29 Key Millionaire Statistics Everyone Should Know

29 Key Millionaire Statistics Everyone Should Know

When you think of what defines a millionaire, you might be inclined to think about their wealth, assets, property, investments, businesses, or what valuables they may have on them at any time. 

You could get your head in a spin, wondering how it is all possible and how millionaires are made in the first place.

We might not have all the answers you’re looking for, but we can give you some statistics that can add some light to an already ambiguous area of interest for many people.

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1. The World Has 56.1 Million Millionaires As Of 2020

This applies to individuals with assets exceeding $1 million, and the biggest amount of these are from the US, China, Japan, the UK, France, Canada, Italy, and Australia.

If you combine all of their net worth together, you get a figure of $158. 261 trillion, and to put it into perspective, this group of millionaires make up 1% of the world’s population. 

2. 88% Of Millionaires Are Self-Made 

Self-made millionaires are often defined as people who rely on initial investment, make smart investments in real estate or the stock market, or buy shares in assets like paintings from sites such as Masterworks.io.

It’s through the appreciation of their assets and knowing when to buy and sell that means they are able to invest in other streams of income. 

3. 13.61 Million Households Have A Net Worth Of $1 million Or More

This statistic doesn’t include the value of their primary residence, and it is said that 8.5% of millionaires in the US have owned five or more properties. If we take the 2020 amount of millionaires and divide this by the 8.5%, we get a figure of 510,000 individuals.

This can be possible through income generated through real estate crowdfunding sites such as Roofstock.com, which is a means of diversifying a portfolio.

4. There Are 7.9 Million Millionaires In The US

This is an increase from 6.6 million millionaires in 2021, which is a growth of 13.5% increase, with these individuals getting richer as their net worths increased by 14%.

This growth is said to be made possible by investments in the stock market, particularly in the technology sector.

5. The Average Age Of US Millionaires Is 62 Years Old

If we break this figure down, 30% of millionaires belong in the 60-69 age bracket, there are 31% in the 70-79 age bracket, and 23% of US citizens with this type of wealth are in the 50-59 age range. Around 15% are at least 80, and about 5% are over 90.

6. 94% Of Millionaires Are Spending Less Than They make

This might sound obvious, but compare this to the average amount they spend in restaurants, which is $200, and 93% of people with a value of $1 million use coupons when shopping.

It also wouldn’t be surprising to know that millionaires like to have financial awareness, so digital cash envelopes like qubemoney.com make it easier to manage any aspect of their money.

7. 80% Of Millionaires Invest In Their 401(k) Plan

Regardless of whether they have a 401(k) or thrift savings plan, these have increased exponentially, with a 50% rise in retirement account millionaires with this saving plan, with the average 401(k) increasing by 4%. 

8. 21% Of Millionaires Received An Inheritance 

This might be surprising to know, alongside the fact that only 3% of this group received an inheritance at or above $1 million, and just 16% inherited more than $100,000.

This, as well as the fact that millionaires and the general population receive inheritances at the same rate, may well go against public opinion. 

9. A Good Majority Of Millionaires Are Married And Own A Home

76% of millionaires who are married have at least one child, with 22% of these owning a business and having an average of 2.4 properties and an average real estate portfolio of $919,000.

This can be due in part to the potential to use services like equitymultiple.com and their wealth being able to give stability to their family, with programs like medishare.com that can be of use to them.

10. Real Estate Is A Popular Investment With Millionaires

For a long while now, investing in real estate has been done by 90% of millionaires, and investments such as stocks, bonds, and peer-to-peer lending remain a close second option.

Some millionaires, though, can have their investments tied up in land, with services such as acretrader.com being a viable option for a good chance at long-term returns.

11. 33% Of US Millionaires Are Women

This can be broken down into one-third of the overall amount of millionaires by gender, and women make up about 20% of fidelity 40l(k) account holders who have at least $1 million set.

As more women investors are confident they will reach their retirement, they can be confident, and insurance providers such as havenlife.com and ladderlife.com can be helpful.

12. 15% Of Millionaires Hold Leadership Roles

This includes positions such as CEO or CFO as well as vice presidents, and one-third of these millionaires have never made six figures, and less than one-third made an average of $100,000 per year during their career.

This could be due to other assets making the majority of their wealth, such as property, stocks, and even royalties in some cases. 

13. Finance And Investment Industries Have The Most Millionaires

About 14% of millionaires and what are considered as the ultra-wealthy, with industrial conglomerates in second at 9.1%, with business and customer services industry at 9%.

These industries are listed as being the millionaire’s primary industries that they engage with. 

