30+ Phenomenal Millionaire Statistics for 2023
Did you know that millionaires comprise 1.1% of the world's adult population? Millionaire statistics for 2023 are many. And fascinating. We handpicked the most incredible ones to help you explore the significant financial achievements that have shaped millionaires' lives worldwide. From the industries they dominate to their diverse sources of income, these statistics offer valuable insights into the evolving landscape of wealth creation and distribution.
Check out these 33 millionaire statistics and figures behind the lives of today's millionaires and gain a deeper understanding of their impact on the global economy and society as a whole.
1. 76% of millionaires in the United States are white, accounting for 60% of the total population.
2. There are 22 million highly affluent residents in the United States, making up 8.8% of the adult population.
3. The United States takes first place in the percentage of millionaires worldwide at 40%, followed by China at 10%, Japan at 6%, the United Kingdom at 5%, Germany at 5%, and France at 4%.
4. There are 62.5 million millionaires globally, representing an 11.4% increase from 2020.
5. Millionaires make up 0.6% of the wealth in the population of the world.
(Source: Zippia)
Statistics Of Millionaires By Ethnicity And Race
6. 76% of millionaire residents in the U.S. are white. 60% of white people, excluding Hispanic and Latinos in the United States, comprise the population.
7. Blacks make up 8% of millionaires in the United States. 14% of the United States population is black.
8. Asian make up 8% of millionaires in the United States. The United States is made up of 6% of Asians.
9. Hispanic and Latinos comprise 7% of millionaires in the United States. 19% of the United States population is Hispanic and Latinos.
(Source: Statista)
United States Millionaires By Race And Ethnicity
23% of Asians with graduate degrees are more likely to become millionaires. This is impressive as the Asian population makes up 6% of the United States population.
(Source: Zippa)
2. 21.5% of White, Middle-aged, and College-educated will Become Millionaires.This is the second largest racial demographic in the United States and makes up 60% of the United States population. These people identify themselves as white and are not Latino or Hispanic.
(Source: Zippa)
3. 6.8% of Hispanic and Latinos who are Middle-aged and College- graduates are Likely to be Millionaires.About 19% of the United States population is Hispanic or Latino.
(Source: Zippa)
4. About 6.4% of Black College-graduates and Middle-aged are Projected to Become Millionaires.The United States population is made up of 14% black African American.
(Source: Zippa)
Statistics of Millionaires by Age
Conventionally, it takes a while to become a billionaire, with an average age of 51 years. This is influenced by educational level and race. Those with a postgraduate degree have 1 to 3 chances of becoming a millionaire.
(Sources: Title Max,BF Advisors)
6. 57 years is the Average Millionaire Age.According to a survey, accumulating wealth takes about 30 to 40 years of diligent work.
(Source: Emoji Cut)
7. Millionaires in 2013: Baby Boomers and Aging Wealthy (Age Distribution).42% of millionaires 2013 were between the ages of 57 to 75 years, while the majority belong to other age groups and are referred to as baby boomers.
(Source: Zippa)
8. In 2013, 19% of Millionaires were 18 to 31.In 2013, approximately 19% of millionaires were millennials aged between 18 to 31 years.
(Source: Statista)
Statistics of Millionaire Education
Research has discovered that 88% of millionaires are college- graduates, and 52% have a master's or doctorate. Education, as well as family background, is a contributing factor to wealth creation. 38% of the general adult population of the United States are college- graduates compared to 88% of millionaires who graduated from college.
(Source: The Ascent)
10. 62% of Millionaires are Graduates of Public and State Schools.According to research, about two-thirds of millionaires graduated from public state schools, and only 8% went to elite private schools. 8% of millionaires are college graduates compared to 38% of the general population of graduates.
(Source: Ramsey Solutions)
11. 52% of Millionaires in the United States have a Master's or Higher Degree.52% of millionaires earned a master's degree compared to 12% of the adult population that has procured above an undergraduate degree.
(Source: The Ascent)
Statistics of a Millionaire by Gender
Women earn less than men, with $ 0.80 for each dollar men earn. They tend to peak their earnings at 44 years, making an average of $ 66,700. While men reach the peak of their earnings at 55 years, with an average earning of $ 101,200, despite the statistics, we have many wealthy women worldwide.
(Source: The Ascent)
13. In the Past 12 years, the % of Women Who Amassed $1 Million as a Retirement Plan was 58.5.Over the past 12 years, approximately 58.5% of women accumulated $1 million as retirement savings.
