Global wealth took a hit in 2022, falling 3%. But it has rebounded last year, and the ranks of the world's millionaires are expected to continue to grow through 2028. Nearly 22 million people in the U.S.—roughly one in 15 Americans—had wealth upwards of $1 million last year, according to UBS' 2024 global wealth report.
According to the 2022 Survey of Consumer Finances by the Federal Reserve, only about 12% of U.S. households have a net worth over $1 million. This means that the vast majority – 88% – are nowhere near that level.
There are over 22 million millionaires in America, which means that roughly 1 in 15 Americans are millionaires, per the 2024 UBS Global Wealth Report. The report also shared that the millionaire population in the U.S. is expected to grow 16%, to 25.4 million, by 2028.
It has become especially popular because it can potentially be a gateway to millionaire status. The famed wealthy entrepreneur Andrew Carnegie famously said more than a century ago, “Ninety percent of all millionaires become so through owning real estate.
Only one-third of American millionaires — or those with at least $1 million in investible assets — consider themselves "wealthy," according to a new study from Northwestern Mutual, a financial services firm.
To be considered a really top earner in the U.S., we could take the IRS' benchmark on what the top 1% of Americans earn—above $540,009 puts you in the top 1% of earners from a tax perspective. The Economic Policy Institute though, believes that to be in the top 1% of earners you need to earn $819,324 a year.
A millionaire is somebody with a net worth of at least $1 million. It's a simple math formula based on your net worth. When what you own (your assets) minus what you owe (your liabilities) equals more than a million dollars, you're a millionaire. That's it!
Your net worth is what you own minus what you owe. It's the total value of all your assets—including your house, cars, investments and cash—minus your liabilities (things like credit card debt, student loans, and what you still owe on your mortgage).
Probably 1 in every 20 families have a net worth exceeding $3 Million, but most people's net worth is their homes, cars, boats, and only 10% is in savings, so you would typically have to have a net worth of $30 million, which is 1 in every 1000 families.
If you want to retire by age 67, many financial advisers recommend having a net worth that's five to seven times your annual income by the time you turn 50.
No individual has claimed the status of trillionaire just yet. But a net worth equal to at least one trillion in U.S. dollars or a similarly valued currency isn't unattainable, but it will be a couple of years yet. Only 18 countries have a GDP that exceeds that amount.
You now need a net worth of $5.8 million to be among the richest 1% of Americans, report finds. Americans need a net worth just south of $6 million to break into the richest 1%.
Regarding net worth, having $1 million in liquid assets often puts you in the 'high net worth' category. But if you want to be considered very high net worth, you might need anywhere from $5 million to $10 million. For those aiming even higher, ultrahigh net worth status could mean having $30 million or more.
Only approximately 10% of American retirees have successfully saved $1 million or more, as indicated by the most recent Survey of Consumer Finances conducted by the Federal Reserve. What is the recommended age to have $1 million saved for retirement? It is feasible to retire at the age of 65 with $1 million.
For example, a common rule of thumb is to have a net worth equal to one's annual salary by age 30, doubling that amount by age 40, and reaching five times the salary by retirement age.
Many millionaires keep a lot of their money in cash or highly liquid cash equivalents. And they tend to establish an emergency account even before making investments.