14. 29% Of Americans Expect To Become Millionaires In Their Lifetime

A survey back in 2017 determined that most people didn’t expect to reach the $1 million area, but surprisingly, the survey determined that 62% had a plan for achieving this goal, and this could be decided on factors such as the income tax brackets.

This is why younger people turn to mobile services such as baskbank.com and ally.com to help with their savings goals and become more money-savvy.  

15. 1,700 New millionaires Emerge Every Day

This occurs in the US despite little wage growth and declining job prospects among younger people, with a millionaire class that outsizes that of any country in the world.

In the year 2020 alone, it is estimated that 3.1 million new members joined this class, which has seen a noticeable rise since 2010.

29 Key Millionaire Statistics Everyone Should Know (1)

16. 84% Of Millionaires Have A College Degree

You might have heard about the college dropout who becomes wealthy, but education does have a lot of bearing on how millionaires are made.

One in three of these people funded their own education, and 76% of them were raised in an environment where high academic achievement was encouraged.

17. There Could Be 84 Million Millionaires By The End Of 2025

In just a few years, it is estimated that this rise will jump from 56.1 millionaires, which shows an increase of 50%.

If we take the current global population of 7.753 billion people and use this new figure as a percentage, we get 1.08% of the worldwide population. 

18. A US Millionaire Has 821% Of The Median American Wealth

In 2020, the median wealth of an American household was $121,700, and this figure is more than double for people aged 65-74.

With 11.1% of adults having $100,000- $1 million and 1.1% having more than a million, the amount of people this would represent is roughly 777 million and 78 million, respectively.

19. The 4 Most Common Degrees For A Millionaire Include Business 

This might not be surprising, but knowing that these degrees include engineering, economics, MBA, and law, these degrees, therefore, could be seen as more practical or more useful to these people and are bound to come in handy during their day-to-day operations.

20. Under Half Of Millenial Millionaires Have More Than 25% Of Their Wealth In Cryptocurrency 

Whether you can see the value in this type of currency or not, this generation has noticed a rise in popularity, and as they have a quarter of their wealth in the crypto market, they themselves become speculators and traders, just as those on the stock market are. 

21. 93% Of Millionaires Use Coupons When Shopping 

Your mind might turn to those looking to save a buck when shopping, but it’s not hard to realize why millionaires use coupons, as they value their money, even though it might take them more effort to locate and use the coupons in the first place.

22. Millionaires Spend $412 A Month On Groceries On Average

If we consider that if an average American spends around \$550 a month, which is just 10% of their monthly budget on food, you can see that millionaires are saving money in these areas as well.

This difference can depend on the number of people in a household and whether they budget for expenses such as these. 

23. College Graduates And Middle-Aged Asian people Are More Apt To Become Millionaires

It is said that 22% of Asian people who have obtained a bachelor’s degree either are or will become millionaires, which is a significant stat, knowing that this demographic accounts for only 6% of the American population.

24. 6.4 % Of Educated And Middle-Aged Black People Are Or Will Become Millionaires

Compare this to the white population, which rises to about 21.5%, and even though white people make up 60% of the American population, there might be a correlation with this to factors such as inequality gaps, opportunities, and pay structures. In many areas, this can work against people of color and especially black women. 

25. Jeremiah G. Hamilton Was The First African American Millionaire 

Hamilton was a wall-street broker in the 19th century and gained notoriety because of his suspicious ways of amassing his income, and his overall net worth was somewhere around $2 million, which is equal to $250 million in today’s value. 

26. US millionaires Have A Net Worth Of between $1 million and $2.5 million 

This goes further, as 13% more people have a net worth of around $2.5 million and $4 million, and 3% of millionaires have a net worth of more than $4 million. Of that 3%, about 0.01% of those people have a net worth of around $500 million or more. 

27. New York Has The Most Concentration Of Millionaires

The state has 24,000 ultra-high net worth individuals, with LA being in second with 16, 295 millionaires, then San Francisco with 6, 740 people, then Chicago with 6,085, and Miami sits with 5,615 individuals, which is based on the value of all of their assets.

28. 8 Out Of 10 Of The Globe’s Richest People Are From The US

There are familiar names such as Jeff Bezos at $189.3 billion and Elon Musk at currently $203.4 billion, with the total wealth of the top 1% reaching a record $49.9 trillion, and the US being the wealthiest country on earth makes this easier to digest.

29. Most People In The US Are Indifferent To Billionaires

A survey carried out in 2020 showed that 39% of young adults aged around 18-29 years old consider the presence of billionaires a negative thing, and 85% of US citizens believe that a special wealth tax should be imposed on billionaires. 

Conclusion

Perhaps these statistics have given you food for thought, or maybe you now think differently about the millionaire class, but however you feel about this group of people, there’s no denying they have a significant impact on society.