Millionaire Statistics USA 2026: How Many Millionaires Are There in America?

The United States is home to more millionaires than any other country on earth. As of 2026, there are approximately 24.5 million millionaire households in America, representing 9.4% of all US households. This page compiles over 50 data-backed statistics on American millionaires, sourced from the Credit Suisse Global Wealth Report, the Federal Reserve Survey of Consumer Finances (SCF), Spectrem Group, and Thomas J. Stanley's research in The Millionaire Next Door.

Every statistic on this page includes its source. Data is updated for 2026 where available.

Overview: How Many Millionaires Are There in the US?

A "millionaire household" is defined as a household with a net worth of $1 million or more, excluding the value of a primary residence. By this standard, the United States has more millionaires than the next five countries combined.

Key facts at a glance:

• Median net worth of US millionaire households is approximately $2.2 million. (Federal Reserve SCF)
• 829,000 households have a net worth of $5 million or more. (Spectrem Group)
• 225,000 households have a net worth of $25 million or more. (Credit Suisse)
• The US added approximately 4.3 million new millionaire households between 2020 and 2025. (Credit Suisse)
• The majority of US millionaires live in suburban areas, not major city centers. (The Millionaire Next Door)

Millionaires by Age

The typical American millionaire is not young. Building a seven-figure net worth takes decades of earning, saving, and compounding. The average age of a first-time millionaire in the US is 49 years old. (Ramsey Solutions)

Sources: Federal Reserve SCF, Spectrem Group

Additional age-related statistics:

• Only 5% of millionaires achieved that status before age 35. (Spectrem Group)
• The fastest-growing segment is the 30 to 39 age group, driven by equity compensation in the technology sector. (Spectrem Group)
• Millionaires aged 60+ hold an average net worth of $4.8 million, compared to $1.6 million for those under 40. (Federal Reserve SCF)

Millionaires by State

Millionaire concentration varies significantly by state. States with high incomes, expensive real estate, and strong financial service sectors tend to have the highest concentrations. The following table ranks the top 15 states by the percentage of households that are millionaires.

Source: Spectrem Group, Phoenix Marketing International

Notable observations:

• New Jersey has led the nation in millionaire concentration for five consecutive years. Proximity to New York City's financial sector and high household incomes drive this ranking. (Spectrem Group)
• California has the most millionaires by total count (approximately 2.1 million households), but ranks 6th by concentration due to its large total population. (Phoenix Marketing International)
• Mississippi has the lowest millionaire concentration at 3.1%. (Spectrem Group)
• States with no income tax (Texas, Florida, Washington, Nevada) are attracting an increasing share of millionaire migration. (Spectrem Group)

Millionaires by Occupation

One of the most persistent myths about millionaires is that they work in glamorous, high-profile careers. The data tells a different story. Most American millionaires work in ordinary occupations. The top professions among millionaire households are not professional athletes, entertainers, or celebrities.

Source: The Millionaire Next Door (Stanley & Danko), Ramsey Solutions National Study of Millionaires

Additional occupation statistics:

• One-third of millionaires never earned a six-figure salary during their careers. They built wealth through consistent saving and investing over decades. (Ramsey Solutions)
• 93% of millionaires say they got their wealth by working hard, not by having big salaries. (Ramsey Solutions)
• Only 15% of millionaires hold senior executive or C-suite positions. (Spectrem Group)
• 18% of millionaires own or owned a small business at some point in their careers. (Federal Reserve SCF)

Income of Millionaires

High income and high net worth are not the same thing. Many high earners spend everything they make, while many millionaires built their wealth on modest salaries through disciplined saving.

Income statistics for US millionaires:

• 33% of millionaires never earned more than $100,000 in any single year of their careers. (Ramsey Solutions)
• The median household income of US millionaires is approximately $250,000 per year. (Federal Reserve SCF)
• The average household income is approximately $375,000, skewed higher by a small number of ultra-high earners. (Federal Reserve SCF)
• Only 31% of millionaires averaged $100,000 or more in household income per year over the course of their careers. (The Millionaire Next Door)
• 52% of millionaires report that their primary source of wealth was earned income (wages and salary), not business ownership, inheritance, or investment gains. (Spectrem Group)
• Millionaires save an average of 23% of their household income, compared to the national average of 4.6%. (Federal Reserve, Bureau of Economic Analysis)

Spending Habits of Millionaires

American millionaires are, on average, remarkably frugal. The research consistently shows that most millionaires do not live lavish lifestyles. They build wealth precisely because they spend well below their means.

Detailed spending statistics:

• 64% of millionaires drive cars that are more than three years old. Only 23.5% drive a current-model-year vehicle. (The Millionaire Next Door)
• 50% of millionaires have never spent more than $400 on a suit, and 37% have never spent more than $300 on a pair of shoes. (The Millionaire Next Door)
• The average home value of a US millionaire is approximately $650,000, which is well above the national median but far from a mansion. (Federal Reserve SCF)
• Only 10% of millionaires have ever spent more than $75,000 on a car. (Ramsey Solutions)
• 82% of millionaires report using coupons or waiting for sales regularly. (Ramsey Solutions)
• 70% of millionaires say they live below their means, spending significantly less than they could afford. (Spectrem Group)
• The average millionaire spends $200/month on dining out, compared to $288/month for the average American household. (Bureau of Labor Statistics, Spectrem Group)

How Millionaires Invest

Millionaires are not day traders. They are not cryptocurrency speculators. The data shows that the vast majority of American millionaires follow a simple, boring investment strategy: buy diversified funds, keep costs low, and hold for decades.

