Millionaire Statistics 2023: How Many Millionaires are There in the US?

Published on: April 6, 2023
Last Updated: April 6, 2023

Quick Answer 🔍

How many millionaires are there in the US?

The USA has 20.2 million millionaires.

It’s likely that most people have dreamed about becoming wealthy during their lifetime.

How many of us have a personal relationship with a rich person? Has anyone ever shared their story of wealth creation with you?

These millionaire statistics for 2023, will give you food for thought.

We have gathered several statistics and facts about millionaires for your reading pleasure. It may help you rethink how you want to become rich.

It may entertain or surprise you to know these facts. 

Read on to learn about millionaires’ average age, how they obtained success, their ethnicity, and more stats and facts about them that are interesting.

Resource Contents show

Key Millionaire Statistics for 2023

  • By the end of 2020, the world had 56.1 million millionaires.
  • The USA has 20.2 million millionaires.
  • The USA has 724 billionaires.
  • In 2021, Jeff Bezos was named the world’s richest person with a net worth of  $189.3 billion.
  • Worldwide there are 2,755 billionaires.
  • Only 7 of 614 billionaires in the USA are black, according to 2020 statistics.
  • The U.S. reported that 1.5 million households have a net worth of a minimum of $1 million.
  • 2019 statistics reported that only 336 out of the 2,825 millionaires in the world were women.
  • In 2019, data stated that 50.3% of all billionaires were between 50 and 70 years old. 
  • 88% of all millionaires are self-made according to statistics.
  • The net worth of 84% of U.S. millionaires ranged from between $1 million and $2.5 million, according to statistics in 2019.
  • With 724 millionaires, the country with the most millionaires is the United States. 

Millionaire Statistics Around the Globe 2023

This section will give us worldwide statistics about millionaires and billionaires. How many wealthy people are there?

Are they self-made or did they inherit money? Let’s see what this data has in store for us.

1. Worldwide There Are 2,755 Billionaires.

Despite what you think, COVID-19 seemed to have opened the door for more billionaires to be created across the world.

The year prior to the pandemic boasted 2,096 billionaires, while the 2021 number is 2,755. 

What is the total worth of these billionaires combined? That number is $13.1 trillion, which is up by $5.1 trillion over 2020. 

2. By The End of 2020, the World Had 56.1 Million Millionaires.

The 2021 data about millionaires according to countries breaks down like this:

  • 39.1% United States
  • 9.4% China
  • 6.6% Japan
  • 5% United Kingdom
  • 4% France and Germany
  • 3% Canada, Italy, and Australia 

3. In 2019, Data Stated that 50.3% of All Billionaires Were Between 50 and 70 Years Old. 

While it appears that more than half of all billionaires are 50 and older, there are younger billionaires across the world. 39.9% are 70 years old and older and 9.8% are younger than 50.

The world’s youngest billionaire lives in Germany. He is 18-year-old David Lehmann with $3.5 billion. 

4. 88% of All Millionaires Are Self-Made.

It’s fair to say that most millionaires worked hard and smart to get where they are. Sadly, the popular belief is that millionaires were born that way, or they just got lucky.

It’s seldom by chance a person gets rich. Most millionaires tend to invest wisely, which builds more wealth. 

5. 2019 Stats Showed That Only 336 out Of the 2,825 Billionaires in The World Were Women.

You might think that’s a lot of women billionaires, but when put into perspective, it is only around 11.9% of the world’s billionaires.

The top billionairesses are Alice Walton of Walmart, MacKenzie Scott Amazon stakeholder, and Francoise Bettencourt Meyers of L’OrĂ©al. 

Millionaire Statistics and Facts in the United States

Now that you know the millionaire statistics on the world stage, we will discuss millionaire statistics on the United States’ stage.

Who and where are the richest millionaires and billionaires in the U.S.? Let’s find out.

6. With 724 Billionaires, the Country with The Most Billionaires Is the United States. 

The U.S. went from 614 in 2020 to 724 in the billionaire realm by 2022. It’s closely followed by China where there are 698 billionaires. 

7. Only 7 of 614 Billionaires in the USA Are Black, According to 2020 Statistics.

Forbes online is one of the most credible resources on the web that reports on who is who in the wealthy realm.

This publication mentions these African American’s as the wealthiest in the United States.

Not in any particular order, these are the wealthiest African Americans from the U.S.:

  • Tyler Perry
  • Jay-Z
  • Robert F. Smith
  • Michael Jordan
  • David Steward
  • Oprah Winfrey
  • Kanye West

Every one of these people is a self-made billionaire who has earned wealth in tech, entertainment, fashion, or entrepreneurship. 

8. 5.32 Million Is the Number of Millionaires in The U.S. per Statistics in 2018.

As of 2021, there are now nearly 20.2 million millionaires in the United States, which is a shocking rise when compared with prior years.

This number is expected to substantially rise by 28% by 2025. This means that by 2025, there will probably be 28 million millionaires. That’s less than four years from now.