(Source: New York Times)
14. The Average Age of Men to Amass $1 Million as a Retirement Plan is 59.3.The average age at which men accumulate $1 million for retirement is 59.3 years old.
(Source: Business Insider)
15. Women Account for 20% of Fidelity 401(k) Account Holders With a Minimum of $1 Million in Savings.Among fidelity 401(k) account holders with at least $1 million in savings, women represent 20% of the total population.
(Source: CBS News)
Statistics of Millionaires by Industry
31% had an average of $100,000 yearly in the course of their career, and one-third could not make a million in one year of their career.
(Source: Ramsey Solutions)
17. 15% of Millionaires Held Leadership Positions.These leadership roles include C- suite such as CFO, CEO, and vice president. 99% of millionaires got their wealth through hard work, not because they received high salaries.
(Source: Ramsey Solutions)
18. The Finance and Investment Industry has the Highest Number of Millionaires.Finance and investment are the surest means to get ultra-wealthy. It has the highest number of billionaires and accounts for 15%. There are 372 billionaires in the sector, against the 2022 record of 373. Technology, manufacturing, fashion and retail, and healthcare follow the finance and investment industry.
(Source: Forbes)
Statistics Location of Millionaires
The report reveals an expansion in the number of millionaires in 2020 by 5.2 million people. This increased the percentage of millionaires globally to 1%. Also, 55% of adults, representing 2.9 billion of the world's population, earn below $10,000.
(Source: Credit Suisse)
20. 39% of Millionaires Worldwide are in the United States.The United States had 22 million millionaires out of the 56.1 global millionaires globally. This represents 40% of the world's millionaire population in the United States.
(Source: Credit Suisse)
21. In 2021, 21,951,000 People in the United States had an Average of $1 Million.In 2021, the United States boasted a population of 21,951,000 individuals with impressive financial status, with an average net worth of $1 million. This remarkable wealth distribution highlighted the economic diversity within the nation.
(Source: Finmasters)
22. The highest Percentage of Millionaire Households, 9.76%, are in New Jersey.With 9.76% of families reporting a net worth of $1 million or more, New Jersey has the country's most significant percentage of millionaires. That indicates that 246,058 households in New Jersey are millionaire households.
(Source: Finmasters)
23. The US has the Highest Number of Millionaires.
The US has a total of 25,580,000 millionaires. It stands at the first position among all countries.
(Source: Wikipedia)
24. The US contributes to the Millionaire Global Population With a Share of 39.1%.
In the United States, there are 21,951,000 millionaires. This represents 39.1% of the 56.1 million millionaires worldwide.
(Source: Wikipedia)
25. The Wealthiest 1% Control Over Half of Global Wealth.The wealthiest 1% own more than half of the world's total wealth. This income disparity highlights the divide between the wealthy and the rest of society.
(Source: Global Citizen)
26. In 2022, the Global Number of Millionaires will Rise to 56.1 Million.In 2022, the global number of millionaires reached a record high of 56.1 million.
(Source: Investopedia)
Millionaire Statistics and Trends
The wealth discrepancy rose during the Covid-19 outbreak, pushing the total number of millionaires to 5.2 million.
(Source: The Guardian)
28. Over 1700 New Millionaires are Born Every Day as Older Americans Pass on Their Fortunes.Children of older Americans inherit their parents' wealth, immediately making them wealthy.
(Source: Nola)
29. 79% of Millionaires Received no Inheritance.According to research findings, only 21% of respondents received inheritances from family members, while the majority, 79%, did not.
(Source: Fool)
ConclusionThese millionaire statistics for 2023 emphasize this rich group's exceptional wealth distribution and trends. The facts provide an overview of the dynamic terrain of wealth creation, ranging from the emergence of self-made billionaires to the industries that have aided their success.
Millionaires' possibilities and difficulties evolve in tandem with the global economy. The information presented here throws light on the various paths to financial success and their societal effects. We may negotiate the world of riches with greater insight and judgment if we are more aware of our impulses.
FAQsHow many millionaires are there in the world in 2023?As of 2023, there are approximately 63.7 million millionaires worldwide.
Which country has the highest number of millionaires?The United States leads the world with the most millionaires, boasting around 18.6 million individuals with a net worth of at least $1 million.
What percentage of the global population will be millionaires in 2023?In 2023, about 0.8% of millionaires are worldwide, a modest but significant portion of the wealth distribution.