There were 56.1 million millionaires in the world in 2021. If you want to get a deeper review on this, keep reading.
Without a doubt, millionaires are more common than ninety-nine out of one hundred people imagine. There are hundreds of thousands among us. More than anyone dares believe.
Who is a Millionaire
A person whose assets are worth one million pounds or dollars or more.
Today, the most common definition of a millionaire is a person or a married couple whose net worth is greater than $1 million USD. Under this classification, the number of millionaires around the world has multiplied over the past century.
Despite inflation and subsequently weaker buying power, the U.S. dollar is the international measure for qualifying millionaires.
According to a Spectrem Group Market Insights Report, there were 11.8 million Americans with a net worth of at least $1 million in 2019.1 Whether this term should apply to people with total assets over $1 million, or only to people with liquid assets in excess of $1 million, the definition remains contested.
How Many Millionaires Are There in the World? – General Estimates
The global number of millionaires reached 56.1 million in 2021.
(Credit Suisse)
There are currently 56.08 thousand adult millionaires in the world, with a total net worth of $191.6 trillion. They make for 1.1% of the population.
The top three countries that have the most millionaires are the US (39.1%), China (9.4%), and Japan (6.6%).
(Credit Suisse)
These three countries have the highest number of millionaires on a global scale. In fourth place, there is Germany (5.3%), and the UK shares fifth place with France, as they each house 4.4% of the world’s millionaires.
72.5% of all millionaires are self-made.
(Statista)
Allegedly, only a small percentage of today’s millionaires inherited all their wealth – approximately 7.4%. Another 20.1% admitted the source of their wealth is a combination of inheritance and personal earnings, while the vast majority claim to have earned their wealth through income from work, real estate, investment, or by selling their business.
Brazil, India, and Russia had the biggest reduction in the number of millionaires in 2020.
(Credit Suisse)
These three countries lost the most millionaires in the world between 2019 and 2020. In addition, despite being second-best in terms of raw numbers, China has just one millionaire per 200 people, due to its high population density. The highest percentage of millionaires is in Switzerland (14.9%).
84% of millionaires have a college degree.
(Spectrem Group)
In terms of becoming a millionaire, having a college degree certainly pays off. However, pursuing further academic success doesn’t seem as prevalent: Only 30% of millionaires also have master’s degrees or PhDs.
Between 2020 and 2025, global wealth is projected to rise by 39%.
(Credit Suisse)
The percentage of millionaires in the world will also likely grow over the next five years, reaching 84 million people. Wealth per adult is also, in the same notion, projected to increase by 31%.
By 2025, the percentage of millionaires in China is expected to increase by 92.7%.
(Credit Suisse)
China is projected to have the highest growth in millionaire numbers in the next five years. Denmark is next in line for the highest projected growth, expected to rise by 82.4%. India is in third place in this category, with a projected rise of 81.8% by 2025.
The average age to make your first million is 50. It typically takes 32 years to get rich.
(Business Insider)
General wealth trends show that it took 38 years for more than 50% of millionaires to join this category. Only 4% of so-called self-made millionaires made this happen in less than 27 years. This means you can hardly expect to become a millionaire while you’re in your forties – 80% of millionaires didn’t become extremely wealthy before they turned 50.
5.2 million new millionaires appeared worldwide in 2020
(Credit Suisse)
The COVID-19 pandemic may have left millions of people jobless, but it made more millionaires, too. More than 1% of all adults worldwide became millionaires for the first time.
In 2019, 76% of all millionaires were married.
(Coldwell Banker Luxury)
While more than three-quarters of the top 1% are married, this ratio is lower for their younger subset. However, Millennials still fit the other markers of wealth pretty well: Just like most other millionaires, they typically have only one child, and the vast majority (80%) have single-family homes. Also, 93% of all millennial millionaires have an average net worth between $1 and $2.49 million, and they donate to charity more than millionaires of other ages.
The Number of Millionaires in the United States
Since most millionaires in the world currently call the US home, it might be interesting to look at what the stats say about American millionaires.
In 2019, 55% percent of American millionaires were men.
(The Quantum)
Against the boom of female-led businesses and similar initiatives, in 2019, the playing field wasn’t even. Still, it is a significant increase from 2014, when the men took about 87% percent of the millionaire space.
Only 11 out of the 56 richest women in America are self-made, according to millionaire statistics in 2020.
(Forbes)
The Forbes Billionaires List includes 56 women. However, most of their combined wealth of $452 billion is held by MacKenzie Scott and Alice Walton. Scott’s last name was Bezos prior to her divorce, whose settlement landed her on the list, and Walton is the heir to the Walmart fortune. The first ten all inherited their wealth from either their husband or family. Only two women on the Forbes list are women of color.
The average American feels that it takes $1.9 million to be considered wealthy in America.
(Schwab)
A thousand Americans gave their perspective on what it takes to be considered wealthy in 2021 in the US. They agreed that $624,000 is enough for comfortable living, $1.1 million is needed for financial happiness, and $1.9 million is needed to be considered wealthy. Unsurprisingly, these numbers are much smaller than the ones discovered in the same survey year before. In 2020, Americans said it takes $934,000 for comfort, and $1.75 million for financial happiness. The bar for “being wealthy” is also much lower in 2021 – in 2020, the desired amount was $2.6 million.
