Millionaire Statistics: How Many Millionaires in the US & World in 2024?

Have you ever wondered how many millionaires there are in the world? Or dreamed about joining the millionaire club yourself one day? I used to think millionaires were a rare breed, but there are actually around 56 million globally today.

The goal of this post is to dig into the latest statistics on millionaires – how many there are, where they live, how they built their wealth, common traits, and more facts you may find interesting. We‘ll look at global data as well as focus on the United States.

Let‘s get started exploring all things millionaires!

Key Statistics on Millionaires Worldwide

First, let‘s look at some topline global statistics on the total millionaire population worldwide:

• According to Credit Suisse‘s 2022 Global Wealth Report, there are approximately 56.1 million millionaires worldwide as of mid-2022. This means 56.1 million adults have wealth of at least $1 million USD. [1]

• This number grew significantly from around 36 million global millionaires in 2014. So the ranks of the world‘s millionaires are expanding rapidly. [2]

• The country with the most millionaires is the United States, with 22.8 million millionaires as of 2022. [3]

• Japan and Germany hold the next spots with 3.65 million and 2.95 million millionaires respectively. [4]

• China comes in 4th with 2.3 million millionaires. However, China produces the most new millionaires annually. [5]

• The United Kingdom (2.49 million), France (2.46 million), Canada (1.59 million), Italy (1.54 million), and Australia (1.46 million) round out the top ten countries with the most millionaires. [6]

• The US is home to 41% of the world‘s millionaires, despite only having 4% of the global population. [7]

• The US added 1.85 million new millionaire households in 2021 – the highest of any country globally. [8]

• There are approximately 3,474 billionaires worldwide as of November 2022 according to Forbes data. [9]

• The US leads with 724 billionaires – no surprise there! China is second with 626 billionaires. [10]

• An estimated 88% of global millionaires today are "self-made" – meaning they did not inherit their wealth. Only about 12% inherited their fortune. [11]

• Men account for about 64% of the world‘s millionaires. But the share of female millionaires is growing over time. [12]

As you can see, the total number of millionaires globally continues to grow at a healthy rate. The US still leads the world by a large margin in its share of millionaires.

Next let‘s look at millionaire stats specific to the United States.

Millionaire Statistics for the United States

The US is #1 when it comes to the size of its millionaire and billionaire population. Here are some key stats:

• According to Spectrem Group, there are approximately 22.8 million millionaire households in the United States as of 2022. [13]

• This number has grown significantly from around 9 million millionaire households in 2009. [14]

• California has the most millionaires of any US state at 1.71 million households, followed by New York (1 million), Texas (630,000), and Florida (570,000). [15]

• The US currently has 724 billionaires according to Forbes. California (203), New York (135), and Texas (64) have the most billionaires. [16]

• Only 7 of Forbes‘ list of America‘s 614 billionaires in 2020 were Black – showing a huge racial wealth gap. [17]

• According to the Federal Reserve, the typical US millionaire household has a net worth between $2.4 – $2.6 million. [18]

• The median American household net worth is around $121,760 in comparison. [19]

• Approximately 88% of US millionaires are college graduates with bachelor‘s degrees or higher levels of education. [20]

• The most common occupations among millionaires are engineers (9.5%), lawyers (6.4%), doctors (4.5%), accountants (4.1%), and teachers (4%). [21]

• Finance & investments, technology, and real estate are top industries for millionaires. 20% work in finance/investments and 10% work in tech. [22]

• An estimated 1 in 6 US households will qualify as millionaires by 2045 based on current wealth building trends. [23]

The American dream of building wealth and becoming a millionaire is clearly alive and well, especially for educated professionals in growing industries like tech and finance.

Now let‘s examine some millionaire demographics and stats by age, gender, generation, race, occupation, and education level.

Millionaire Demographics: Age, Gender, Race, Education

Age

• The average age of an American millionaire is approximately 62 years old. [24]

• 53% of US millionaires are between the ages of 50-70. 28% are over 70 years old. [25]

• Only 5% of American millionaires today are under age 40. [26]

• On average, the world‘s top billionaires first became billionaires at age 47. [27]

Gender

• An estimated 33% of American millionaires today are women. [28]

• However, men have about 2.4 times the median wealth of women in America. The gender wealth gap remains substantial. [29]

• 20% of Fidelity 401(k) accounts with balances over $1 million belong to women. [30]

Race

• White Americans make up the largest share of millionaires at 78%, followed by Asians (7.7%), Hispanics (5.7%) and Black Americans (4.8%). [31]

• 21.5% of middle-aged white Americans with college degrees are millionaires or likely to become millionaires. [32]

• Only about 6.4% of middle-aged college-educated Black Americans are millionaires or likely to become millionaires, showing a large racial wealth gap. [33]

Education

• Around 88% of American millionaires have bachelor‘s degrees. 65% have graduate degrees. [34]

• The top degrees among millionaires are in the STEM fields – Engineering, Computer Science, and Economics/Finance. [35]

• Approximately 33% of the overall US population holds bachelor‘s degrees and only 12% hold advanced degrees. [36]

The typical American millionaire is a highly educated white male professional nearing retirement age. However, the demographics are gradually shifting with more women, young entrepreneurs, and minorities joining the millionaire club each year.

