Written by: Amandeep Singh
August 23, 2024

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.

Millionaire Statistics - number of millionaires by country

Here is a table showing the number of millionaires by country:

Sr. No.CountryNumber Of Millionaires
1.United States22.71 million
2.China6.23 million
3.France2.82 million
4.Japan2.75 million
5.Germany2.62 million
6.United Kingdom2.55 million
7.Canada2.02 million
8.Australia1.84 million
9.Italy1.33 million
10.Korea1.25 million
11.Switzerland1.09 million
12.India849,000
13.Taiwan765,000
14.Belgium 536,000
15.Sweden467,000
16.Brazil413,000
17.Russia408,000

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:

StateRatio Of Millionaires 
New Jersey9.76%
Maryland9.72%
Connecticut9.44%
Massachusetts9.38%
Hawaii9.2%
District of Columbia9.12%
California8.51%
New Hampshire8.47%
Virginia8.31%
Alaska8.18%
Washington7.85%
New York7.52%
Colorado7.48%
Minnesota7.43%
Illinois7.13%
Utah7.05%
Delaware6.98%
Rhode Island6.69%
Pennsylvania6.44%
Oregon6.43%
Texas6.32%
Vermont6.29%
North Dakota6.16%
Georgia6.07%
Arizona6.03%

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:

CityPercentage Of Millionaires
New York8.51%
Los Angeles5.34%
Chicago4.45%
San Francisco3.46%
Washington3.36%
Philadelphia3.26%
Phoenix2.97%
St. Louis2.37%
Tampa1.88%
Orlando1.68%

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:

CountryPercentage Of Millionaires 
Iceland20.5%
Luxembourg15.7%
Switzerland15.6%
Hong Kong SAR9.9%
Australia9.4%
United States9%
Netherlands8.6%
Norway8.2%
Denmark8%
New Zealand7%
Singapore6.7%
Canada6.7%
Belgium5.9%
Sweden5.9%
France5.6%
United Kingdom4.8%
Ireland4.6%
Austria4.1%
Taiwan3.9%
Germany3.9%

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 million51.5 million
$5 million to $10 million5.1 million
$10 to $50 million 2.8 million
More than $50 million243,060

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.

Millionaires Gender Demographics

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.:

Millionaires By Ethnicity
EthnicityPercentage Of Millionaires
White76%
Black8%
Asian8%
Latino6.8%
Others1.2%

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 ProfileMedian 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:

TraitMillionaires 
Married76%
Average number of children1
Own a business22%
College Education42%
Charity contribution51%
Average Networth$1 to $2.5 million
Own a house94%
Average number of properties2.4
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:

NameNet 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:

NameAgeNetworth
Clemente Del Vecchio19 years$4,100 million
Kim Jung-youn20 years$1,700 million
Kevin David Lehmann21 years$2,500 million
Kim Jung-min22 years$1,700 million
Luca Del Vecchio22 years$4,100 million
Alexandra Andresen27 years$1,500 million
Leonardo Maria Del Vecchio28 years$3,900 million
Katharina Andresen28 years$1,500 million
Ryan Breslow29 years$1,100 million
Gustav Magnar Witzor30 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.

About the Author
Amandeep Singh

I'm Amandeep Singh, a passionate Blogger, Tech Geek & YouTube Mentor. I have a Media Studies degree and over 5 years of experience in digital technology. I’m sharing all my insights and learnings on TechTipsWithTea as a lead writer.