20 Grand Millionaire Statistics to Inspire You in 2022

In this article, we’ll discuss everything there is about millionaire statistics, including the average age of millionaires, how they became successful and more. 

Whether you’re an aspiring millionaire or simply curious about the rich and famous, the information below will certainly come in handy.

Sounds interesting? Then keep on reading! 

Top 10 Millionaire Stats and Facts 

  • 88% of millionaires have a college degree.
  • The average age of millionaires is 57.
  • There were 5.2 million new millionaires in 2020.
  • The minimum net worth of millionaires is about $11.1 million.
  • China will increase its millionaire count by 92.7% by 2025.
  • There were 21,951,000 millionaires in the US at the end of 2020.
  • Approximately 600,000 Millennials are already millionaires.
  • California is the state with the most billionaires.
  • The average age for becoming a millionaire is 37 years old.
  • 79% of millionaires didn’t acquire an inheritance.

Global Millionaire Facts and Stats 

Did you know that there were over 100,000 Bitcoin millionaires worldwide as of 2021? Read about that (and more) in the stats and facts below!

1. Merely 1.1% of adults in the world are millionaires.

(Source: Quartz)

When looking at the number of total millionaires in the world, there are literally millions of them (56.1 million to be exact). Brazil, India, and Russia suffered the most losses in the number of millionaires in 2020.

Interestingly, only three countries account for more than half of the world’s millionaires: the United States, China, and Japan.

2. 88% of millionaires have a college degree.

(Source: Ramsey Solutions)

Conversely, merely 38% of the general population have a college degree. And unlike their millionaire counterparts (52%), just 13% of them get a master’s degree or higher.

So, apparently, it does pay off to get a college degree.

3. There were 5.2 million new millionaires in 2020.

(Source: BBC)

Ironically, the economic crisis caused by the pandemic opened the door for millions of people to become millionaires, despite millions of others losing their jobs at the same time.

4. 57 is the average age of millionaires.

(Source: Emoji Cut)

Hence, we can surmise that it takes roughly 30 to 40 years of hard work for most people to accumulate wealth.

5. China will increase its millionaire count by an impressive 92.7% by 2025 to 10.17 million.

(Source: SCMP)

In comparison, the number of millionaires in the US is predicted to increase by “just” 27.8% to 28.06 million in total by 2025.

It’s worth noting that the increase in China’s wealth between 2000 and 2020 is nearly equal to that of the US between 1925 to 2005. In other words, China will create millionaires three times faster than the US between 2020 and 2025.

6. The minimum net worth of millionaires is about $11.1 million.

(Source: Investopedia) 

Average millionaire statistics show that the net worth of millionaires over the last two decades has skyrocketed, towering over the average citizen’s net worth considerably.

In fact, a person would need to earn an average of $823,763 per year to become a millionaire.

7. Women are less likely to become millionaires.

(Source: The Motley Fool)

Women continue to earn less than men, making just $0.80 for every dollar their male counterparts earn.

What’s more — women reach their peak earnings at the age of 44, earning $66,700 on average, whereas men reach their peak at 55, earning $101,200 on average. According to recent millionaire statistics, at retirement age, the lifetime earnings gap is a mind-boggling $1,055,000.

That said, there are many wealthy women around the world. For instance, Francoise Bettencourt Meyers is currently the richest woman in the world, with a net worth of $74.8 billion.

While it’s nowhere near the net worth of the world’s richest man, Elon Musk, who is worth over $200 billion, it’s still a lot of money.

8. There were 3,311 billionaires worldwide in 2021. 

(Source: Altrata) 

This is an increase of 3.3% since the previous year. Consequently, 2021 marked the third consecutive year of the growing number of billionaires around the world.

In addition to that, total wealth increased by 17.8% to a record-breaking $11.8 trillion.

9. Millionaire demographics show that merely 12.9% of billionaires are women.

(Source: Statista / Wealth-X)

This means that of the 3,311 billionaires, merely 430 billionaires are women. And out of that, 45% of female billionaires had inherited their fortune (as of 2020).

Moreover, there were 927 billionaires in the US in 2020, whereas in China, there were “only” 410 of them. Likewise, Germany takes third place with some 174 billionaires.

10. Half of the billionaires in 2021 were between the ages of 50 and 70. 

(Source: Statista)

40% of the billionaires worldwide were older than 70 years. And merely 10% were under the age of 50.