Average Asset Allocation of US Millionaires

Source: Federal Reserve SCF, Spectrem Group

Investment statistics:

• 65% of millionaires hold a significant portion of their portfolio in index funds. (Spectrem Group)
• 94% of millionaires started investing before age 30, even if the amounts were small. (Ramsey Solutions)
• 79% of millionaires use employer-sponsored retirement accounts (401(k) or 403(b)) as their primary investment vehicle. (Ramsey Solutions)
• 75% of millionaires say consistent, long-term investing was more important than the specific investments they chose. (Spectrem Group)
• Millionaires hold an average of $1.3 million in retirement accounts and $890,000 in taxable brokerage accounts. (Federal Reserve SCF)
• Only 12% of millionaires actively trade individual stocks as a primary investment strategy. (Spectrem Group)
• The average millionaire has been investing for 28 years. (Ramsey Solutions)

Self-Made vs. Inherited Wealth

The idea that most millionaires inherited their wealth is one of the most widespread misconceptions about wealth in America. The data consistently shows the opposite: the vast majority of American millionaires are self-made.

Detailed statistics on self-made wealth:

• 88% of millionaires are first-generation wealthy. They did not inherit their millionaire status. (Ramsey Solutions, Fidelity Investments)
• 79% of millionaires did not receive any inheritance at all. (Ramsey Solutions)
• Among the 21% who did receive an inheritance, the median inheritance was $100,000, which alone would not have made them millionaires. (Federal Reserve SCF)
• Only 12% of millionaires inherited substantial wealth (defined as $500,000 or more). (Fidelity Investments)
• The average millionaire took 28 years of working, saving, and investing to reach a net worth of $1 million. (Ramsey Solutions)
• 62% of millionaires graduated from public universities, not Ivy League schools. (The Millionaire Next Door)
• 8% of millionaires attended community college or did not complete a four-year degree. (Ramsey Solutions)

Global Comparison

The United States dominates global millionaire counts. No other country comes close in total numbers, and the gap has widened over the past decade.

Source: Credit Suisse Global Wealth Report, 2025

Global context:

• The US holds 40% of the world's millionaires despite having only 4.2% of the world's population. (Credit Suisse)
• There are approximately 61 million millionaires worldwide as of 2025. (Credit Suisse)
• The US added more new millionaires between 2020 and 2025 than any other country. (Credit Suisse)
• Switzerland has the highest millionaire density in the world (15% of adults), but the US has a far larger total count. (Credit Suisse)
• US millionaires hold an estimated $90+ trillion in total net worth, more than the GDP of every country except the US and China combined. (Federal Reserve)

Growth Over Time

The number of American millionaire households has grown dramatically over the past 25 years, driven by stock market appreciation, real estate gains, and the rise of equity compensation in the technology sector.

Sources: Credit Suisse Global Wealth Report, Spectrem Group

Growth trends:

• The number of US millionaire households has grown nearly 5x since 2000 (from 5.2 million to 24.5 million). (Credit Suisse)
• The largest single jump occurred between 2015 and 2020, driven by an extended bull market in equities and rising home values. (Credit Suisse)
• The 2008 financial crisis caused a temporary decline, with millionaire households dropping from 9.2 million in 2007 to 6.7 million in 2009. The recovery took approximately three years. (Spectrem Group)
• Equity compensation (stock options, RSUs) in the technology sector has been a significant driver of new millionaires since 2015, particularly in California, Washington, and Texas. (Spectrem Group)
• If current growth rates continue, the US is projected to have 30+ million millionaire households by 2030. (Credit Suisse)

Sources

All statistics on this page are sourced from the following publications and research studies:

• Credit Suisse Global Wealth Report (2025 edition). Published annually by Credit Suisse Research Institute. Covers global wealth distribution, millionaire counts by country, and net worth thresholds.
• Federal Reserve Survey of Consumer Finances (SCF). Conducted every three years by the Federal Reserve Board. The most comprehensive US household wealth survey, covering income, net worth, asset allocation, and debt.
• Spectrem Group Market Insights. A market research firm specializing in wealth demographics. Publishes annual reports on millionaire and affluent household counts by state, age, and income.
• The Millionaire Next Door by Thomas J. Stanley and William D. Danko (1996, updated 2010). Based on 20+ years of research into the habits and demographics of American millionaires.
• Ramsey Solutions National Study of Millionaires. Survey of over 10,000 US millionaires conducted in 2018 and updated in subsequent years. Covers income, inheritance, investing behavior, and self-made status.
• Fidelity Investments Millionaire Outlook Survey. Annual survey of millionaire investors covering self-made status, investment strategies, and financial planning approaches.
• Phoenix Marketing International. Provides state-level millionaire concentration data based on household financial asset analysis.
• Bureau of Labor Statistics and Bureau of Economic Analysis. Used for inflation adjustments, savings rate data, and consumer spending comparisons.

Data on this page reflects the most recent available figures as of March 2026. Where exact 2026 figures are not yet published, 2025 estimates from the sources above have been used.