9. The U.S. Reported that 1.5 Million Households Have a Net Worth of at least $1 Million.

Since 2019, this number has fallen, likely due to the pandemic. However, in 2019, there were 11 million households with a net worth of at least $1 million.

California came in first for millionaires in 2020 at 1.1 million millionaires, while Texas was second with about 650,000 millionaires.

10. In 2020, Jeff Bezos Was Named the World’s Richest Person with A Net Worth of  $189.3 Billion.

Jeff Bezos is basically a household name associated with the Amazon brand. That brand made him a billionaire and the world’s richest person.

Interestingly enough, 8 of 10 of the globe’s richest people are from the United States. 

Seven of the top 10 billionaires include:

  • Elon Musk at $151 billion – 2021 statistics shows $203.4 billion (overtaking Jeff Bezos) 
  • Bill Gates at $124 billion
  • Mark Zuckerberg at $97 billion
  • Warren Buffet at $96 billion 
  • Larry Ellison at $93 billion
  • Larry Page at $91.5 billion
  • Sergey Brin at $89 billion

As of 2021, Elon Musk overpowered Bezos to take the title of the richest man in the world with his $203.4 billion net worth. 

11. The Net Worth of 84% of U.S. Millionaires Ranged from Between $1 Million and $2.5 Million, According to Statistics in 2019.

13% more people have a net worth of between $2.5 million and $4 million. Therefore, about 3% of millionaires in the U.S. have a net worth of more than $4 million. 

Of that 3%, 0.01% have a net worth of about half a billion dollars.

12. Most People in The U.S. Felt Indifferent About Billionaires in 2020.

By this, we mean they were indifferent to their existence. They just didn’t care about it.

Another percentage related to this is 39% of young adults between 18 and 29 years old consider the existence of billionaires a bad thing.

However, in people over 65 years old, only 15% felt that billionaires were terrible. 

13. The Consensus Is that Most Adults in The U.S. Believe that Billionaires Should Have to Pay a Wealth Tax to Level the Inequality. 

It’s reported that around 85% of U.S. citizens think that a special wealth tax should be imposed on billionaires, which is the ideology of the Democrat Party.

On the other side, U.S.citizens without a political affiliation think the same way. 

14. The First Millionaire in America Was a Fur Trader and Real Estate Tycoon Named John Jacob Astor. 

The first multi-millionaire was worth more than $20 million (equal to $100 million today).

He started with a dairy, worked as a salesman of musical instruments, tried being a baker, and finally became a real estate magnate and fur trader.

Something interesting about this millionaire is that much of his wealth came from smuggling opium into China during a time when it was banned in China.

He used the money he made smuggling to buy teas and fabrics that he sold back in America. 

15. Jeremiah G. Hamilton Was the First African-American Millionaire.  

Some resources claim that Madam C.J. Walker was the first African-American millionaire, but she live after Hamilton. She could be considered the first women African-American millionaire.

She amassed her fortune by selling specialty hair care products to African-American women.

In the 19th century, Jeremiah G. Hamilton was a Wall Street broker who, because of his suspicious ways of amassing his fortune, became notorious.

He died as the wealthiest non-white man in America. His net worth came to an estimated $2 million. Today, that would be equal to $250 million.

16. There Are 21,951,000 U.S. Millionaires as Per Millionaire Statistics in 2020.

The pandemic, booming housing industry, and the elevated stock market are believed to have played a role in the growth of wealthy individuals.

It went a different direction than was expected during a pandemic. 

Naturally, this new wealth did not spread equally since the real data regarding GDP (Gross Domestic Product) almost bottomed out as unemployment increased. 

17. 88% of Millionaires Surveyed Graduated from College.

To put this into perspective, only about 33% of the American population has graduated from a higher learning institution.

62% of millionaires graduated from a state or public school, while another 52% of millionaires earned their master’s degree or Ph.D.

Only 8% of millionaires who responded to the survey said they went to prestigious private schools, and only 12% of the American population has obtained more than an undergraduate degree. 

Millionaire Statistics by Gender

All things being equal in millionaire statistics data, here are some related to gender. 

18. 33% of American Millionaires Are Women.

Women may not be in the majority of the millionaire crowd, but they have and are making strides in this realm.

19. The Average Age of Men with $1 Million Put Aside for Retirement Is Just Over 59.

In contrast, the average age of women with $1 million put aside for retirement is 58.5. Also, women account for around 20% of Fidelity 401(k) account holders with at least $1 million put aside.

Millionaire Statistics by Industry

The following millionaire statistics and facts will discuss the relationship to industries. 

20. 15% of Millionaire Survey Respondents Have Held Senior Leadership Positions. 

These leadership roles include CEOs, CFOs, and up to vice presidents within organizations.

A surprising one-third of these same millionaires never made six-figure incomes with fewer than one-third averaging $100,000 annually throughout their career.

21. The Highest Number of Millionaires Comes from The Investments and Finance Industries. 

Not surprisingly, 371 billionaires are known to have worked in the finance and investments realm. That doesn’t include the number of millionaires.

