Having a net worth of $10 million is rare, placing individuals within the top tier of wealth globally and in the U.S. As of 2024-2025 data, roughly 905,000 to over 1 million U.S. households hold a net worth of $10 million or more, which represents only a small fraction (roughly 1% or less) of the total population. It is much less common than having $1 million, which about 12% of U.S. households possess.
Nearly 6 percent have a net worth of over $10 million. Again, these people skew our average upward. The typical (median, or 50th percentile) millionaire household has a net worth of $1.6 million. * On average, our total annual realized income is less than 7 percent of our wealth.
Generally, a liquid net worth of at least $1 million would make you a high net worth (HNW) individual. To reach a very high net worth status, you'd need a net worth of $5 million to $10 million. Individuals with a net worth of $30 million or more might qualify as ultra-high net worth.
Costs and Lifestyle
Even without investment growth, $10 million allows you to withdraw $100,000 per year for 100 years. With even some modest financial management, you could generate between $2810,000 and $1.05 million per year in income without even touching your underlying principal.
Decamillionaire is a term used for someone with a net worth of over 10 million of a given currency, most often U.S. dollars, euros, or pounds sterling. The term decamillionaire is made up of two words, “deca” and “millionaire.” The word “deca” or “deka” is of Greek origin, meaning ten.
How much money you need to be considered wealthy across the U.S.—it's over $2 million in most places. To be considered wealthy in the U.S., Americans say you need a net worth of $2.3 million in 2025 — but that number can be even higher depending on where you live.
Difference Between Billion, Crore, and Million
The main difference is the numbering system. “Billion” is used internationally (mainly US/UK), while “crore” and “lakh” are unique to the Indian system. 1 billion equals 100 crore and 1 crore is 10 million.
Factors like disciplined investing, entrepreneurship, or high-income careers in finance, tech, or law often propel individuals into this bracket. A $10 million net worth places households in an even more exclusive category, with around 2.13 million households, or 1.62% of the total, meeting this benchmark.
By the time you reach your 40s, you'll want to have around three times your annual salary saved for retirement. By age 50, you'll want to have around six times your salary saved. If you're behind on saving in your 40s and 50s, aim to pay down your debt to free up funds each month.
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.
9 Signs of Wealth to Look Out For
What does the typical millionaire look like? On average, they're self-made, own a home, and prioritize long-term investing in stocks. Among millionaires, 95% own their home, with an average home value of $982,938, per the Federal Reserve.
To be in the top 1% in the U.S., a household generally needs a net worth of around $11.6 million to $13.7 million, though this threshold fluctuates with market conditions and can vary significantly by age and location, with some reports suggesting higher figures like $21.7 million or even lower figures for certain states. This figure represents total assets (homes, investments, savings) minus debts and provides a better picture of long-term financial standing than income alone.
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 short answer: to retire on $80,000 a year in Australia, you'll need a super balance of roughly between $700,000 and $1.4 million. It's a broad range, and that's because everyone's circumstances are different.
By age 50, you should aim to have about six times your annual salary saved for retirement, according to guidelines from Fidelity and other experts, though this can vary from 5x to 8x depending on your goals and lifestyle. For example, if you earn $100,000, you should target around $600,000 saved. If you're behind, focus on catching up with higher contributions, utilizing catch-up contributions for those 50+, and potentially increasing your savings rate to 15% or more of your income.
A good net worth by age varies, but common benchmarks suggest aiming for 1x your salary by 30, 3x by 40, 6x by 50, and 8-10x by retirement, while median figures show a steady climb from around $39k (under 35) to over $360k (55-64), with averages being much higher due to wealth concentration at the top. These are guidelines, as personal factors like location, career, and debt significantly impact your financial picture.
In the financial services industry, a high-net-worth individual (HNWI, also known as the rich, wealthy, or a millionaire) is a person who maintains liquid assets at or above a certain threshold.