Millionaire Statistics, Facts & Resources for 2023
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Here’s the latest 2023 millionaire statistics and facts on how many millionaires there are and their behaviors, all backed by credible sources.
There’s much information published about millionaires that’s inaccurate or poorly researched.
If you’re really interested in the best and most recent data you’ve come the the right place. We’ve searched to find the best so that you don’t have to!
Below you’ll find statistics specifically on how many millionaires there are in the United States and the world, including the global cities with the highest population of millionaires.
There’s also a summary of millionaire behaviors, supported by research, that reflect how they think, how they act, and what they believe.
The statistical data and the behavioral facts help provide a composite picture of millionaires. Whether you’re a journalist, aspiring millionaire, or simply interested in learning about millionaires, the information below is sure to be useful.
Check back often as we continually update this page as new credible data are published.
How Many Millionaires Are There?There are many methodologies used to determine an answer to this simple question, producing many different answers, some of which conflict with each other. Be sure to understand how the calculations were made so that it’s consistent with what you’re looking for. After much of our own research, below are the sources and statistics that we believe are the best.
- Credit Suisse’s latest global wealth report shows there are 46.8 million millionaires (measured in USD) worldwide.
- Of those, 40% or 18.6 million individuals are in the United States
- This means that about 7.6% of the U.S. adult population are millionaires
- Which indicates that approximately 14% of U.S. households are in the millionaire club
- With a median wealth of $65,904 for an adult in the U.S., $1,000,000 represents 1517% of the median
- The annual increase in global wealth per adult was 2.6%
- After the U.S at 40%, the next highest 5 countries for millionaires are China 10%, Japan 6%, United Kingdom 5%, Germany 5%, and France 4%.
- These top six countries represent 70% of the world’s millionaires
- If you’re a millionaire, you are in the top 0.6% of wealth for the world’s population
- The nine cities with the most millionaires, in decreasing order are Tokyo, New York City, London, Paris, Frankfurt, Beijing, Osaka, Hong Kong, and Shanghai
- There is often debate on how to calculate how many millionaires there truly are. Some researches use household wealth to identify millionaires, which can be misleading. For example, in the U.S. there are 2.58 people per household on average, which calculates to average wealth per person of $388,000 if the household had exactly $1,000,000. Therefore, research based on households will typically overstate the number of individual millionaires.
- Another difference that can be misleading is that some researchers consider the equity an individual has in their home as part of their wealth, while other researches only count those with liquid investable assets of at least $1,000,000. Those that use liquid asset methodology may undercount individuals worth at least $1,000,000 especially in regions where housing is expensive. Neither methodology is superior, but it’s important to know what’s underneath the numbers so that you can cite the right statistics for your application.
- Current projections are that 1,700 new U.S. millionaires are made every day
- Education is important, with 84 percent of millionaires having a college degree according to Spectrem
- From another Spectrem study, on a 100 point scale, millionaires rated the importance of having a regular saving program at 82, reflecting their strong belief of its importance to their wealth
- One in three funded their own college education without debt
- Fidelity’s Millionaire Outlook Survey showed 86% of millionaires said they made their own wealth, they didn’t inherit it
- On average, it takes a millionaire 32 years to hit the $1,000,000 mark, dispelling the notion that most get rich quick from a windfall
- In fact, the same study showed that 80 percent of current millionaires didn’t reach $1,000,000 until at least 50 years old
- Research conducted by Thomas Corley of Rich Habits, showed that 86 percent of wealthy people who work full time put in 50 hours or more each week at their career
- Further, 67 percent of wealthy people watch less than one hour of television daily, and 63 percent spend less than one hour daily surfing the internet
- Next, desire matters as Corley found that 53 percent of self-made millionaires were obsessed with become rich before they were rich
- Also, Corley’s research showed that millionaires often pursue multiple streams of income, with 65 percent having at least three streams, thereby diversifying their dependence on any one stream
- Finally, 88 percent of self-made millionaires read at least 30 minutes every day, focused on self education
- Millionaires also take good care of their health, with 76 percent exercising 4 days a week
- 86 percent are married, including 65 percent in their first marriage according to US Trust’s Insights on Wealth and Worth
- The study also showed that 78 percent started out as middle class or poor, only 22 percent grew up in the upper class
- Finally, many grew up in disciplined environments, with 76 percent citing that academic achievement was emphasized, and 68 percent saying financial discipline was emphasized
- A study by the Harris Group, titled Survey of Affluence and Wealth, showed that respondents save an average of 23 percent of their income
- Also, 87 percent of respondents said they succeeded in making their household more fiscally responsible during last recession
- 62 percent of millionaires rely on a financial planner to help them manage their wealth, according to Fidelity’s Millionaire Outlook study
- Millionaires have significant equity in their homes, as on average, their mortgage is less than one third of their home’s value, according to research performed by Thomas Stanely for his book The Millionaire Next Door.
- Stanely’s research also showed that the average millionaire goes bankrupt 3.5 times before they eventually succeed
- Further, only 20 percent are actually retired, meaning 80 percent still work
- Next, 66 percent of millionaires own their own business
- The Millionaire Next Door cites that the percentage of first generation millionaires is 80 percent, dispelling the idea that most millionaires just inherit their money from a prior generation
- 72 percent of millionaires believe ‘smart investing’ as a key to their success according to a whitepaper published by the Spectrem Group
- This is important as the whitepaper shows 48 percent of millionaires’ investable assets are in stocks
- Their research also showed that 74 percent of millionaires are happy with their work / life balance
- And when they go on vacation, they spend less than many might expect, with 81 percent spending less than $10,000 total on vacations the prior year
- And finally, while millionaires invest, the majority believe gambling is a waste of money, with 74 percent spending $0 on gambling in the prior year
- A company called Data Points, provides a free assessment to determine how your beliefs match up against characteristics of millionaires