia (3.2), Canada (3.0%), and Italy (2.6%).
When it comes to 2021, the most recent data shows us there are currently 62,165,160 millionaires in the world. 73,710 people are worth between $100 million and $1 billion; 1,769.200 have $10 million to $100 million in their bank account; and 60,319,510 are worth between $1 million and $10 million.
Does 1 million make you a millionaire?
In some cases, it does. However, a million dollars does not always mean that you’re an actual millionaire. Allow us to elaborate.
The basic definition of a millionaire is somebody with $1 million. This definition can work in some cases, but if, let’s say, the same person owes the bank $20 million, they are a better example of someone who’s broke than someone who’s rich.
A better definition of a millionaire is a “net-worth” millionaire, which means that the amount of money they actually have exceeds $1 million. So, even when their overall assets are used to cover debts, they still end up with at least one million.
How did most millionaires get rich?
First, we have to divide millionaires into two categories: people born into wealth and self-made millionaires who made smart financial choices. While using different approaches to generate money, they share some traits:
- Millionaires have ambitious goals and a tendency to pursue things they are passionate about.
- Many aren’t afraid to take risks and fail before generating revenue.
- Millionaires master speed of implementation.
What percentage of millionaires go broke?
Although we can’t know for sure how many millionaires go broke, we know that the average millionaire files for bankruptcy 3.5 times. There are many reasons for this:
- Losing a stream of income
- Bad investments
- Tax evasion
That said, millionaires, billionaires, and people with average incomes will lose their money the same way if they are not careful with their spending habits.
What is the net worth to be considered wealthy?
It’s hard to say because people have different opinions on how much it takes to be considered rich. For example, some believe that $2.3 million in personal net worth is required if you want to be crowned a wealthy individual. Respondents in another survey said earning $100,000 per year is enough to make you wealthy.
Moreover, if someone has a high net worth, it doesn’t mean they are automatically rich. Their wealth can be linked to real estate or life insurance. Meaning they don’t have access to the money.
You should also consider your geographic location, debt, age, and social circle when determining your perception of wealth.
Final Takeaways
The world of millionaires has always been intriguing. Apart from the evident fortune and fame, millionaires also possess tremendous market knowledge and are often searching for the next bold investment.
With global wealth projected to increase in the coming years, these millionaire statistics paint a picture of a promising future and should inspire you to keep pushing your boundaries. After all, the millionaire mentality can help transform any entrepreneur’s startup into the next big thing.
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