Generational Differences: Millennials, Gen Xers, and Baby Boomers

Millennials are often painted as a broke generation saddled with debt, but recent data indicates otherwise:

• In 2019, millennials between 18 to 37 years old made up an estimated 19% of American millionaires. [37]

• 9.4% of millennial households were already millionaires in 2019. [38]

• Millennials are on track to inherit trillions from baby boomers, further growing their wealth in the coming decades. [39]

• 59% of millennial millionaires work in tech, finance, real estate, or other high-income fields. [40]

• 52% of millennial millionaires consider themselves financially independent. [41]

Gen X‘ers and baby boomers still lead millennials in wealth accumulation though:

• In 2019, Generation X (age 38 to 53) made up 28.7% of American millionaires. 14.8% of Gen X households were millionaires. [42]

• Baby boomers (age 54 to 72) accounted for 40.6% of US millionaires in 2019. 23.9% of boomer households had a net worth over $1 million. [43]

• 79% of Gen X millionaires were college graduates compared to 75% of boomer millionaires. [44]

Millennials may be slow out of the gates, but seem positioned to build significant wealth in the coming years. Education and high-paying industries remain key to becoming a millionaire.

Now let‘s look at some interesting statistics on how today‘s millionaires actually built their wealth and their habits.

How Millionaires Build Wealth – Tactics, Habits and Stats

The standard formula to build wealth applies – spend less than you earn, invest early and consistently, take calculated risks. But millionaires tend to take these basic practices to the extreme with laser focus:

• The #1 source of wealth for millionaires globally is from saving and investing (48%), followed by real estate (31%), and entrepreneurship (19%). [45]

• 65% of millionaires spend less than $100 on a pair of shoes, and 63% spend less than $150 on a watch. [46]

• Only 17% of millionaires have ever leased a car. Instead, 87% purchase economy, used, or older model cars. [47]

• Millionaires avoid debt like the plague – only 1.4% carry credit card debt from month to month. [48]

• On average, millionaires invest 20% of their household income each year. Their #1 investment vehicle is a 401(k) or IRA. [49]

• 60% of millionaires were already investing and saving at least 20% of their income by age 25. [50]

• The typical millionaire‘s household savings rate is around 15-20%, compared to 8-10% for average Americans. [51]

• 67% of millionaires describe themselves as conscientious and focused regarding money management. [52]

The common thread is that millionaires live frugally, avoid debt, invest early and consistently, and remain diligent in monitoring their finances. Patience and discipline are required to join the millionaire club.

Next let‘s look at the career fields that produce the most millionaires…

Top Careers for Millionaires

These professions have the most representation among the ranks of US millionaires today:

• Engineer – 9.5% of American millionaires worked in engineering over the course of their career. [53]

• Lawyer – 6.4% of US millionaires are lawyers. [54]

• Doctor – 4.5% of American millionaires work in the medical profession as doctors. [55]

• Accountant – Around 4.1% of US millionaires have careers as accountants or CPAs. [56]

• Teacher – An estimated 4% of American millionaires worked as teachers earlier in their careers. [57]

• Senior corporate executive – 15% of US millionaires surveyed have held C-suite jobs like CEO during their career. [58]

Engineers, lawyers, accountants, doctors, and corporate executives consistently rank among the top careers that regularly produce millionaires after years of high earnings, prudent investing, and compounded returns.

Millionaires by Industry and Company Size

We‘ve also seen the industries that employ the most millionaires in the US:

• Finance/investments – Approximately 20% of US millionaires work in the finance or investments industry. [59]

• Technology – Around 10% of American millionaires have careers in the tech sector. [60]

• Medicine – Nearly 5% of US millionaires work in healthcare and medicine. [61]

• Law – About 4% of American millionaires are lawyers or work in legal services. [62]

• Engineering – Roughly 8% of US millionaires are engineers by profession. [63]

And here is the breakdown by company size:

• Around 15% of American millionaires work at companies with between 2 to 10 employees. [64]

• About 12% of US millionaires work at companies with between 11 to 24 employees. [65]

• An estimated 18% of American millionaires work at companies with 25 to 99 employees. [66]

• Only 10% of US millionaires work at companies exceeding 10,000 employees. [67]

As you can see, millionaires span industries and company sizes. But the data shows finance, tech, medicine, law, and engineering are the most lucrative career fields for joining the millionaire ranks.

Actionable Tips to Become a Millionaire

Based on all these statistics and traits of real millionaires, here are some tips to set yourself on the path to the millionaire club:

• Choose a lucrative, high-paying career like engineering, tech, finance, medicine, or law

• Obtain a college degree (ideally in STEM) to boost your earning potential

• Develop an entrepreneurial side hustle or start a business

• Make a budget and spend way less than you earn

• Invest early – start retirement accounts in your 20s

• Invest consistently – 20% or more of your income

• Become an expert at investing; let compounding work its magic

• Limit debt and maintain stellar credit

• Take calculated risks – millionaires are strategic risk takers

With focus and discipline, regular people from all walks of life can realistically achieve millionaire status these days. Stay patient, make smart choices, and the compounding effect of earning, saving, and investing has the potential to grow your wealth exponentially over time.

Conclusion

I hope you found these millionaire statistics insightful. The bottom line is that becoming a millionaire is still achievable for everyday folks, especially in America where opportunities abound.

The ranks of global millionaires continue to expand rapidly. Though the stereotypical millionaire is an older white male professional, the demographics are diversifying over time.

With strategic planning, diligent saving and investing habits, prudent risk-taking, and choosing a lucrative career, it‘s possible for many Americans to join the millionaire club within their lifetime.

While becoming a millionaire still requires focus and discipline, it‘s not as unattainable as commonly believed. Does this research make you think differently about your own potential to build wealth? Let me know in the comments.