How Many Millionaires Are There?
Published: May 24, 2022
The wealthiest people seem to have the world in the palm of their hands. We’ve all heard about the amount of money Amazon’s Jeff Bezos and Tesla’s Elon Musk make as billionaires. But, have you ever wondered what the exact number of millionaires in the world is?
We’ll tell you here, so keep reading!
How Many Millionaires Are There?
(Source: Credit Suisse)
The world has more than 56.1 million millionaires, according to recent numbers. The number of millionaires grew by 5.2 million back in 2020. It means that now, 1.1% of the world are millionaires.
Brazil, India, and Russia were the countries that suffered the most losses in the number of millionaires, while the US, Germany, and Australia got the most gains in recent years.
More Stats and Facts About Millionaires
Have you ever wondered how many millionaires the US has or which American state has the most millionaires? Keep reading! We’ve investigated the ages of millionaires and how likely you are to become a millionaire.
How Many Millionaires Are There In The United States?
(Source: Investopedia)
The United States has 21,951,000 millionaires. More than 1% of all Americans are now millionaires with the recent increase in numbers. Besides this number of millionaires in the US, there are 745 billionaires with a total of $5 trillion worth of wealth.
How Many Millionaires Are There In The United States Per State?
(Source: Statista)
When we rank states by the highest percentage of millionaire households among the total households, California wins with 1,147,251 millionaires. Texas and New York are second and third, with 650,216 and 570,456 millionaires respectively.
The states with the lowest numbers of millionaires were Wyoming (12,849), Vermont (16,411), South Dakota (18,905), North Dakota (20,002), and Alaska (22,302).
The average age of US millionaires is 57 years old.
(Source: Rutgers)
If you’re worried that your time to become a millionaire is running out, don’t! You still have time as it takes two or three decades to work hard and accumulate your wealth to millions.
There are 2,668 billionaires in the world in 2022.
(Source: Forbes)
It wasn’t just the number of millionaires in the world that rose in 2020. The number of billionaires reached a record high of 2,755 in 2021. This year, all the billionaires are collectively worth $12.7 trillion.
From the list, 329 billionaires fell this year, including Peloton owner John Foley and Bumble’s Whitney Wolfe Herd, who was a billionaire for a year only.
But, countries like Bulgaria, Estonia, and Barbados got their first-ever billionaires this year!
Three in 100 Americans are millionaires.
(Source: TitleMax)
A person’s chances of becoming a millionaire depend on factors like education, race, and age. So, white people and Asian-Americans have better odds than African-Americans.
Additionally, a postgraduate degree gives you better odds, but such a degree helps white people more than it does Asian-Americans and African-Americans.
On top of this, a graduate degree helps an African-American less than an associate degree helps a white person become a millionaire.
Wrapping Up
The reality is that we can’t all be millionaires, and that’s fine! We hope that we’ve informed you of what your odds are, the number of millionaires in the world, and the total number of millionaires in the US. So, if you’re under 62, there’s still plenty of time!
ABOUT AUTHOR
Ema is an ESL teacher (who is highly curious about technology in education) and a content writer. She enjoys writing on all sorts of subjects and she loves a good challenge. When she’s not working, you can find her reading a mystery thriller or watching “Shutter Island” for the umpteenth time.
