One person in every 100 people in the world has a net worth of over a million dollars.
With owning a large share of wealth, a country’s financial conditions are judged by the number of millionaires and billionaires.
One person in every 100 people in the world has a net worth of over a million dollars, and more men are millionaires than females.
This article features the most remarkable statistics about the demographics of millionaires.
Millionaire Statistics In 2024 (Key Highlights)
- There are over 62.5 million millionaires in the world.
- The United States has over 22.71 million millionaires.
- 67% Of United States millionaires are male, while 33% are female.
- An average millionaire is about 57 years old.
- 88% of millionaires possess a college degree.
- New Jersey has the highest rate of millionaires at 9.76%.
How Many Millionaires Are There?
As of 2024, there are more than 62.5 million millionaires globally. This represents only 1.1% of the world’s adult population.
The rate of millionaires has increased steadily over time. Even during the pandemic, around 5.2 million new millionaires were added to the global population.
Source: Credit-Suisse
The United States Has Over 22.71 Million Millionaires
With 8.8% of the U.S. population being millionaires, the United States is home to the largest number of millionaires globally.
China has around 6.23 million millionaires, and France has 2.82 million millionaires.
Surprisingly, Russia and Brazil have the lowest number of millionaires, with only 408,000 and 413,000 millionaires, respectively.
Here is a table showing the number of millionaires by country:
| Sr. No. | Country | Number Of Millionaires |
|---|---|---|
| 1. | United States | 22.71 million |
| 2. | China | 6.23 million |
| 3. | France | 2.82 million |
| 4. | Japan | 2.75 million |
| 5. | Germany | 2.62 million |
| 6. | United Kingdom | 2.55 million |
| 7. | Canada | 2.02 million |
| 8. | Australia | 1.84 million |
| 9. | Italy | 1.33 million |
| 10. | Korea | 1.25 million |
| 11. | Switzerland | 1.09 million |
| 12. | India | 849,000 |
| 13. | Taiwan | 765,000 |
| 14. | Belgium | 536,000 |
| 15. | Sweden | 467,000 |
| 16. | Brazil | 413,000 |
| 17. | Russia | 408,000 |
Source: Statista
New Jersey Had 9.76% Of Millionaires Per Capita In The U.S.
In 2020, New Jersey reported the highest ratio of millionaires in the U.S.
More than 9.6% of New Jersey state’s households were millionaires, and 9.72% of Maryland’s were millionaires.
Connecticut was the third state, with over 9.44% of millionaire households.
The states of Arizona and Georgia had the lowest number of millionaire households.
Here is a table with the highest ratio of millionaire households by state in 2020:
| State | Ratio Of Millionaires |
|---|---|
| New Jersey | 9.76% |
| Maryland | 9.72% |
| Connecticut | 9.44% |
| Massachusetts | 9.38% |
| Hawaii | 9.2% |
| District of Columbia | 9.12% |
| California | 8.51% |
| New Hampshire | 8.47% |
| Virginia | 8.31% |
| Alaska | 8.18% |
| Washington | 7.85% |
| New York | 7.52% |
| Colorado | 7.48% |
| Minnesota | 7.43% |
| Illinois | 7.13% |
| Utah | 7.05% |
| Delaware | 6.98% |
| Rhode Island | 6.69% |
| Pennsylvania | 6.44% |
| Oregon | 6.43% |
| Texas | 6.32% |
| Vermont | 6.29% |
| North Dakota | 6.16% |
| Georgia | 6.07% |
| Arizona | 6.03% |
Source: Statista
8.51% Of New York Residents Are Millionaires
With 340,000 millionaires, New York City has the most number of millionaires, making up 8.51% of the city’s population in 2018.
5.34% of the state’s population is millionaires in Los Angeles, and Chicago has 4.45% of millionaires in its population.
Here is a table showing the top 10 U.S. cities with the highest number of millionaires as a part of the population:
| City | Percentage Of Millionaires |
|---|---|
| New York | 8.51% |
| Los Angeles | 5.34% |
| Chicago | 4.45% |
| San Francisco | 3.46% |
| Washington | 3.36% |
| Philadelphia | 3.26% |
| Phoenix | 2.97% |
| St. Louis | 2.37% |
| Tampa | 1.88% |
| Orlando | 1.68% |
Source: Ramsey Solutions
Over 20.5% Of Iceland’s Population Was Millionaire In 2022
Iceland had the highest number of millionaires in the country’s population globally.