21.9 million individuals in the US were worth $1 million by the end of 2020.
(Credit Suisse)
Despite the global pandemic – or rather, because of it – the number of millionaires in the US grew. Currently, around 9% of adults in the US are millionaires. Therefore, if you live in the US, chances are you know at least one millionaire.
85% of US millionaires in 2020 were white.
(Forbes, Statista)
It is an unfortunate increase within a decade, as stats show that in 2013, 76% of millionaires were white/Caucasian. At the time, there were 8% Asian and Black millionaires, and Latino millionaires accounted for 7%.
How Many People Are Billionaires Globally?
Where there is the first million, there is often another, and if your luck keeps, you might even get to travel into space. But how common is that, really? Let’s check what the statistics say on the topic of billionaires.
In 2020, the world got eight new billionaires each week.
(Business Standard)
Despite the pandemic, in 2020, the list of the world’s billionaires expanded by eight spots each week. In 2020 alone, billionaires added the equivalent of Germany’s GDP to their wealth.
The number of billionaires exploded in 2021 to reach a new all-time high of 2,755.
(Forbes)
Forbes’ 35th Annual World’s Billionaires List of 2021 includes a record-high number of the world’s wealthiest people: 2,755. Altogether, these people are worth a staggering $13.1 trillion, which is $8 trillion more than the collective wealth of the previous year’s billionaires. One hundred and six members of the list are under 40 years of age, and two-thirds are self-made.
10% of the world’s billionaires live in just four Chinese cities.
(Forbes)
Beijing is currently lead in terms of the number of billionaires that call it home, while New York is in second place. Hong Kong, Moscow, and Shenzhen are next on the list. China has the most cities housing those with the top 1% net worth – Beijing, Shanghai, Shenzhen, and Hangzhou.
Elon Musk overpowered Jeff Bezos for the title of the richest man in the world in 2021.
(Forbes)
Elon Musk currently has a net worth of $203.4 billion, which is quite the jump from 2020. As late as December 2020, he was in third place with an estimated $141.4 billion. Jeff Bezos, formerly the richest man in the world, is now behind Musk with “just” $197.7 billion.
The billionaires’ fortune rose by 27% in 2020.
(BBC)
As mentioned, the number of billionaires in the world has risen to an all-time high of 2,755. Among the billionaires, the biggest winners were industrialists, as their wealth rose by 44% just in Q2 2020.
New York is a millionaire’s home, Beijing is home to 100 billionaires.
(Forbes)
New York has been dethroned as a city with the most billionaires in 2021 by Beijing. The Chinese capital is currently just a single billionaire stronger than the Big Apple. Country-wide, the US is still topping the list of countries with the most millionaires and still has the most billionaires, too – 724. However, China is slowly but surely closing the gap with 698.
Retail generated 10.3% of the total wealth for 2020.
(Hurun)
Retail was followed by consumer goods (9.6%), and the third was media and entertainment (8.2%). Surprisingly, the tech came fourth, with software and services generating 7.9% of all the world’s wealth for 2020. Still, the primary sources of wealth for 17.4% of billionaires were healthcare and real estate.
What about Ultra-High-Net-Worth Individuals?
For someone to be considered an ultra-high-net-worth individual (UHNWI), they typically need at least $30 million in investable assets to their name. While this is hardly set in stone, it can still be used as a guideline to help us figure out how many rich people there are in the world. Let’s see what the statistics say on this group.
North America overtook the Asia-Pacific region after five years as the region with the highest HNWI population and wealth title.
(World Wealth Report)
The Asia-Pacific region took the title of the most HNWI-dense area in 2015 and held it for five years. In 2020, however, North America took back the title. The key reason for this shift was the soaring prices of tech stock in 2020. Namely, Amazon, Apple, and Microsoft accounted for 53% of S&P 500 total returns that year. The prices and returns further escalated in 2020, creating many millionaires worldwide.
The number of ultra-high-net-worth individuals grew by 24% worldwide.
(BBC)
In 2020, the growth of UHNI reached its fastest rate since 2003. China was home to most of this rapid increase, as its billionaires grew their wealth most significantly: It rose by 1,146% between 2009 and 2020.
In Europe, the fashion and retail industries were the biggest wealth drivers in 2020.
(World Wealth Report)
As mentioned before, retail, technology, and finance drove the wealth increase in the US in 2020. In the Asia Pacific region, real estate and technology were the main industries factoring into millionaire statistics.
209 billionaires donated a significant portion of their wealth to fight the COVID-19 crisis.
(BBC)
In 2020, with the COVID-19 pandemic, billionaires weren’t shy to donate to any efforts helping the fight against the virus. Between March and June 2020, billionaires donated $7.2 billion to causes providing aid to those affected by the pandemic.
Global millionaires: The figures in detail
In 2020, the number of people with a net worth of $1 million grew by 6.3%. The countries with the most millionaires are, in rank order, the United States, Japan, Germany, and China.