11. Most global billionaires are self-made.

(Source: Statista)

As of 2021, most billionaires worldwide have amassed their fortunes via their own efforts. To be more precise, 2,000 of them are self-made, whereas only 338 billionaires have inherited their wealth.

Millionaire Statistics in the US

The US has the highest number of millionaires worldwide, making it the ideal place to accumulate wealth. With so many millionaires, you may even know one or two, such as Bill Gates, the fourth richest man in the world.

Here are some more interesting statistics and facts about millionaires in the US.

12. 21,951,000 was the total number of millionaires in the US by the end of 2020.

(Source: GOBankingRates) 

As of 2020, there were 258.3 million adults in the US. And out of that, around 22 million of them were millionaires, which equates to roughly 1 in 11 adults.

13. Approximately 600,000 Millennials are already millionaires.

(Source: MoneyUnder30)

As of writing this, there are around 72 million Millennials in the US.

From astute opportunists and Hollywood activists to frugal investors, their paths are as varied as the generation itself.

14. Inflation is causing Millennial millionaires to postpone big purchases.

(Source: CNBC)

Almost half of Millennials are postponing their purchase of a car due to higher borrowing costs, and 44% are delaying purchasing a home due to higher interest rates.

Compared to Baby Boomers, Millennials are three times more likely to cut back on large purchases.

15. There were 323,443 millionaire households in New Jersey in 2020.

(Source: Kiplinger)

The three states with the most millionaires in 2020 were New Jersey, Maryland, and Connecticut.

The total number of households in New Jersey is 3,312,916. In other words, there is a 9.76% concentration of millionaires in The Garden State.

Conversely, the concentration of millionaire households in Maryland is 9.72% — 2,274,491 households versus 221,189 millionaires. And in Connecticut, the concentration of millionaire households is 9.44% — 1,380,296 households versus 130,291 millionaires.

16. As of September 2022, the average annual salary for millionaire jobs is $77,916.

(Source: ZipRecruiter) 

Hence, the average millionaire income is $6,493 per month, which equates to $1,498 per week.

It’s worth noting that Warren Buffet, one of the wealthiest people on the planet, makes more than $14.2 million per day.

17. As of March 2021, California is the state with the most billionaires.

(Source: Forbes)

There are 189 billionaires in California, with a combined net worth of $1.04 trillion. The wealthiest person in California is Mark Zuckerberg, who is worth over $97 billion.

Next on the list is New York, with 126 billionaires with a combined net worth of $672.7 trillion. The wealthiest person there is Michael Bloomberg. Next on the list are Florida, Texas, and Massachusetts.

18. The average millionaire tax rate in the US is just 8.2%.

(Source: CBS News)

The 400 richest families in the US pay an average income tax rate lower than most Americans (data concerns the 2010–2018 period and includes untaxed income).

19. The average age for becoming a millionaire is 37 years old.

(Source: Title Max / BF Advisors)

Conversely, it takes a little while longer to become a billionaire, with the average age being 51.

This is further influenced by race and education. For instance, those who can afford a postgraduate degree have a 1 in 3 chance of becoming a millionaire.

20. Self-made millionaire statistics show that 79% of millionaires didn’t acquire an inheritance.

(Source: Ramsey Solutions) 

Almost 8 out of 10 millionaires are self-made. 

Moreover, parents didn’t financially support most millionaires. Instead, they’re first-generation millionaires from middle-class or even lower-middle-class families.

Wrapping Up 

Who doesn’t want to be a millionaire? But who becomes a millionaire? Well, more people than you thought, according to our millionaire stats

It’s never too early to begin working toward your financial objectives. The best thing you can do is start saving a certain percentage of your monthly income the day you start making money.

And don’t worry if you’ve reached the age of 37 without becoming a millionaire. Becoming a millionaire is a good motivational benchmark and an accomplishment at any age.

FAQ

What percentage of 30-year-olds are millionaires in the US?

(Source: Emoji Cut)

Merely 2% of US millionaires are between the ages of 30 and 39, whereas 6% are under 29. In total, there are 8% of American millionaires under the age of 30.

What do most millionaires do for a living?

(Source: Ramsey Solutions) 

The top five millionaire occupations are teacher, engineer, management, attorney, and accountant. Hence, we can surmise that most didn’t become so wealthy due to their high salaries but due to smart investments.

What percentage of millionaires started with nothing?

(Source: Ramsey Solutions)

Millionaire statistics show that roughly 80% of millionaires are self-made, meaning merely 20% of them inherited money. Therefore, hard work does pay off in the end.

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