The top five industries that have generated millionaires include:

  • Investments and Finance 
  • Technology
  • Manufacturing
  • Fashion and Retail
  • Healthcare 

Numbers seven and eight include food and beverage and real estate.

22. The Top Five Careers of Most Millionaires Are Law, (cpa) Accounting, and Engineering.

The other two careers that millionaires have worked in include teaching and management roles. 

Millionaire Statistics by Ethnicity and Race

Here is some data about millionaire statistics related to race and ethnicity.

23. Middle-Aged, College-Educated, Asians Are Most Apt to Become Millionaires in America.

Over 22% of Asian people that have obtained a bachelor’s degree either are or will become wealthy millionaires.

This is significant since the Asian demographic accounts for only 6% of the American population.

24. 21.5% of White, Middle-Aged, College-Educated People Either Are or Are Apt to Become Millionaires.

The next highest demographic for becoming a millionaire are those who identify as white only, which accounts for around 60% of America’s population.

25. About 6.8% of Hispanic or Latino Persons Who Are College-Educated and Middle-Aged Are Apt to Become Millionaires.

The Hispanic and Latino communities make up about 19% of the American population.

26. The Percentage of Black People Who Are Middle-Aged and College-Educated Is 6.4% for Those Who Are or Will Become Millionaires.

The American population of African Americans falls at around 13%.

Millionaire Statistics by Age

Millionaire

This is a brief list of millionaire statistics and facts by age. 

27. In 2013, 19% of Millionaires Were Reported as Being Millennials Between 18 and 31 Years Old. 

28. The Age of The Average Millionaire Is 57.

29. The World’s Top Millionaires Made Their First Million by The Age of 37 on Average.

30. According to Statistics in 2013, 42% of Millionaires Are Identified as Baby Boomers Between 57 and 75 Years Old.

Millionaire Statistics by Those with a High Net Worth 

This is data based on high-net-worth individuals.

30. 2020 Statistics Show that 209 Billionaires Have Donated a Large Part of Their Wealth to Fight the Pandemic. 

31. The Fashion and Retail Industries Were the Largest Wealth Generators in Europe in 2020.

32. The Number of High-Net-Worth Millionaires and Billionaires Grew 24% Across the Globe Between 2009 and 2020.

FAQs

Does Making a Million Dollars Make You a Millionaire?

Making or having $1 million doesn’t make you a millionaire.

A millionaire is described as a person with a net worth of at least $1 million, which means that after your debts are paid, you are still worth at least a million dollars. 

How Have Millionaires Made It Rich?

Most of today’s millionaires were not born into wealth. Instead, they made it by earning it.

The top five college degrees that have driven wealth for most millionaires include:

– Computer Science
– Economics
– Engineering
– Law
– Business Administration MBA’s

This should not come as a surprise, though it could help you decide what to do in college.

Are Most Millionaires Considered Self-Made Millionaires?

Considering that approximately 88% of millionaires earned their money through hard or smart work, the answer to this question is yes.

Many of them invested their money in stocks and retirement accounts.

How Many Millionaires Are from The United States?

There are currently about 20.2 millionaires in the United States, according to statistics in 2020.

There is a lot of potential in becoming a million in America based on the estimation that there will be 28 million millionaires by 2025. Will you be one of them?

Who Was the First Woman of African American Origin to Become a Millionaire?

Madam C.J. Walker, who made her millions by selling hair products to other African American women, is the first woman African American millionaire in America.

She was the firstborn of parents who were born into slavery, but she was born free in America in 1867.

She can also be considered the first African American female entrepreneur. 

Conclusion

How could there be so many statistics about wealth across the globe?

Some of these facts are surprising and almost unbelievable, while others are obvious or expected. 

Knowing these millionaire stats is the beginning of learning how you could reach wealth like most of these self-made millionaires.

While there are statistics related to college degrees and potentials according to certain demographics, it’s up to each person to determine their level of wealth. 

We find it interesting that more than 80% of wealthy people earned their status as opposed to having it handed to them. 

It’s more about desire than it is about mere stats and facts.

However, we hope you have enjoyed learning the millionaire statistics and facts we gathered for you.

Sources

Business InsiderBusiness News DailyCredit Suisse
Credit SuisseCredit SuisseForbes
ForbesForbesForbes
FortunlyHistoryHistory
HistoryInvestopediaRamsey Solutions
StatistaStatistaStatista
StatistaStatistaStatista
StatistaStatistaStatista
StatistaStatistaThe Atlantic
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Written by Jason Wise

Hello! I’m the editor at EarthWeb, with a particular interest in business and technology topics, including social media, privacy, and cryptocurrency. As an experienced editor and researcher, I have a passion for exploring the latest trends and innovations in these fields and sharing my insights with our readers. I also enjoy testing and reviewing products, and you’ll often find my reviews and recommendations on EarthWeb. With a focus on providing informative and engaging content, I am committed to ensuring that EarthWeb remains a leading source of news and analysis in the tech industry.
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