Luxembourg and Switzerland had a ratio of 15.7% millionaires to the general population and 15.6%, respectively.
9% of the United States population were millionaires, while the United Kingdom had 4.8% of millionaires in their population.
With 3.9%, Germany and Taiwan registered the lowest proportion of millionaires in 2022
Take a look at the countries with the highest percentage of millionaires:
| Country | Percentage Of Millionaires |
|---|---|
| Iceland | 20.5% |
| Luxembourg | 15.7% |
| Switzerland | 15.6% |
| Hong Kong SAR | 9.9% |
| Australia | 9.4% |
| United States | 9% |
| Netherlands | 8.6% |
| Norway | 8.2% |
| Denmark | 8% |
| New Zealand | 7% |
| Singapore | 6.7% |
| Canada | 6.7% |
| Belgium | 5.9% |
| Sweden | 5.9% |
| France | 5.6% |
| United Kingdom | 4.8% |
| Ireland | 4.6% |
| Austria | 4.1% |
| Taiwan | 3.9% |
| Germany | 3.9% |
Source: Statista
51.5 Million Millionaires Have Wealth Of $1 Million To $5 Million
A millionaire owns liquid assets worth more than $1 million. But many of them have more than just a million.
The majority of millionaires have anywhere between $1 million and $5 million in financial holdings.
More than 5.1 million millionaires have wealth worth $5 million to $10 million, and around 2.8 million have $10 million to $50 million in funds.
Only around 243,060 millionaires have a wealth of over $50 million.
Here is a breakdown of millionaires by wealth as of 2023:
| Range | Number Of Millionaires |
|---|---|
| $1 million to $5 million | 51.5 million |
| $5 million to $10 million | 5.1 million |
| $10 to $50 million | 2.8 million |
| More than $50 million | 243,060 |
Source: Credit Suisse
Millionaire Demographic Statistics
Many people work hard all their lives consistently to become a millionaire, and a few get there in no time.
Millionaires come from all age groups and ethnicities. They are diverse and make up a large share of the global economy.
Let us learn more about the age, gender, and other demographics of millionaires.
67% Of United States Millionaires Are Male, While 33% Are Female
With 90% of male millionaires and 10% female, men dominate the number of millionaires globally.
In the United States, women have a relatively large share of millionaires compared to the global average.
One-third of females in the United States are millionaires.
Nearly 6 of every 10 millionaires in the United States are men. The number of female millionaires is expected to grow and will have an equal share.
Source: Zippia, Hello Seven
The Average Age Of A Millionaire Is About 57 Years
An average person expects to become a millionaire at the age of retirement. However, several start very young and accomplish the milestone as soon as possible.
It was reported in 2013 that 19% of millionaires are millennials, and 42% of millionaires are baby boomers.
As more people reach the milestone at younger ages, the average age of becoming a millionaire is shifting.
76% Of Millionaires In The U.S. Are White
60% of the United States population is White, and they make up the largest share of millionaires.
8% of millionaires in the United States are Black, and 7% of them are Latino.
Asians comprise 6% of the U.S. population and have an 8% share of millionaires.
Here is a table with the ethnic demographics of millionaires in the U.S.:
| Ethnicity | Percentage Of Millionaires |
|---|---|
| White | 76% |
| Black | 8% |
| Asian | 8% |
| Latino | 6.8% |
| Others | 1.2% |
Source: Zippia
Millionaire Education Statistics
The importance of education in order to prosper in any field is a necessity, and millionaires realize and prove it.
Let us understand the importance of education with some statistics about millionaires’ education.
62% Of Millionaires Got Degrees From A State School Or Public University In 2018
A better institute means a better or more valuable degree. This is a common misconception that has stigmatized the world.
However, this is far from true, and more than 6 in 10 millionaires reported graduating from a state or public university.
On the other hand, only around 8% of millionaires obtained their degrees from a prestigious school or university.
Source: Ramsey Solutions
88% Of Millionaires Were College Graduates In 2018
The number of college graduates is higher than the general population.
Less than nine out of ten millionaires graduated from college, while only 38% of the general population are college graduates.
Over 52% of millionaires obtained a master’s or doctorate degree, compared to 13% of the general population.
Source: Ramsey Solutions
Other Significant Millionaire Statistics And Facts
In this section, we will cover some more characteristics and statistics about the millionaires.
The Finance And Investments Industry Has The Highest Number Of Millionaires
Around 371 billionaires work in the Finance And Investments industry.
The technology sector has the second highest number of millionaires, and the manufacturing industry has the third most millionaires.
