HOW MANY MILLIONAIRES IN THE US
HOW MANY MILLIONAIRES IN THE US career

The number of millionaires in the globe is continuously rising. The majority of Americans aspire to be extremely wealthy, and for a sizable portion of the populace, this goal has come true.
Monthly household surveys are done by the Federal Reserve of America once every two years. All information pertaining to financial assets is cataloged during the survey. All of the issues surrounding the riches of the American millionaire population will be covered in this essay.
How many US Citizen have millionaire status?
The number of millionaires in the globe is continuously rising. The majority of Americans aspire to be extremely wealthy, and for a sizable portion of the populace, this goal has come true.
Monthly household surveys are done by the Federal Reserve of America once every two years. All information pertaining to financial assets is cataloged during the survey. All of the issues surrounding the riches of the American millionaire population will be covered in this essay.
We would like to bring to your attention that millionaires are not always as attractive as they may appear. In actuality, the vast majority of millionaires did not inherit their enormous wealth. They don’t have fancy cars. Five-star restaurants are not frequented by them. The majority of millionaires in real life are regular people who adhere to accepted financial procedures.
Finding out how many millionaires there are in the globe is also worthwhile. At the top of the list is the United States of America.
A recent study examined the rise in millionaires. According to the study, the number of wealthy Americans rose to 500,000 in 2023, a 7.3% increase.
A person with a net worth of $1,000,000 or more is considered a millionaire. What you currently own is your net worth. This amount is deducted from what you owe. A very basic mathematical formula is used to calculate it.
You have a sizable emergency fund, for instance. In addition, you have a mortgage and a retirement account. You’re debt-free as well. Your house price, emergency savings, and retirement account must all be added up to determine your net worth. Subtract the mortgage debt after that. You may evaluate a person’s level of wealth based on their net worth, which is the resultant figure.
The majority of a millionaire’s capital is typically found in real estate (such as purchasing a home) or retirement funds. Keep in mind that a lot of millionaires stay debt-free. The actual numbers are as follows: In their lifetimes, 73% of millionaires have never used a credit card.
The most famous millionaires in the U.S.
- It’s amazing to note how many millionaires there are in the US overall. But learning specific names is far more interesting. You may be surprised to learn how near and surrounded you can be by really affluent individuals. It might be the manager who works across the office from you and has been saving for retirement since you were 22, your favorite actor, or your boss.
Approximately 40% of the world’s millionaires are from the United States. A wealth ladder of some of the most well-known Americans may be seen here: - The following people have estimated net worths:
- Dwayne Johnson, also known as The Rock, has about $800,000,000;
- Dolly Parton has about $650,000,000;
- J. Lo, the well-known actress and singer, has about $400,000,000;
- Channing Tatum, an actor, producer, and model, has about $80,000,000;
- Zendaya has $20,000,000;
- Angela Bassett currently has about $25,000,000; and
- Aquafina has $8,000,000.
The number of millionaires among celebrities is far lower, and many millionaire people do not make magazine covers.

The Main residence of millionaires: which states in the America have the most.
Given that there are around 25,000,000 millionaires in the US, they are spread out throughout several regions. The following states have the highest concentration of individuals with capital in the seven-digit sum:
1. California
2. New York
3. The state of Florida
4. Texas
5. Illinois
6. The state of Pennsylvania
Arizona 7. New Jersey 8.
9. The state of Ohio
10. The state of Massachusetts.
Additionally, millionaires frequently reside in different states across the nation. Furthermore, one study gathered information to determine which cities were home to the greatest number of millionaires. In this instance, the population’s fraction of millionaires was taken into account.
The top ten cities for millionaires are as follows:
Millionaires made up 8.51% of the population in New York, NY; 5.34% in Los Angeles, CA; 4.45% in Chicago, IL; 3.46% in San Francisco, CA; 3.36% in Washington, D.C.; 3.26% in Philadelphia, PA; 2.97% in Phoenix, AZ; 2.37% in St. Louis, MO; 1.88% in Tampa, FL; and 1.68% in Orlando, FL.
Are most millionaires rich?
The majority of millionaires are wealthy, but it’s not that easy. Exactly how you interpret the term “millionaire” will determine this. The term is frequently used to describe to someone who is wealthy in a stereotyped way.
Many people think of a millionaire as someone who owns a vast estate, only drives pricey cars, and only eats lobster. Being a millionaire indicates that a person is good with money. In practice, however, he is not as wealthy as Scrooge McDuck. This is mostly because even a million dollars no longer has the same purchasing power as money used to. The dollar has declined due to inflation.
In actuality, a lot of millionaires have very similar lives to what we are all accustomed to. Their higher bank account is the primary distinction between these individuals. When compared to the average person, it is. These individuals were set for the long haul, and that’s the whole point. From a young age, they were saving and planning ahead.
Almost one-third of millionaires reside in areas where housing costs are lower than the national average; six out of ten millionaires own modest homes costing $500,000 or less; and more than half of American millionaires live in typical neighborhoods where the median household income is less than $75,000 annually.
We can therefore draw the conclusion that it is fairly probable to locate at least one millionaire in your neighborhood. On the other hand, it can appear that this individual does not possess such a remarkable wealth.
One need not be a spender to be wealthy. In actuality, these individuals are able to accumulate savings without using credit.
Where rich people get their money from 2 of the biggest sources of wealth for millionaires
Every kind of financial asset and liability is examined by the US Federal Reserve:
• Current and savings bank accounts; • rental properties; • investment assets; • life insurance plans
• car; • CD or certificate of deposit; • delinquent debts, including credit card debt.
However, only two of the largest sources of wealth for a large proportion of American millionaires are:
• the principal residence
• Investments, especially those made into retirement funds.
Currently, the average millionaire possesses roughly $810,000. The sum of money saved in retirement accounts is what it is.
One of the myths needs to be dispelled. Many people think you have to start a business in order to become a millionaire. This is untrue:
• Just 17% of millionaires rely on their small enterprises for funding.
• Of millionaire households with a net worth between $1,000,000,000,000 and $3,000,000,000,000, 11% have some sort of company capital.
Thus, owning a firm is not the primary requirement for achieving financial success.
Conclusion
The number of millionaires in the United States is dynamic and continuously rising. It was close to 24,500,000 at the time our article was written. At the same time, California is home to the majority of millionaires. According to a population proportion, New York, NY, has the highest concentration of millionaires.
Not all millionaire stereotypes are accurate. They are not need to be entrepreneurs. Being from a wealthy family is not a must. A solid retirement plan is frequently necessary. A financial counselor can be of assistance to you. You must also have a suitable place to live. Don’t misuse credit, which is another wise piece of advice from millionaires.