Germany’s 1,535,000 millionaires saw their wealth grow by 4.7% over the course of the pandemic. This is compared to America’s 6,575,000 millionaires, who watched their wealth increase by 12.3%.
The disparity can be chalked up to Europe’s exposure to industries more severely impacted by the pandemic, such as fashion, tourism, and retail. By contrast, the biggest gains were in technology and market valuation, favoring North America’s wealth.
The super-rich or high net worth individuals, worth at least $30 million, saw their wealth grow by 9% over the last year.
After five years of Asia’s dominance, pandemic gains in stocks and technology put the US firmly back on top.
How the World Wealth Report was compiled
Capgemini monitors share prices, bonds owned, alternative investments, cash, and property to make its valuations.
In addition to surveying wealth and wealth managers, the consulting company also relies on data from international organizations like the World Bank.
This was the 25th year of the World Wealth Report; the findings are in line with similar rankings of the world’s wealthy.
What Percentage of Americans are Millionaires?
Let’s start with the basics. The number of millionaires, their households, and how they got their wealth.
How many millionaires are in the US in 2020?
(Source: Credit-Suisse)
The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. The United States also added 2,251,000 new millionaires from 2019 to 2020 alone, which puts it at the very top of the list of countries with the most millionaires.
Since the adult US population is around 250 million, that means that just over 8% of Americans are millionaires.
How many US millionaire households are there?
(Source: Spectrem)
A new survey has found that there are 13.61 million households that have a net worth of $1 million or more, not including the value of their primary residence. That’s more than 10% of households in the US.
So the US is definitely the country with the most millionaires.
What percentage of millionaires inherited their wealth?
(Source: Ramsey Solutions)
Only about 20% of Americans inherit their riches.
The rest of them (80%) are self-made, first-generation millionaires. Most millionaires have to work for the money and don’t get rich once a relative dies, according to “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J Stanley.
Gatsby would be proud.
Multimillionaires in the United States
Of course, millionaires are only one part of the equation. Many people have more than a single million, and some have much, much more.
How many people are worth 10 million?
(Source: DQYDJ)
Have you ever wondered how many millionaires are in the US?
Well, we did.
And we found out that there are an estimated 1,456,336 households with a net worth of at least $10 million.
It is important to note that we are talking about a household, not an individual. So there may be more than one person earning in a single household.
How many multi-millionaires are in the US?
(Source: DQYDJ)
About 8,046,080 US households have a net worth of $2 million or more, covering about 6.25% of American households. 5,671,005 US households have a net worth of $3 million or more, covering about 4.41% of all US households.
How many multi-millionaires in the US have $50 million net assets?
(Source: Credit-Suisse)
There are a total of 89,510 people in the United States with net assets of at least $50 million. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world.
Obviously, there’s a huge wealth disparity.
How many billionaires in the US are there?
(Source: Wealth-X)
According to a census report in 2020, there are 788 billionaires in the United States with a combined net worth of $3.431 trillion. In contrast, the United States had 404 billionaires in 2010.
How many millionaires are in Congress?
(Source: Center for Responsive Politics)
There are 229 millionaires in Congress. The exact number is hard to determine since Congress members reveal their finances in ranges. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. That’s 43%, over seven times the national rate of 6%.
US Millionaire Demographics, 2021
Who are these millionaires, though? Let’s check the US millionaire distribution by age and race.
What is the average age of US millionaires?
(Source: Spectrem)
According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. About 38% of US millionaires are over 65 years of age. Only 1% are below 35. Millionaires on the West Coast are slightly older, as well.
So don’t worry. You most probably still have time to become rich.
What is the percentage of millionaires in America by race?
(Source: Statista)
According to the most recent data available, 76% of US millionaires were white or Caucasian. Black American and Asian millionaires each accounted for just 8%. Hispanics made up 7% of the total millionaire population.
What is the average age of US billionaires?
(Source: Wealth-X)
The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. According to a 2016 report, only 46 people became billionaires before the age of 40. This further reaffirms that billionaires are not made overnight but are built through experience and time.
What is the average millennial millionaire’s net worth?
(Source: Coldwell Banker)
There are 618,000 millennial millionaires in the United States, and 93% of them have a net worth ranging from $1 to $2.49 million.
The boomers’ generation was the richest generation in the history of the United States. They are leaving huge piles of wealth to their Gen X and millennial descendants. However, many of these millennials are earning good money all by themselves as well.
Conclusion
To become a billionaire takes lots of time and effort. Even with lots of money to start out with, it still takes dedication and hard work to reach that goal. US Bank has recently put out what it considers is the top ten cities that have the highest populations of millionaires in the United States. If you live in any of these cities, you’re one step closer to becoming a billionaire.
How many Millionaires are in the World: According to Forbes, there are 1.75 million millionaires in the world out of which 17% live in the Asia Pacific. The Asia Pacific is followed by wealth management giants like Europe and North America with 15 % and 13% respectively. When it comes to rich billionaires, Asia Pacific leads with 2800 individuals. North America follows with 2400 individuals while Latin America has only 1800 billionaires. The Asia Pacific is also leading in total net worth, where the Asia Pacific alone accounts for $17 trillion or roughly 3/5th of global household wealth.