How Many Millionaires Are There in the USA?
Delve into the reality of wealth in America. Discover the precise figures, characteristics, and evolving patterns of the nation's affluent.
Public interest in wealth and financial success often sparks curiosity about the number of individuals who achieve significant financial milestones. Understanding the landscape of wealth in the United States, particularly the population of millionaires, offers insights into broader economic trends and individual financial journeys.
Understanding What a Millionaire Is
Defining a “millionaire” is fundamental to accurately discussing wealth, as the term can be interpreted in various ways. The most common and widely accepted definition refers to an individual’s net worth exceeding $1 million. Net worth is calculated by subtracting total liabilities, such as mortgages, loans, and credit card balances, from total assets, which include real estate, investments, retirement accounts, and cash. This definition contrasts with annual income, as a high earner might not necessarily have a high net worth if their expenses and liabilities are substantial. For instance, a person with $1.4 million in assets and $200,000 in liabilities would have a net worth of $1.2 million, qualifying them as a millionaire.
Some financial institutions use a slightly narrower definition, focusing on “investable assets” of $1 million or more, which typically excludes a primary residence and personal collectibles. This distinction means that someone with a paid-off home valued at over $1 million might be considered a millionaire by net worth but not by investable assets.
Number of Millionaires in the USA
The United States leads the world in the number of millionaires, demonstrating a significant concentration of wealth. As of 2024, the U.S. was home to approximately 23.8 million millionaires, according to reports from UBS. This figure means that roughly one in every fifteen people in the U.S. has a net worth of at least $1 million.
Other reports provide slightly different numbers based on varying definitions of wealth. For example, the Capgemini Research Institute’s World Wealth Report 2025 indicated that the U.S. had 7.9 million high-net-worth individuals (HNWIs) in 2024, defined as those with $1 million or more in investable assets, excluding a primary residence. Similarly, the Henley & Partners USA Wealth Report 2025 stated that the U.S. is home to over 6 million HNWIs with investable wealth of $1 million or more. These varying figures highlight the importance of understanding the specific criteria used.
Trends in US Millionaire Population
The millionaire population in the U.S. has shown consistent growth in recent years. In 2024 alone, the U.S. added over 379,000 new millionaires, averaging more than 1,000 daily. This surge is largely attributed to robust stock market performance and appreciation in real estate values.
Economic conditions, such as a stable U.S. dollar and a favorable interest rate environment, have also contributed to wealth creation. Long-term savings, consistent contributions to retirement accounts like 401(k)s, and disciplined financial planning have enabled many individuals to reach millionaire status. The concept of “everyday millionaires,” individuals with net assets primarily from savings and asset appreciation, underscores that wealth accumulation is often a result of methodical choices rather than sudden windfalls.
Where Millionaires Live in the USA
Millionaires in the United States are not evenly distributed, tending to concentrate in specific regions. California consistently leads with the highest number of millionaire households, followed by states like New York, Florida, and Texas. These states often serve as major economic hubs with diverse industries, attracting high-paying jobs and fostering wealth creation.
New York City, as a global financial center, holds the largest number of millionaires in the U.S., with approximately 349,500 residents. The San Francisco Bay Area, driven by its robust technology sector, also boasts a significant concentration of millionaires, with around 305,700. Other major cities such as Los Angeles, Chicago, Houston, and Dallas also rank high in millionaire populations.
The presence of major industry clusters, financial markets, and booming real estate markets contributes to these concentrations. Some areas, like Miami and Austin, have seen rapid growth in their millionaire populations, partly due to favorable tax policies and expanding tech sectors, attracting wealthy individuals. This geographic distribution highlights the role of economic opportunity and lifestyle preferences in shaping where affluent individuals choose to reside.