How Many Millionaires Are in the US?
Understand the scope of wealth in the US: how it's defined, measured, and composed among affluent individuals.
Understanding what defines a millionaire and how these figures are tracked provides insight into the economic landscape. These statistics offer a glimpse into the changing dynamics of financial success and economic trends within a society.
Defining Wealth and Millionaire Status
Defining millionaire status primarily centers on an individual’s net worth, which is the total value of their assets minus their liabilities. Assets commonly include various forms of property and investments, such as the market value of real estate, including a primary residence, and financial instruments like stocks, bonds, and mutual funds. Retirement accounts like 401(k)s and Individual Retirement Accounts (IRAs) are also typically counted as part of an individual’s assets.
Liabilities, conversely, encompass all forms of debt, including outstanding mortgage balances, vehicle loans, student loans, and credit card debt. Therefore, someone with a $1.5 million home and a $600,000 mortgage would have $900,000 in equity contributing to their net worth. While the most common definition of a millionaire includes all assets, some analyses might focus solely on liquid assets, excluding non-liquid holdings like primary residences or personal belongings. However, for general reporting, the broad calculation of assets minus liabilities is widely accepted for determining millionaire status.
Current Snapshot of Millionaires in the US
The United States leads globally in its millionaire population. Recent data from the 2025 UBS Global Wealth Report indicates that the U.S. had nearly 24 million millionaires in 2024. This figure represents a substantial increase, with the country adding over 379,000 new millionaires in 2024 alone, averaging more than 1,000 individuals per day.
The U.S. currently accounts for approximately 40% of the world’s total millionaire population, surpassing the combined figures of many other major economies. This growth highlights the impact of various economic factors on individual wealth. While some reports, like Capgemini’s 2025 World Wealth Report, cite slightly different totals for HNWIs due to varying methodologies or reporting periods, the general trend of increasing millionaire numbers in the U.S. remains consistent across sources.
Many of these individuals are categorized as “everyday millionaires,” with net assets typically between $1 million and $5 million, often accumulated through diligent savings and appreciation of asset values. This expansion in the millionaire demographic reflects the dynamic nature of wealth accumulation in the country.
Components of Wealth for US Millionaires
The wealth of U.S. millionaires is typically diversified across several key asset classes, reflecting strategies aimed at growth and preservation. A significant portion of their financial holdings is often allocated to investments, including public equities such as index funds, blue-chip stocks, and dividend-paying stocks. Many also utilize tax-advantaged retirement accounts like 401(k)s and IRAs, which can comprise a substantial part of their overall wealth.
These accounts offer compounding growth potential over extended periods. Real estate also constitutes a major component of millionaire wealth, encompassing both primary residences and investment properties. The appreciation of home values has been a notable factor in many individuals achieving millionaire status, even if their day-to-day finances remain modest.
Beyond traditional investments, business equity, representing ownership stakes in private enterprises, forms a substantial part of the portfolios for higher net worth individuals. Additionally, millionaires often hold cash and may engage in alternative investments, such as private equity, hedge funds, or tangible assets like gold, art, or other collectibles, particularly as their wealth grows.