Many of us have dreamt of becoming rich at some point in our lives. Although we often read about or see them interviewed in the media, few of us personally know any millionaires. Hopefully, these millionaire statistics will provide us with a clearer picture of their world.
Join us as we unravel the mysteries of the well-to-do, both in the US and worldwide. Read on to find out their average age, ethnicity, how they reached their success, and more.
Top 10 Most Relevant Millionaire Statistics in 2022
- At the end of 2020, there were 56.1 million millionaires in the world.
- In 2020, only 7 out of 614 billionaires in the US were black.
- Currently, there are 2,755 billionaires in the world.
- In 2019, 336 of the world’s 2,825 billionaires were women.
- Millionaire statistics show that 88% of millionaires are self-made.
- The US is the country with the most billionaires—724.
- In 2019, 84% of US millionaires had net worths between $1 million and $2.5 million.
- 50.3% of all the billionaires in 2019 were between 50 and 70 years old.
- Jeff Bezos is the wealthiest person on the planet, with a net worth of $177 billion.
- Last year, the US counted 1.5 million households with a net worth of at least $1 million.
Worldwide Millionaire Stats
How many millionaires and billionaires are there globally? Is their number decreasing or increasing? Are they mostly self-made or do they owe their wealth to inheritance and fluke? Find out here.
1. There are currently 2,755 billionaires globally.
(Forbes)
Despite what you might expect because of COVID-19, this number’s significantly higher than last year—2,095. The total net worth of all the billionaires is $13.1 trillion, which is $5.1 trillion more than in 2020.
2. At the end of 2020, there were 56.1 million millionaires.
(Credit Suisse)
According to the Global Wealth Report by the Credit Suisse Research Institute, the US had the most millionaires, 20.2 million. Here are last year’s largest percentages of millionaires by country:
- US (39%)
- China (11%)
- Japan (6%)
- UK (5%)
- France and Germany (4% each)
- Australia, Canada, and Italy (3% each).
3. 50.3% of all the billionaires in 2019 were between 50 and 70 years old.
(Statista) (Forbes)
Moreover, 39.9% were over 70, while 9.8% were younger than 50. Here’s a little fun fact you probably didn’t know. The world’s youngest billionaire is 18-year-old Kevin David Lehmann from Germany ($3.5 billion). He owns half of drogerie markt—the country’s largest drugstore chain.
4. Certain studies indicate that 88% of millionaires are self-made.
(Business News Daily)
Many believe that millionaires are born with a silver spoon in their mouth. However, as you’ve just read, the list of self made millionaires is quite long. Their primary sources of wealth revolve around investments and employee stock options or profit-sharing.
5. In 2019, 336 of the world’s 2,825 billionaires were women.
(Statista) (Forbes)
Even though these numbers may seem high, that’s only 11.9% of the global total. Some of the richest women today are Françoise Bettencourt Meyers, Alice Walton, and MacKenzie Scott. Their sources of wealth are L’Oréal, Walmart, and Amazon, respectively.
US Millionaire Statistics
You’re probably wondering now what the situation’s like in the US. Where does it fit on the world’s wealth map and who are its average millionaires/billionaires? That’s exactly what the millionaire stats in this section will reveal.
6. The US is the country with the most billionaires—724.
(Forbes)
In 2020, that number was 614, which is a remarkable change. America’s followed by China, with 698 billionaires, counting Hong Kong and Macao residents.
7. In 2020, only 7 out of 614 billionaires in the US were black.
(Business Insider) (Forbes)
According to Forbes, the abovementioned wealthiest African Americans were:
- Robert F. Smith
- David Steward
- Tyler Perry
- Oprah Winfrey
- Michael Jordan
- Kanye West
- Jay-Z.
All of them are self-made billionaires: they’ve earned their wealth in different fields, from the tech and entrepreneurship industries, to the entertainment and the fashion industry.
8. When it comes to the number of millionaires in the US, data shows there were 5.32 million of them in 2018.
(Statista) (Credit Suisse)
Last year, there were almost 20.2 millionaires in this country, which is a striking increase compared to two years earlier. But that’s not all: their number is forecasted to rise by an astonishing 28% by 2025. In other words, America’s expected to count 28 million millionaires in four years.
9. Last year, the US counted 1.5 million households with a net worth of at least $1 million.
(Statista) (Statista)
Thanks to the COVID-19 pandemic, that number had drastically decreased since 2019, when there were 11 million of such households.