Fashion and retail come fourth, and healthcare comes fifth with respect to the number of millionaires.
Source: Zippia
Most Millionaires Don’t Take Up Leadership Positions
A survey revealed a surprising fact about millionaires: Only 15% of millionaires are in senior positions in an organization.
Most millionaires were working as engineers, attorneys, and managers.
Attorneys reported a median income of around $135,740, and managers had a median salary of $107,360.
Here is a table showing the median salaries of millionaires by job role:
| Job Profile | Median Salary |
|---|---|
| Attorney | $135,740 |
| Manager | $107,360 |
| Engineer | $91,010 |
| Accountant | $77,250 |
| Teacher | $61,030 |
Source: Nasdaq
22% Of U.S. Millionaires Are Business Owners
On the other hand, 76% of American millionaires are married and have at least one child.
Nearly 42% of millionaires have a proper college education, and 22% own a business in the U.S.
84% of millionaires have a net worth of $1 to $2.5 million, and 51% of them actively participate in charities.
Here is a table showing the profile of a United States millionaire:
| Trait | Millionaires |
|---|---|
| Married | 76% |
| Average number of children | 1 |
| Own a business | 22% |
| College Education | 42% |
| Charity contribution | 51% |
| Average Networth | $1 to $2.5 million |
| Own a house | 94% |
| Average number of properties | 2.4 |
| Average real estate portfolio | $919,000 |
Source: Coldwell Banker
Leading Millionaires Globally
Billionaires are technically millionaires first, and it is necessary to consider this.
With a net worth of $211,000 million, Bernard Arnault is considered one of the most prominent millionaires or billionaires at this time.
Check out the top 10 millionaires and their net worth in millions as of 2024:
| Name | Net Worth |
|---|---|
| Bernard Arnault | $211,000 million |
| Elon Musk | $180,000 million |
| Jeff Bezos | $114,000 million |
| Larry Ellison | $107,000 million |
| Warren Buffett | $106,000 million |
| Bill Gates | $104,000 million |
| Micheal Bloomberg | $94,500 million |
| Carlos Slim | $93,000 million |
| Mukesh Ambani | $83,400 million |
| Steve Ballmer | $80,700 million |
Source: Wikipedia
Youngest Millionaires In The World
The custom of being a millionaire at retirement is changing, and many people are becoming millionaires in their twenties.
Notably, these young ones are self-made millionaires and have not inherited any family wealth.
Let’s check out the top 10 youngest millionaires in the world as of 2024:
| Name | Age | Networth |
|---|---|---|
| Clemente Del Vecchio | 19 years | $4,100 million |
| Kim Jung-youn | 20 years | $1,700 million |
| Kevin David Lehmann | 21 years | $2,500 million |
| Kim Jung-min | 22 years | $1,700 million |
| Luca Del Vecchio | 22 years | $4,100 million |
| Alexandra Andresen | 27 years | $1,500 million |
| Leonardo Maria Del Vecchio | 28 years | $3,900 million |
| Katharina Andresen | 28 years | $1,500 million |
| Ryan Breslow | 29 years | $1,100 million |
| Gustav Magnar Witzor | 30 years | $3,500 million |
Source: Forbes
Millionaire Projections
With many ways to earn money through social media and other investment activities, the number of millionaires worldwide is increasing rapidly.
In this section, let’s explore some projections about millionaires.
There Will Be 40% More Millionaires By 2026
Estimates suggest that global wealth per adult is set to cross the $100,000 mark by the end of 2024.
The number of millionaires in the world is set to reach over 87 million and experience a 40% increase over the next two years.
Source: Forbes
Millennials Will Have Five Times As Much Wealth As They Do Now
Millennials are projected to inherit over $68 trillion from their predecessors and overtake baby boomers as the largest adult generation in the U.S.
By 2030, millennial millionaires will have 5 times more money compared to what they have now.
Further, 93% of millennial millionaires had a net worth of around $1 million to $2.49 million in 2019.
Source: Coldwell Banker
Check out the some interesting facts post:
Conclusion: There are 62.5 million millionaires worldwide
Millionaires are the driving force behind a prospering economy. They are the ones who work in core fields and play an important role in the financial world.
One or two decades ago, it was nearly impossible to become a millionaire just by working a job.
However, the scenario has changed drastically, and more people are attaining one million dollars in net worth in this decade.
The new and efficient ways of doing business and investments are increasing people’s net worth worldwide, increasing millionaires.
This article summarized the most important statistics about millionaires.
