What Percentage of Americans Have a Million Dollars?

Public interest often centers on the prevalence of millionaires in the United States, reflecting curiosity about economic success and wealth distribution. Understanding this topic involves examining definitions of wealth and analyzing the demographic characteristics of those who achieve millionaire status.

Defining Financial Wealth

The term “millionaire” generally refers to an individual whose net worth totals $1 million or more. Net worth is calculated by subtracting an individual’s total liabilities, such as mortgages, loans, and credit card debt, from their total assets, which include cash, investments, real estate, and other valuable possessions. This comprehensive calculation provides a snapshot of a person’s overall financial standing. The inclusion of a primary residence’s equity in this calculation is a common practice among major financial institutions and research bodies when reporting millionaire statistics.

While net worth encompasses all assets, “liquid assets” are holdings easily converted to cash, like savings accounts or marketable securities. “Gross assets” represent total assets before liabilities are subtracted. Income, which is the money earned over a period from employment, investments, or other sources, is distinct from wealth, as wealth is an accumulation of assets over time. Different studies may use slightly varying definitions, such as focusing on “investable assets” that exclude primary residences, which can lead to different reported numbers of millionaires.

The Current Landscape of Millionaires

In 2023, data from the Credit Suisse Global Wealth Report indicated that over 24.4 million people in the U.S. possessed wealth exceeding $1 million. Another report from Statista showed approximately 22 million millionaires in the U.S. in 2023, representing about 6.6 percent of the country’s population.

More recent data from Capgemini’s 2025 World Wealth Report revealed that the U.S. added 562,000 new millionaires in 2024, bringing the total number of High Net Worth Individuals (HNWIs) to 7.9 million. This specific report defines HNWIs as those with $1 million or more in investable assets, explicitly excluding primary residence, collectibles, or consumer durables. This growth in the millionaire population reflects an increase in overall wealth, with the cohort’s combined wealth growing by 9.1% in 2024. The rise in millionaire figures has been influenced by factors such as a favorable interest rate environment and strong performance in U.S. equity markets.

Key Drivers of Wealth Accumulation

Accumulating significant wealth, particularly reaching millionaire status, is influenced by a combination of macroeconomic conditions and individual financial behaviors. Overall economic growth often provides a fertile ground for wealth expansion, leading to increased employment opportunities and higher earnings. Strong performance in the stock market allows investments to grow substantially, contributing to asset appreciation. Rising real estate values can significantly boost net worth, especially for homeowners, as property equity often constitutes a considerable portion of an individual’s assets.

Maintaining high savings rates allows for greater capital to be allocated towards investments. Strategic investment involves diversifying assets across sectors and classes like equities and real estate, mitigating risk while seeking optimal returns. High income levels, often derived from successful entrepreneurial ventures or professions with strong earning potential, provide more disposable income for saving and investing. Effective debt management, including avoiding high-interest debt and leveraging low-interest debt prudently, also preserves capital that can be directed toward wealth-generating activities.

While many millionaires are self-made, inheritance can also contribute to wealth accumulation. Research suggests that a portion of total household wealth accumulation in the U.S. has historically come from inheritances and gifts. These intergenerational transfers can provide a significant financial head start, offering a safety net or capital for investments that might otherwise be out of reach. However, studies also indicate that only a small percentage of American millionaires received a $1 million or higher inheritance, with the majority accumulating their wealth through their own efforts.

Analyzing Wealth Distribution

Wealth in the United States is not evenly distributed across the population, exhibiting distinct patterns across various demographic groups. Age is a significant factor, with net worth generally increasing as individuals progress through their careers and accumulate assets. For instance, the median net worth of Americans typically grows until they stop working, with older generations holding a disproportionately higher share of total household wealth. In 2022, the median net worth for households headed by someone aged 65-74 was approximately $410,000, significantly higher than the $39,040 for those under 35.

Education level also shows a strong correlation with wealth accumulation. In 2022, the median net worth for Americans with a college degree was $464,400, while those with only a high school diploma had a median net worth of $107,000. This disparity highlights how education can influence earning potential and financial behaviors conducive to wealth building.

Geographic location reveals concentrations of wealth in specific regions across the country. States like New York, California, and New Jersey, for example, exhibit higher concentrations of millionaire households. More than half of nationwide extreme wealth, defined as net worth over $30 million, is held by residents of just four states: New York, California, Texas, and Florida. This geographic clustering is often linked to industry mix and economic opportunities within those areas.

Disparities in wealth also persist across racial, ethnic, and gender lines. In 2022, the median net worth for White households was $284,310, while for Black households it was $44,100 and for Hispanic households it was $62,120. Similarly, women generally hold less wealth than men, with single women, for instance, holding about 82 cents of wealth for every dollar owned by a single man. These demographic differences underscore the complex nature of wealth distribution in the U.S.