In the United States, there are around 24.5 million people who are millionaires. The United States is home to about 39.2% of all of the millionaires in the world. This is based on the number of people who have the equivalent of $1 million in U.S. assets.
There are about 336 million people in the U.S. With 24.5 million of them being millionaires, the odds that someone in the U.S. will end up a millionaire come in at around 7.29%.
Of course, some people are more likely to be among that 7.29% than others, including those who are born rich or who earn advanced degrees and go into lucrative professions. But, you don't have to be an heiress or a sports superstar to become a millionaire (although it helps). You can do a few simple things to increase your chances, including the following three moves.
1. Take steps to increase your income
One of the best ways to maximize your chances of becoming a millionaire is to take steps to earn more money over your lifetime. After all, the more you earn, the easier it is to invest in assets that will eventually generate $1 million or more of wealth.
You can earn more money by choosing your profession wisely, and by pursuing advanced degrees. Men who earn a bachelor's degree earn around $900,000 more in median lifetime income compared with males who have only a high school diploma. Women with bachelor's degrees earn $630,000 more in median income than their peers with just high school degrees. And men and women with graduate degrees will earn $1.5 million and $1.1 million more respectively, compared to high school graduates.
If you make hundreds of thousands or millions of dollars more over your lifetime, it will be a lot easier to do the things needed to achieve millionaire status -- like supercharging your savings.
2. Save early and often
You can also significantly increase your chances of becoming a millionaire by saving as much as you can and saving steadily. This is true no matter how much income you make.
Let's say you start saving at age 20. To have $1 million by age 65, you'd only have to invest $115.91 a month to achieve millionaire status (assuming a 10% average annual rate of return, the approximate 50-year average return of the S&P 500). If you waited until age 45 to invest, you'd need to invest $1,454.96 per month instead.
If you start saving at a young enough age, your odds of becoming a millionaire are increased significantly since it's a lot more feasible to find a couple hundred dollars to save monthly than it is to find a couple thousand. You could have a great chance of ending up with a seven-figure nest egg if you make consistent investments over a long time.
3. Invest wisely
Finally, you'll need to invest wisely. This means putting money into a brokerage account and investing some of it in the stock market so you stand a chance to earn the returns you'll need to become a millionaire.
If you invested your $115.91 a month starting at age 20 but you earned just a 3% rate of return because you kept your money in a savings account, you'd only have $127,957.19. You need compound growth to work for you (which is what happens when you invest, earn returns, and those returns are reinvested to earn you more money).
The good news is, you don't need to pick stocks to invest wisely. Just put your money into an ETF tracking the S&P 500, a financial index of 500 large U.S. companies that has produced 10% average annual returns over the long run.
While the overall odds of someone in the U.S. becoming a millionaire are about 7.29% based on the percentage of the population with that much money, you can increase your odds significantly if you just take these simple steps.
Alert: our top-rated cash back card now has 0% intro APR until 2025
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
FAQs
While the overall odds of someone in the U.S. becoming a millionaire are about 7.29% based on the percentage of the population with that much money, you can increase your odds significantly if you just take these simple steps.
How hard is it to become a millionaire? ›
Unless you come from a very wealthy family or win the lottery, there's little chance of becoming rich by doing nothing. You'll need discipline, a plan, and, if necessary, good advice from a registered professional who can help push you in the right direction to reach your goal of becoming a millionaire.
Are millionaires rare? ›
Out of a population of 8.1 billion people, just 62.4 million are millionaires. That's 0.8% of the population. There are 8.4 million people globally with a net worth of $5 million or more. Having this level of wealth would put you in the top 0.1%.
Is a millionaire in the 1%? ›
You need more money than ever to enter the ranks of the top 1% of the richest Americans. To join the club of the wealthiest citizens in the U.S., you'll need at least $5.8 million, up about 15% up from $5.1 million one year ago, according to global real estate company Knight Frank's 2024 Wealth Report.
How common is a millionaire? ›
Millionaires comprise about 8.8% of the American population. The average net worth of a millionaire in the U.S. is $2.2 million, according to Charles Schwab's 2022 Modern Wealth Survey. New Jersey boasts the highest rate of millionaires, with nearly 10% of households having a net worth of $1 million or above.
What do 90% of millionaires do? ›
Ninety percent of all millionaires become so through owning real estate.
How likely is it to get rich? ›
There are about 336 million people in the U.S. With 24.5 million of them being millionaires, the odds that someone in the U.S. will end up a millionaire come in at around 7.29%.
What is the age of most millionaires? ›
Millionaires — those who have a net worth of at least $1 million —are, perhaps not surprisingly, on the older end. They're predominantly 55 and older; just 2.4% are under the age of 35.
How much money is considered rich? ›
Here's the income it takes to be a top earner in your state
You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.
What percent of 30 year olds are millionaires? ›
Today's millionaires are still mostly older, with only 1 percent of families under 35 reaching that financial status, but it's becoming easier to reach the millionaire title over time and at a younger age.
You now need a net worth of $5.8 million to be among the richest 1% of Americans, report finds. Americans need a net worth just south of $6 million to break into the richest 1%.
What kind of car do millionaires drive? ›
While some wealthy Americans drive luxury vehicles, an Experian Automotive study found that a whopping 61% of wealthy people with household incomes of more than $250,000 don't drive luxury brands. Instead, they drive less showy cars, such as Hondas, Toyotas and Fords, Ramsey said in an article.
What salary puts you in the top 1? ›
How much do you need to earn to be in the top 1% income bracket? To be in the top 1% of earners, you're looking at an average annual income of $819,324. The top 0.1% of Americans earn an average of $3,312,693.
How do you spot a millionaire? ›
Here are eight subtle ways you can tell that someone is a millionaire.
- They Value Their Time. ...
- They Don't Talk About Money. ...
- Their Things Are Customized. ...
- They Own Multiple Properties. ...
- They Have an Expensive Hobby. ...
- They Are Well-Traveled. ...
- They Can Speak Multiple Languages. ...
- The Keep a Close Circle.
Most millionaires in the US are 60-79 years old.
More data published by Statista suggests two-thirds of US millionaires are 60-79 years old. Another 23% of Americans with a net worth of $1 million or more are 50-59, with a small percentage of millionaires being 40 or younger.
Who is most likely to become a millionaire? ›
White and Asian people have much higher odds of becoming millionaires (about one in five).
What are the chances I become a millionaire? ›
In fact, most Americans are unlikely to ever become a millionaire. Estimates vary, but they range from about 12 million to 24 million millionaires in America. While that sounds like a lot, even the upper limit of that range is less than 10% of the approximately 332 million people in the U.S.
Can a normal person become a millionaire? ›
Becoming a millionaire may seem like it is out of reach for many Americans, but it is nonetheless achievable. Being a diligent saver and investor in a well-diversified and tax-advantaged portfolio can help you get there, but this, of course, will take some patience.
How long does it realistically take to become a millionaire? ›
The time it takes to become a millionaire depends on how much you save and the return you get on your money. If you invest $1,000 per month and get an 8% annual return, you'll be a millionaire in 25.5 years. The key to being a millionaire is to start investing right away and to be consistent about it.
What is the average age to become a millionaire? ›
The average age of a first time millionaires is 37, it has been found. In data released by Betway Insider, the average age of a first time billionaire is also revealed: and is a little higher at 51. So, if you're not quite there yet, what can you do to make your first million?