According to Statista’s list of millionaires by state, California had the biggest number of millionaire households in 2020—1.1 million. Texas came in second, with around 650,000.
10. Jeff Bezos is the wealthiest person not just in the US, but on the planet, with an estimated net worth of $177 billion.
(Forbes)
Interestingly, 8 out of 10 of the world’s richest people this year are precisely from the States. The remaining seven Americans who made it to 2021’s top 10 billionaires list are:
- Elon Musk ($151 billion)
- Bill Gates ($124 billion)
- Mark Zuckerberg ($97 billion)
- Warren Buffett ($96 billion)
- Larry Ellison ($93 billion)
- Larry Page ($91.5 billion)
- Sergey Brin ($89 billion).
11. Millionaire statistics indicate that in 2019, 84% of US millionaires had net worths between $1 million and $2.5 million.
(Statista)
Another 13% are those with a net worth between $2.5 million and $4 million. This means that only 3% of America’s millionaires have a net worth of over $4 million. Of that percentage, just 0.01% includes individuals with a net worth of at least half a billion dollars.
Curious Millionaire Stats and Facts You Didn’t Know
Need we say more about this section than the title already announces? Dig in and enjoy!
12. In 2020, most people in the States were indifferent to the existence of billionaires.
(Statista)
It’s interesting that 39% of adults aged 18–29 thought billionaires are a bad thing, though we assume the youngest self made millionaires like Kylie Jenner would probably disagree. On the other hand, only 15% of people over the age of 65 thought it’s terrible to have billionaires.
13. Most US adults think billionaires should pay a wealth tax to reduce inequality.
(Statista)
To be precise, 85% of US citizens siding with the Democratic Party think this is the right way. Additionally, 66% of US adults with no party associations stated that billionaires should pay this tax as well.
14. The first American millionaire was John Jacob Astor, mainly a fur trader and real estate mogul.
(History)
The first multi-millionaire in America was worth over $20 million at the time, which would today be over $100 billion. He started off in the dairy business, then worked as a musical instrument salesman, and later as a baker as well, before he switched to fur trading and real estate.
A great part of his wealth came from smuggling opium to China, where the substance was banned. The money earned there was used to buy other products like fabrics and tea, which he then brought to America and sold.
15. The first Afro-American millionaire was Jeremiah G. Hamilton.
(The Atlantic)
According to many, the first African American millionaire was none other than Madam C.J. Walker, who made a fortune selling hair care products to black women. However, she lived after Jeremiah Hamilton, so she couldn’t be the first black millionaire.
Jeremiah Hamilton was a Wall Street broker in the 19th century. This businessman became notorious for the dubious ways he gained his fortune. He died as the richest non-white man in the US. His net worth was about $2 million, which would today be approximately $250 million.
FAQ
Does 1 million make you a millionaire?
Simply owning a million dollars doesn’t make you a millionaire. A genuine millionaire has a net worth of at least $1 million. In other words, if you’re left with that amount of money after paying all your debts, you’re considered a millionaire.
(Ramsey Solutions)
How did most millionaires get rich?
Most millionaires weren’t born into wealth, they’ve earned their way to the top. The five degrees that helped most people become millionaires are:
- Computer science
- Economics
- Engineering
- Law
- Master’s degree in business administration.
(Business News Daily) (Edvoy)
Are most millionaires self made?
Yes, they are. About 88% of them earned their millions on their own, according to self-made millionaire statistics. A lot of them later end up investing that money into retirement accounts, stocks, or other ways that will allow them to make it grow.
(Business News Daily)
How many millionaires are there in the US?
The latest reports show there were approximately 20.2 million millionaires in the US in 2020. And in case you were wondering about your own odds of becoming a millionaire, you’ll be happy to learn there are estimations that the States will have 28 million millionaires in 2025. So, now might really be the time you achieve your goal.
(Credit Suisse)
Who was the first African American woman millionaire?
This title, no doubt, belongs to Madam C. J. Walker, famous for her haircare products created specifically for black women. Her parents were born into slavery, but she was their first child who was born a free individual. Walker was a self-made millionaire: her entire fortune came from skillful salesmanship and hard work.
(History)
Conclusion
Personal finance statistics tell us a lot of people are actually lacking basic financial literacy. If you’re aspiring to become insanely rich, maybe this is exactly where you should start—learning the basics. Of course, we hope our millionaire statistics will come in handy on your journey to the top, too!
