Becoming a millionaire is more achievable than most people think — and the typical millionaire looks nothing like what pop culture portrays. Here are the facts.
Table of Contents
Millionaire Statistics at a Glance
Statistic
Data
Total U.S. millionaires
24.5 million
% of U.S. adult population
8.8%
Median age of first $1M
49 years old
Average age of millionaires
62 years old
% who are first-generation rich
79-80%
% who inherited their wealth
20-21%
Average income of millionaires
$250,000
Top occupation
Engineer
% who invested in employer 401(k)
80%+
Average time to build $1M
28 years of working/investing
U.S. Millionaire Population Over Time
Year
Number of Millionaires
% of Adults
2000
7.4 million
3.6%
2005
8.9 million
4.0%
2010
8.4 million
3.6%
2015
15.6 million
6.2%
2020
20.3 million
7.6%
2022
22.7 million
8.2%
2024
24.5 million
8.8%
Where America’s Millionaires Live
States with Most Millionaires (Per Capita)
Rank
State
Millionaire Households
% of Households
1
New Jersey
340,000
9.8%
2
Maryland
230,000
9.7%
3
Connecticut
130,000
9.4%
4
Massachusetts
250,000
9.2%
5
Hawaii
42,000
9.0%
6
New Hampshire
48,000
8.9%
7
California
1,150,000
8.5%
8
Virginia
270,000
8.4%
9
Alaska
20,000
8.2%
10
Washington
245,000
8.1%
States with Fewest Millionaires (Per Capita)
Rank
State
% of Households
50
Mississippi
4.2%
49
West Virginia
4.5%
48
Arkansas
4.8%
47
New Mexico
5.0%
46
Louisiana
5.1%
Cities with Most Millionaires
City
Number of Millionaires
New York City
340,000
San Francisco Bay Area
285,000
Los Angeles
210,000
Chicago
160,000
Houston
120,000
Washington, D.C. metro
115,000
Dallas-Fort Worth
105,000
San Jose (Silicon Valley)
95,000
Boston
90,000
Seattle
85,000
How Millionaires Built Their Wealth
Source of Wealth
Path to Millions
% of Millionaires
Career earnings + investing
40-45%
Business ownership / entrepreneurship
25-30%
Real estate investing
10-15%
Inheritance / family wealth
20-21%
Tech / stock options
5-8%
Other (entertainment, sports, etc.)
<2%
Top Occupations of Millionaires
Occupation
% of Millionaires
Engineer
8%
Accountant / CPA
6%
Teacher / professor
5%
Manager / executive
15%
Attorney
5%
Doctor / surgeon
4%
Business owner (various)
20%
Sales professional
4%
IT / tech professional
5%
Other
28%
Notably, most millionaires did NOT work in finance, entertainment, or sports.
Financial Habits of Millionaires
Habit
% of Millionaires
Live below their means
94%
Follow a budget
74%
Invest regularly (monthly)
80%
Used employer 401(k)
80%+
Avoided high-interest debt
85%
Drove used or modest cars
64%
Never carried credit card balance
73%
Married and stayed married
75%
Had a written financial plan
68%
What Millionaires Do NOT Do
Myth
Reality
Drive luxury cars
64% drive Toyota, Honda, or Ford
Live in mansions
Average home value: $420,000
Spend lavishly
Average spending: 60-70% of what they could afford
Got lucky with one investment
Built wealth over decades of consistent investing
Earned ultra-high salaries
Average income: $250K (built wealth through savings rate)
How Long It Takes to Become a Millionaire
By Monthly Investment (at 8% Average Annual Return)
Monthly Investment
Time to $1 Million
$250/month
38 years
$500/month
31 years
$750/month
27 years
$1,000/month
25 years
$1,500/month
21 years
$2,000/month
19 years
$3,000/month
16 years
$5,000/month
12 years
Impact of Starting Age
Starting Age
Monthly Investment
Millionaire By Age
Total Invested
22
$500
53
$186,000
25
$500
56
$186,000
30
$500
61
$186,000
35
$750
62
$243,000
40
$1,000
65
$300,000
45
$1,500
66
$378,000
Starting at 22 instead of 35 means you can invest less per month and still reach $1M sooner.
U.S. vs. Global Millionaire Population
Country
Millionaire Population
% of Adults
United States
24.5 million
8.8%
China
6.2 million
0.5%
Japan
3.6 million
3.4%
United Kingdom
2.9 million
5.5%
Germany
2.6 million
3.7%
France
2.5 million
4.8%
Canada
2.0 million
6.6%
Australia
1.8 million
8.5%
America has the most millionaires both in absolute numbers and as a percentage of population among large countries.
