The U.S. has approximately 24 million millionaires, making it the country with the most millionaires globally, with reports from late 2025/early 2026 placing the figure around 23.8 to 24.5 million, representing nearly 40% of the world's total. This number reflects individuals with a net worth of $1 million or more (excluding primary residence in some definitions) and grew by over 1,000 people daily in 2024.
About 90% of millionaires build wealth through long-term investing, often focusing on real estate, starting their own businesses, and making consistent, disciplined financial choices like budgeting, saving, and continuous self-education, rather than flashy spending, with a strong belief in controlling their own financial destiny. They prioritize tangible assets and income streams, using strategies like leverage and tax benefits, and avoid excessive spending on depreciating assets like luxury cars.
Joining the top 1% requires a net worth of $11.6 million to $13.7 million, a slight dip from 2024 peaks due to market declines but still among the highest in history. For the top 5%, a net worth of $1.17 million to $2.7 million secures your spot, while the top 10% requires between $970,900 and $1.9 million.
In order to be considered wealthy in Canada, you should have a net worth of at least $1 million. That being said, a lot of Canadians who are considered wealthy live a relatively normal life. Most of their net worth is in their primary residence, investments, retirement packages, or even a mix of the three.
Only a small fraction of Americans, around 1.8% of U.S. households, have $2 million or more saved in retirement accounts, according to analyses of Federal Reserve data by organizations like the Employee Benefit Research Institute (EBRI). This puts them in a very elite group, as most people fall far short of this milestone, with far fewer reaching $3 million (around 0.8%).
Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.
Yes, if you have $1 million in net worth, you are technically a millionaire, as it's based on assets minus liabilities (what you own minus what you owe). However, having $1 million in cash doesn't guarantee you're a millionaire long-term due to inflation and spending, and some definitions (like for taxes) focus on high annual income, not net worth.
The average age of a millionaire in the U.S. is around 61 years old, with most achieving this status in their 50s and 60s through decades of saving and investing, not sudden wealth, though some sources suggest slightly younger averages (around 57) or higher medians (62). This age reflects long-term wealth accumulation, often with significant retirement account balances, and the average age has been increasing as older generations live longer.
The 3-6-9 rule in finance is a guideline for building an emergency fund, suggesting you save 3 months of essential expenses for stable jobs, 6 months for most people (especially those with families/mortgages), and 9 months for those with irregular income (freelancers, sole earners) or high financial risk. It's a flexible strategy to provide financial security, helping you avoid debt or panic withdrawals during unexpected job loss or emergencies, with the exact target depending on your income stability and dependents.
Millionaires focus on budgeting, living below their means, and avoiding debt to grow their wealth over time. Millionaires prioritize learning, investing regularly, and surrounding themselves with supportive, like-minded people.
THE TOP 5 CAREERS OF MILLIONAIRES: - Engineer - Accountant (CPA) - Teacher - Management - Attorney Some of those are surprising, huh? Nope, teacher isn't a typo. You see, it's not chance or inheritance that creates most millionaires. It's a PLAN.
That depends on your age, your income, and your circumstances. It also depends on whether you compare yourself to other people, or to what experts recommend is an ideal net worth. Generally speaking, a $500,000 net worth is good, especially if you're mid-career.
The four common types of millionaires, based on how they build wealth, are Saver-Investors (frugal savers/investors), Company Climbers (corporate executives), Virtuosos (high-income experts like doctors/lawyers), and Entrepreneurs/Dreamers (business owners or passionate creators). Another classification focuses on asset liquidity: Virtual (high income but little tangible wealth), Asset (wealth tied up in property/business), Liquid (significant cash/investments), and Cash Flow (large passive income streams).
Of the 54.3% of U.S. households that have any money in retirement accounts, only about 9.3% have $500,000 or more in retirement savings.
9 Signs of Wealth to Look Out For
For a 70-year-old, average retirement savings vary significantly by source, but generally fall between $250,000 and over $600,000 (mean/average), while the median (half have less) is much lower, around $100,000 to $200,000, highlighting a wide gap due to high earners skewing averages. Key figures show the mean for ages 65-74 around $609,000, but the median for that group is closer to $200,000.