How Many Millionaires Are in the US?
Who doesn’t dream of being a millionaire? Today, it’s more attainable than ever to become an ultra-high-net-worth individual. The number of millionaires, and billionaires for that matter, grows every year, and you may be surprised at how many of the richest of the rich there are in the U.S. today.
Millionaires and Billionaires In the US: Quick Take
You may think that millionaires all live in big mansions behind wrought iron gates and only in the poshest neighborhoods. But there are more wealthy individuals than you think, and there may be some in your town. Here are some key takeaways:
There are over 22 million people in the U.S. that are millionaires.
There are approximately 735 billionaires in the U.S.
The number of millionaires in the U.S. wealth report can fluctuate daily as finances, investments, retirement accounts and property values go up and down. But over time, the number of millionaires tends to increase.
Being a millionaire means that you have a net worth of $1 million or more.
Being a multi-millionaire means that you have a net worth of $2 million or more.
Being a billionaire means that you have a net worth of $1 billion or more.
Net worth is your assets less your liabilities, or everything you own minus everything you owe.
Famous US Millionaires and Billionaires
Many of the famous U.S. millionaires and billionaires are in the show business or tech arenas. To give you an idea of some of the breakdown of wealth in this country, or even a little inspiration, here are some of the most well-known and richest people in the U.S. today:
Famous US Millionaires
Dwayne Johnson’s estimated net worth: $800 million
Dolly Parton’s estimated net worth: $650 million
Jennifer Lopez’s estimated net worth: $400 million
Channing Tatum’s estimated net worth: $80 million
Mindy Kaling’s estimated net worth: $35 million
Zendaya’s estimated net worth: $20 million
Angela Bassett’s Net Worth: $25 million
Famous US Billionaires
Larry Ellison’s estimated net worth: $136 billion
Jeff Bezos’s estimated net worth: $188 billion
Warren Buffet’s estimated net worth: $134 billion
Bill Gates’s estimated net worth: $124 billion
Mark Zuckerberg’s estimated net worth: $166 billion
Taylor Swift’s estimated net worth: $1.1 billion
How To Become a Millionaire In 8 Steps
As there are millions of millionaires, becoming a millionaire may be more common than you think, but that doesn’t mean it’s easy. Building wealth is also not a guaranteed process, but there are certainly ways to increase the likelihood that you’ll acquire significant growth over your lifetime. Here are some tips to help you on your journey to becoming a millionaire.
Here are eight steps to help you become a millionaire:
Start early. Saving money for the future is a habit, and the sooner you can make that habit a part of your lifestyle, the better off you’ll be. You can start small if you need to but start today.
Always live beneath your means. Put another way, savings should be a part of your budget. Don’t fall into the trap of paying all your bills and then saving whatever is “left.” Pay yourself first.
When you get a raise, increase your savings first. Then you can think about using part of the raise for other things.
Always max out your retirement plan contributions. Ideally, you should save the maximum amount you can pre-tax. If you can’t do that yet, make sure you are at least saving enough to get the company match. The company match is free money — don’t leave it on the table.
Consider a side hustle. Bringing in more money is a great way to be able to save more money. If you can, take an extra job or start a business on the side, and put that money right into savings.
Consider the big picture when changing jobs. When you are thinking about changing jobs, consider the salary offer but also the benefits as well. And negotiate everything — a company that can’t offer a higher salary may be able to provide stock options.
Invest. It’s a lot harder to become a millionaire if you’re getting 0.01% APY at the bank. Invest your money with the amount of risk you are comfortable with, and then leave it there. Don’t try to time the market, and don’t panic and pull your money out if the market drops. Wait it out.
Choose your real estate carefully. Millionaires may have a significant portion of their wealth in their homes. When deciding where to buy, consider the neighborhood and the town with an eye toward the potential increase in the value of the property.[/tipquote]
Final Take To GO
Becoming a millionaire isn’t easy, and it takes some sacrifice. But by starting early, planning ahead and sticking to your plan, you too could be a millionaire someday. Outside of becoming a multi-millionaire like The Rock, it’s now in the realm of possibility to become a billionaire like Jeff Bezos, so keep your options and your momentum going.
FAQ
Here are some answers to frequently asked questions about how many millionaires there are in the U.S.
How many Americans are worth $100 million?
Though this can well fluctuate, according to Ramsey Solutions there is estimated to be over 9,000 centi-millionaires in the U.S., or rather individuals or household with a net worth of $100 million.
What percentage of the U.S. population has $2 million?
According to Yahoo Finance, the top 2% of the United States population has a net worth of about $2.4 million.
Is $2 million a multi-millionaire?
Yes, multi-millionaires or even n-fold millionaires are individuals with a net worth of $2 million or more. No matter if you have $2 million, $30 million or $90 million, you are in the multi-millionaire club.
Karen Doyle contributed to the reporting for this article.
Data is accurate as of Feb. 20, 2024, and is subject to change.
This article originally appeared on GOBankingRates.com: How Many Millionaires Are in the US?
