40 Fascinating Facts And Statistics About Millionaires (In 2024)
What sets millionaires apart from the rest of the population?
From the habits that drive wealth to surprising statistics, let’s uncover fascinating insights and facts about millionaires.
Plus, don’t miss the key takeaways at the end. These can serve as a roadmap for achieving your own success!
To be considered a millionaire, a person’s assets must total $1 million or more, after subtracting any debts or obligations.
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Demographics of Millionaires (Global and U.S.)
1. In 2023, there were approximately 58 million millionaires worldwide. (Global Wealth Report)
2. This marks a substantial increase from the year 2000 when there were just 14.7 million millionaires globally. (Global Wealth Report)
3. Approximately 22 million millionaires reside in the United States, making it the country with the highest number of millionaires globally. (Global Wealth Report)
4. Mainland China was in second place with just over 6 million millionaires. (Global Wealth Report)
5. The United States hosts 38% of the world’s millionaires, Western Europe 28%, and Mainland China 10%, equivalent to the sum of Japan, India, Indonesia, South Korea, Singapore and Thailand. (Global Wealth Report)
6. 8.8% of U.S. adults are millionaires. (source)
7. Currently, 33% of U.S. millionaires are women, reflecting increased female wealth accumulation and financial independence. (source)
8. The average millionaire is 57 years old. (Zippia)
9. The majority of millionaires in the United States fall within the age range of 60 to 79 years. (Federal Reserve Survey of Consumer Finances)
10. New York is the city with the most millionaires in the world with approximately 345,600. (Moneyzine)
11. Tokyo ranks second with 304,900, followed by the San Francisco Bay Area with 276,400. London and Singapore round the global top five, with 272,400 and 249,800 millionaires, respectively. (Moneyzine)
12. As of 2023, there were around 28,420 centi-millionaires (individuals with investable wealth of USD 100 million or more) around the world. (source)
13.11.7% of the centi-millionaires are located in the U.S. as of June 2023. (Moneyzine)
14. New Jersey has the highest percentage of millionaire households of any state at 9.76% (Zippia)
15. Austin, Texas is America’s fastest-growing city when it comes to the number of millionaires. The city recorded a 102% millionaire growth rate between 2012 and 2022. (Moneyzine)
16. To be in the top 1% of wealth in the U.S., it would require a net worth of $5.8 million. (source)
17. UHNWI (Ultra-High-Net-Worth Individuals) are individuals with a net worth of $30 million or more, significantly exceeding that of standard millionaires. Women comprise only 10.8% of UHNW individuals globally, with an average age of 63.6 years. (Moneyzine)
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Career and Education Statistics of Millionaires
18. 88% of US millionaires graduated from college compared to 38% of the general population. (Zippia)
19. 52% of millionaires in the US have a master’s or doctoral degree compared to only 13% of the general population. (Zippia)
20. Only 8% of US millionaires went to a prestigious public school, while 62% graduated from public state schools. (Zippia)
21. The top industries for producing millionaires are banking and finance.
22. On average, the world’s 100 richest people made their first $1 million by age 36. (source)
- Jeff Bezos and Warren Buffet both earned their first million in their early 30s.
- Bill Gates and Mark Zuckerberg started even earlier in their 20s. Both went on to create massive all-rights-reserved businesses.
23. Top 10 universities that produce the most millionaires as of 2023: (source)
- Harvard University
- University of Pennsylvania
- Stanford University
- University of Oxford
- University of California – Berkeley
- University of Texas – Austin
- Cornell University
- Princeton University
- Yale University
- University of Michigan – Ann Arbor
Related: Interesting Fun Facts About Money
Financial Behavior and Mindset Facts of Millionaires
24. According to the National Study of Millionaires, 8 out of 10 millionaires invested in their company’s 401(k) plan. (National Study of Millionaires)
25. Three out of four millionaires (75%) said that regular, consistent investing over a long period of time is the reason for their success. (National Study of Millionaires)
26. 94% of the people studied said they live on less than they make. And nearly three-quarters of the millionaires have never carried a credit card balance in their lives. (National Study of Millionaires)
27. This same study said that these millionaires reported spending $200 or less each month at restaurants. (Dave Ramsey- National Study of Millionaires)
28. 93% of millionaires use coupons all or some of the time when shopping.
29. 79% of millionaires did not receive any inheritance at all from their parents or other family members. (National Study of Millionaires)
30. 93% of millionaires say they got their wealth by working hard, not because they had big salaries. In fact, only 31% of millionaires earned an average of $100,000 a year throughout their career, and about 33% never earned six-figure salaries. (Ramsey Solutions)
31. Millionaires make a significant impact on society through charitable giving and philanthropy. Nearly 90% of high-net-worth individuals donate to charitable causes, often managing their contributions through foundations they establish.
Related:
Self-Made Women in 2024: Interesting Facts
32. Sara Blakely, founder and co-owner of the shapewear brand Spanx, initially crafted the product from pantyhose to wear under white slacks. Spanx now offers a range of undergarments, leggings, and apparel.
33. Taylor Swift has become the first musician to enter the billionaire ranks primarily through her songs and performances. Her fortune includes nearly $600 million from royalties and touring, a music catalog valued at around $600 million, and approximately $125 million in real estate holdings.
34. Oprah Winfrey’s incredible success with The Oprah Winfrey Show saw her earnings rise from $30 million annually in her 30s to an astonishing $315 million per year when the show ended in 2011—equivalent to $10 per second. In 2015, Winfrey invested $43 million to acquire a 10% stake in Weight Watchers at $6.79 per share. By January 2018, the shares were trading at approximately $63, marking a more than nine-fold increase from her initial investment.
Related: Stories of Women Who Became Rich
35. Tory Burch, a fashion mogul known for her preppy-chic lifestyle brand, sold an estimated $1.75 billion worth of clothing, shoes, accessories, and fragrances in 2022. The art history graduate worked for designers Ralph Lauren and Vera Wang before launching a boutique in New York City’s Nolita neighborhood in 2004.
36. Marissa Mayer, Google’s first female engineer and 20th employee, spent 13 years at the tech company, which is the primary source of her fortune.
37. Kendra Scott’s fortune stems from her majority stake in her namesake jewelry company, which boasts over $500 million in revenue. Scott began crafting jewelry in her spare bedroom in Austin, Texas, in 2002 when she couldn’t find affordable colored gemstone jewelry.
38. Pleasant Rowland, unable to find dolls for her nieces, started the American Girl doll company in 1986 at age 45. She built American Girl into a $300 million business and sold it to Mattel in 1998 for $700 million.
39. Meg Whitman is best known for taking eBay from $5.7 million to $8 billion in sales as CEO from 1998 to 2008.
40. Gwynne Shotwell is SpaceX’s president and COO. She manages the operations of the commercial space exploration company founded by Elon Musk.
Read about more of Forbes’ America’s Richest Self-Made Women of 2024.
Key Takeaways From These Facts and Statistics
- Millionaires often achieve wealth through diverse paths, including entrepreneurship, investments, and strategic financial planning.
- Millionaires focus on diversified investments, including stocks, real estate, and other assets, to manage risks and maximize returns.
- Education plays a role, with many millionaires having attained higher education degrees.
- Frugality is common among millionaires, who often live below their means and prioritize savings and investments.
- Many millionaires engage in philanthropy, contributing to charitable causes and community initiatives.
- Self-made individuals often inspire and lead in their communities. They contribute to societal change and empower others through their achievements.
- Millionaires overcome challenges and setbacks with resilience, persistently pursuing their goals.
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