The golden question, how many millionaires are there in America? Don’t we all want to know the numbers and one day be counted amongst the elites–talk about the wild American dream.
Do you know that according to recent stats, the number of millionaires in the United States of America has surpassed the total population of Greece, Sweden, and Portugal? Quick terrific, isn’t it?
Well, who doesn’t want to be a millionaire–we all want a lavish lifestyle with all the expensive fixations we see on our screens.
The number of millionaires in the US is increasing day by day–to back that up, the count of new millionaires from 2019 to 2020 was 2,251,000.
If you look at the numbers, it feels like everyone is getting rich in the US at a mind-boggling rate.
And that’s precisely what we are going to cover today. Call it the millionaires in the US goto guide or American Dream In Numbers 101; we’ll be covering how many millionaires are there in America.
That’s not it! We’ll cover what’s a millionaire, how long does it take to become a millionaire and everything in between.
From average US household net worth to which state has the most millionaires in the US, we are going to cover everything.
With that being said, let’s start with the basics.
What Is A Millionaire?
To put it simply, a millionaire is someone who has a net worth of a million dollars. And now you might be thinking, what’s net worth?
Net worth is what you own minus what you owe. For instance, if you have $2 million in cash and you owe $1 million to a bank, your net worth is $1 million.
The number of millionaires in the US is 20.27 million. And out of all millionaires, 44% of US-based millionaires reside in California, or better known as The Golden State.
How Long Does It Take To Become a Millionaire?
Money, money, money, oh honey, how long does it take to count to a million?
Well, if you aren’t a millionaire yourself, then you should focus on the questions like how to make a million in a year, how to make a million dollars fast, or how long does it take to become a millionaire.
But if you are below 65, you shouldn’t worry about being phased out of the race of millionaires in the US.
According to Spectrum, the average age of a millionaire in the US or the answer to how many millionaires are there in America is 62 years old. And about 35% of millionaires in the US are over 65 years of age, and only 1% are below 35.
On average, it takes about 28 years to become a millionaire. But for some millionaires in the US, it took about ten years on average.
How Many $4 Or $5 Millionaires Are There In The US?
So, our first quest of the adventure of how many millionaires are there in America starts with this.
Currently, there are over 4,473,836 or 4.4 million households in the United States of America that have $4 million or more in wealth.
On the flip side, the number of households that have $5 million or more in wealth is estimated at around 3,592,054 or 3.59 million.
And that total number of households in the United States of America was 128.54 million in 2020. If we use the figure to determine the percentage of households that are worth over $4 and $5 million, the percentage is around 3.5% and 2.8%, respectively.
How Many Americans Have More than $50,000,000 or $100,000,000 In Net Worth?
How you ever wondered that how many Americans have more than $50 or $100 million net worth?
According to dqydj, out of 128.54 million households in the United States, around 97,287 have a net worth of over $50 million. And about 34,507 households have a net worth of 100 million or over– that’s 0.07% and 0.03% of the total households.
We mentioned the net worth in terms of households as it’s impossible to trace individuals with 50+ or 100 million net worth.
How Many Decamillionaires Are There In America?
Now onto how many millionaires are there in America that are worth $10,000,000.
But before we tell you how many decamillionaires are there in the US, it’s important to note that decamillionaires aren’t the 1%. The 1% count starts from $11 million and $11,099,166, to be precise.
Once again, the estimation of decamillionaires in the US is based on households and not individuals. 1.13% of American households or around 1,456,336 households in America are decamillionaires.
Now onto what is considered wealthy in America; you guessed it right! The toll of millionaires in US with more than $2 million of net worth.
How Many Multimillionaires With More Than $2 million Are There In The United States?
According to Schwab’s 2021 Modern Wealth Survey, most Americans say that to be considered wealthy in the US in 2021; one must have a net worth of nearly $1.9 million. Not to mention, that’s less than the net worth of $2.6 million Americans that were considered wealthy in 2020.
Well, speaking of multimillionaires, there are approximately 8,046,080 US households with $2 million or more in net worth. That’s roughly 6.25% of the total population of the United States of America.
So if you know someone who has a net with more than $2 million, you know one of the 6% in America.
How Many Multimillionaires With More Than $3 Million Are There In The United States?
Before we tell you the answer to how many millionaires are there in America with more than $3 million net worth, do you want to know what the net worth of the average American is?
The answer is $784,000. But the median net worth of Americans is $121,700. Now onto the real question.
Currently, there are approximately 5,671,005 households in the US that have more than $3 million– the value accounts for up to 4.41% of all US households.
Once again, we would like to clear the fact that we are taking households into account and not individuals.
Which States Have the Most Millionaires?
It’s the point where things will get quite exciting and somewhat competitive. We aren’t just talking about how many millionaires are there in America, but we are going to see how the states stack up in terms of most millionaires.
Maryland ranks top in terms of millionaires as a share of all households at 7.87%. New Jersey ranks at number two at 7.86% after getting crowned two times straight for facilitating millionaires as a share of all households in 2019 and 2020.
Connecticut, Hawaii, Alaska, Massachusetts, New Hampshire, Virginia, and Delaware ranked third, fourth, fifth, sixth, seventh, eighth, and ninth respectively, with millionaires as a share of all households with 7.75%, 7.57%, 7.50%, 7.41%, 7.36%, 6.98%, and 6.62% – in that order.
Also called The Golden State, the answer to how many millionaires in California is quite surprising. In terms of millionaires as a share of all households, California ranks 10th with 6.61%. But in terms of millionaire households, it ranks top on the millionaire by state chart with 885,225 millionaire households.
Last and certainly not least, Texas, New York, Florida, Illinois, Pennsylvania, New Jersey, Ohio, Virginia, and Michigan ranks from second to tenth in the respective order in terms of millionaire households.
It wouldn’t be stretchy to say that the United States of America is the hub of millionaires. Alone New York has the highest concentration of ultra-rich millionaires with 24,660 UHNW.
But hey, don’t get all overwhelmed by seeing the numbers; you can be the plus one in those staggering millionaire numbers. All you need to do is just make a plan, act on it with consistency, improvise, and viola!