There are approximately 23.8 million millionaires in the United States — about 1 in every 14 Americans. The US has more millionaires than any other country in the world, and more than all of Western Europe and Greater China combined. Here is what the data shows about where they live, what they look like, and what share of the global millionaire population they represent.
US Millionaire Statistics at a Glance
| Metric | Figure |
|---|---|
| Total US millionaires | 23.8 million |
| Share of US population | About 1 in 14 people |
| New millionaires added in 2024 | 379,000 |
| US share of world’s millionaires | 39.7% |
Population share based on US Census Bureau data.
What Percentage of Americans Are Millionaires?
About 1 in 14 Americans — roughly 7% of the population — has a net worth of $1 million or more. Net worth is what you own minus what you owe: your savings, retirement accounts, home equity, and other assets, minus your debts.
Most people picture millionaires as a rare breed. The reality is they’re more common than you think, and they almost certainly don’t match the stereotype. According to the Ramsey Solutions National Study of Millionaires — the largest study of millionaires ever conducted:
- More than 50% of millionaires live in neighborhoods where the average household income is below $75,000 a year
- Nearly one-third live in ZIP codes where home values are below the national median
- 6 in 10 live in houses valued under $500,000
- 73% never carried a credit card balance in their entire lives
- The majority did not inherit their wealth
Millionaires typically look like ordinary people — because most of them are.
How Many Millionaires Are in the World?
The US holds 39.7% of the world’s millionaires, according to the Ramsey Solutions study. Based on that share, there are approximately 60 million millionaires worldwide. No other country comes close — the US has more millionaires than all of Western Europe and Greater China combined.
Which States Have the Most Millionaires?
The ranking below reflects total millionaire count by state. Population size drives these numbers — larger states have more millionaires because they have more people overall.
Top 10 States by Total Millionaire Count
| Rank | State |
|---|---|
| 1 | California |
| 2 | New York |
| 3 | Florida |
| 4 | Texas |
| 5 | Illinois |
| 6 | Pennsylvania |
| 7 | Arizona |
| 8 | New Jersey |
| 9 | Ohio |
| 10 | Massachusetts |
A state ranking lower on this list does not mean you’re less likely to become a millionaire there — it may simply have a smaller total population. Your personal income, savings rate, and investment habits matter far more than your ZIP code.
Cities With the Highest Millionaire Concentration
Looking at millionaires as a share of each city’s population gives a different picture from raw totals. Here are the top US cities by percentage of residents who are millionaires:
| City | Millionaires as % of Population |
|---|---|
| New York, NY | 8.51% |
| Los Angeles, CA | 5.34% |
| Chicago, IL | 4.45% |
| San Francisco, CA | 3.46% |
| Washington, D.C. | 3.36% |
| Philadelphia, PA | 3.26% |
| Phoenix, AZ | 2.97% |
| St. Louis, MO | 2.37% |
| Tampa, FL | 1.88% |
| Orlando, FL | 1.68% |
Does Being a Millionaire Mean You’re Rich?
In one sense, yes — having a net worth of $1 million puts you well ahead of most Americans. But a million dollars has far less purchasing power than it once did.
According to the Bureau of Labor Statistics CPI inflation calculator, $1 million in 1955 had the same buying power as $12.2 million today. That shift is why the definition of “rich” keeps moving upward, and why many financial planners now discuss $2–3 million as a more comfortable retirement target in high-cost areas.
Your millionaire status also buys you very different lifestyles depending on location. A $1 million net worth in rural Tennessee goes much further than the same net worth in Manhattan.
How Long Does It Take to Become a Millionaire?
Most millionaires didn’t get there quickly. According to the Ramsey Solutions study:
- Only 5% of millionaires reached $1 million in 10 years or less
- Most took an average of 25–30 years to hit the million-dollar mark
- The typical age at which Americans reach millionaire status is around 50
| Common Millionaire Habit | Why It Matters |
|---|---|
| Long-term investing | Uses compound growth over decades |
| Living below their means | Creates margin to save and invest |
| Avoiding consumer debt | Keeps income available for investing |
| Homeownership | Often makes up a large share of net worth |
| Patience | Allows wealth to grow steadily over time |
The consistent finding across research is that time and discipline matter more than income. Most millionaires reached that status through decades of ordinary saving and investing — not through windfalls or unusually high salaries.
For benchmarks on where your net worth should stand at your age, see the net worth by age guide. To understand what a comfortable retirement actually requires, see the retirement savings guide.
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