How Many Millionaires Are In The U.S [You Wont Believe it]

October 23, 2022
How Many Millionaires Are In The U.S [You Wont Believe it]

Millions of people dream of becoming millionaires. They fantasize about having that extra income, spending their time on whatever they want, and reducing their to-do lists with the help of hired staff.
Millionaires are everywhere in the U.S., but no one knows how many. For a couple of reasons, we must know how many millionaires there are. First, we want to understand what percentage of the population comprises these wealthy individuals. Second, we’d like to see trends (are the number of millionaires increasing or decreasing?

Let’s take a look at the numbers!

How Many Millionaires Are In The U.S?

Global wealth studies have shown that there are nearly 22 to 25 millionaires in the U.S.

The number of millionaires in the United States is growing, according to a new report from Spectrem Group. The millionaire population rose by more than 1 million from 2018 to 2021.

The Spectrem Millionaire Investor Market Pulse report shows 12.5 millionaire households in the fourth quarter of 2021, up from 11.6 million in 2020. That’s an increase of 8.1% over two years.

“The wealth gain was largely due to rising asset values,” said George Walper Jr., president of Spectrem Group, who noted that stock market gains have contributed to this growth in wealth. “However, we also saw significant increases in liquid assets.”

What Is A Millionaire?

There are many ways to define a millionaire, but the U.S. Securities and Exchange Commission (SEC) is the most common and official definition. The SEC’s report is based on net worth (assets minus liabilities), not income. This means that a million dollars in assets may not be enough to be counted as a millionaire in the United States.

To be counted as a millionaire, your net worth must be $1 million or more. That includes all assets (money in bank accounts, stocks, bonds, and real estate) minus all debts (credit card balances, mortgages, and student loans). If you have $900,000 in assets but $100,000 in debt, your net worth is $800,000, and you are not a millionaire — yet!

Sources Of Millionaire Wealth

The answer to this question is hard to pinpoint, but we can get a reasonable estimate by looking at the sources of wealth among millionaires.

The largest source of millionaire wealth in the U.S. is real estate, which accounts for about 25% of all assets held by millionaires. The second largest category is business ownership, including small businesses and self-made billionaires who started large companies like Amazon, Microsoft, Facebook, and Google.

Financial investments account for another 10% of millionaire wealth in the U.S., while stocks make up about 8%. Insurance accounts for less than 1% of the total U.S. millionaire wealth.

Millionaire Wealth

The Top 10 Cities For Millionaires In The United States

 

  1. California
  2. Pennsylvania
  3. New York
  4. Ohio
  5. Florida­
  6. Arizona
  7. Illinois
  8. New Jersey
  9. Texas
  10. Massachusett

 

10 Cities With The Highest Percentage Of Millionaire Households

Sr# City Percentage
1 New York 8.51%
2 Los Angeles 5.34%
3 Chicago, 4.45%
4 San Francisco 3.46%
5 Washington 3.36%
6 Philadelphia 3.26%
7 Phoenix 2.97%
8 St. Louis 2.4%
9 Tampa 1.89%
10 Orlando 1.68%

 

Final Thoughts

The United States has more millionaires than any other country, and it’s not even close. This is a testament to the success of our economic structure. Still, it also means that many people have been able to make their way out of debt, start businesses, and build financial security for themselves and their families.

If you want to join them in this quest for financial freedom, you can do so with some planning, dedication, and perseverance.

 

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