Who makes up the 1%? We did 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 888-353-1299 This data gives us some insight into the lifestyles enjoyed by the world’s wealthiest individuals and helps to paint a picture of the financial landscape for those at the top.
We have broken down our data into people, demographic, and trends. Key market characteristics are provided in this data to inform our decision-making process.
Top Millionaire Statistics
- Musk’s net worth is $219 billion, making him the wealthiest person in the world. He has done well with companies such as The Boring Company.
- In 2021, there were an estimated 62.5 million millionaires. The number of millionaires in 2020 is estimated at 44 million.
- There are 22 million millionaires in the United States. 37 million people in the United States are living below the poverty line.
- Switzerland has the most millionaires in the world per capita. Switzerland has a strong economy and low tax rates.
- The majority of US millionaires are older than 60 years old. Over the past decade, this age group has seen the greatest growth in millionaires.
- In 2020, the majority of US billionaires were male.
Wealthiest People
According to data from Forbes World Billionaire’s The wealthiest individuals are listed. Hard work, luck, and wise investments have accumulated their wealth. We will look at the top 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 It is interesting to compare the top earners in different countries.
Who Are the World’s Wealthiest People?
There were 2,755 billionaires in 2021, up from 2,096 in 2020. The majority of the new billionaires were created in Asia.
The top 10 wealthiest people are from the United States, France, and India. The wealth disparity between different countries around the world is highlighted by this.
Here’s a breakdown of the world’s wealthiest and what they do:
| Name | Networth | Company |
| Elon Musk | $219 billion | Tesla, SpaceX |
| Jeff Bezos | $171 billion | Amazon |
| Bernard Arnault | $158 billion | LVMH |
| Bill Gates | $129 billion | Microsoft |
| Warren Buffet | $118 billion | Berkshire Hathaway |
| Larry Page | $111 billion | |
| Sergey Brin | $107 billion | |
| Larry Ellison | $106 billion | Oracle (software) |
| Steve Balmer | $91.4 billion | Microsoft |
| Mukesh Ambani | $90.7 billion | Reliance Industries |
Wealthiest People in the United States in 2022
When we exclude Americans from the list of the world’s wealthiest, Michael and Mark join with net worths of $82 billion and $67.3 billion, respectively. Jeff Bezos, the CEO of Amazon, has a net worth of $122 billion.
- Elon Musk
- Jeff Bezos
- Bill Gates
- Warren Buffet
- Larry Page
- Sergey Brin
- Larry Ellison
- Steve Balmer
- Michael Bloomberg
- Mark Zuckerberg
Wealthiest Women in the United States in 2023
| Name | Networth | Company/Industry |
| Alice Walton | $65.3 billion | Walmart |
| Julia Koch and family | $60 billion | Koch Industries |
| MacKenzie Scott | $43.6 billion | Amazon |
| Jacqueline Mars | $31.7 billion | Mars (candy) |
| Miriam Adelson | $27.5 billion | Las Vegas Sands (casinos) |
| Abigal Johnson | $21.2 billion | Fidelity Investments |
| Laurene Powell Jobs and family | $16.4 billion | Apple, Disney |
| Diane Hendricks | $10.7 billion | ABC Supply (roofing) |
| Ann Walton Kroenke | $9 billion | Walmart |
| Pauline Macmillian Keinath | $8.8 billion | Cargill |
One of the wealthiest women in the US is Alice Walton, who has a net worth of $65.3 billion.
When looking at the world’s top 50 wealthiest people overall, the following women are included:
- Alice Walton
- Julia Koch
- MacKenzie Scott
- Jacqueline Mars
- Miriam Adelson
Millionaire Demographics
There are millionaires in the US and abroad. The majority of millionaires are in the United States. We will look at millionaires by gender, age, location, and ethnicity. There is no single experience shared by all millionaires and how they developed their wealth will vary across these different lenses.
At least 87% of billionaires in the US—and the world—are men.
One-third of America’s millionaires are women, but there is a larger discrepancy when it comes to billionaires. A lack of access to resources for female entrepreneurs is indicative of a larger gender gap in the world of finance and high-level business.
According to Statista, this is the breakdown of billionaires by gender:
Most millionaires in the US are 60-79 years old.
According to data published by Statista, two-thirds of US millionaires are older than 60 years old.
26% of Americans with a net worth of $1 million or more are between the ages of 50 and 59, with a small percentage of millionaires being 40 or younger.
The US has 22 million millionaires and 1.79 million of them are under 30. A significant portion of the US millionaire population is made up of young people.
New Jersey has the highest ratio of millionaire households in the US.
The Statista Research Department found that nearly 10% of households in New Jersey had at least $1 million in assets.
The states with the most millionaires per capita are New Jersey, Maryland, Connecticut, Massachusetts, and Hawaii. Real estate prices and cost of living are higher in these states.
College-educated white and Asian people may have the highest odds of becoming a millionaire in the US.
The researchers are from the St. The effects of sleep deprivation on memory were studied. Louis Fed set out to estimate how ethnicity impacts your likelihood of becoming a millionaire, analyzing data from the Federal Reserve’s previous Surveys of Consumer Finances in a Bloomberg report.
They determined the odds of becoming a millionaire in the US as a middle-aged person with a Bachelor’s degree by race:
- Asian: 3%
- White: 5%
- Hispanic: 8%
- Black: 4%
Black and white Americans with graduate degrees have the biggest wealth gap, according to their data. While a graduate degree increases a white American’s odds of becoming a millionaire to 37%, it only increases a black graduate degree holder’s odds to 6.7%. The racial inequalities are still pervasive in our society.
62% of millionaires received their degrees from a state school or public university.
Most of the millionaires in the US have a college degree. Building wealth and financial success can be achieved with a college degree. A majority of millionaires graduated from a public university or state school, according to the National Study of Millionaires. Higher education doesn’t have to be expensive in order to provide a great foundation for success.
Only 8% of millionaires obtained their degrees from an Ivy League school.
More millionaires have graduate degrees than members of the general public.
On the topic of education, the study did find that 52% of millionaires have earned a Masters or a Doctorate degree. 15% of the general population have a graduate degree. The percentage of people with a graduate degree is higher among professionals than it is among the general population.
Most millionaires got there by investing in an employer-sponsored 401k plan rather than inheriting money or earning high salaries.
Some people think that most wealthy people were born with a silver spoon. A recent study found that the majority of wealthy individuals achieved their success through hard work and strategic investments. The majority of the Ramsey Solutions Study’s millionaires didn’t receive any inheritance from their parents or relatives.
According to the survey, 8 out of 10 millionaires made their fortune by investing in their company’s 401(k) plan. It’s a testament to the power of long-term, consistent investing in a 401k plan as a means to build wealth.
70% of respondents said they didn’t make six-figure salaries during their careers. The average salary for the respondents was $90,000 per year.
Most millionaires don’t serve in leadership positions at companies.
According to the survey, only 15% of millionaires serve in senior-level positions like CEO, CFO, or VP at their companies. The vast majority of millionaires achieved their wealth through hard work.
Out of the 10,000 millionaires featured in the survey, these were the top 5 most common careers:
- Engineer
- Accountant
- Manager
- Teacher
- Attorney
Traits of American Millionaires
What do millionaires have in common? Millionaires have many different characteristics, but one thing they all have in common is their determination to succeed. Here is a profile of the average US millionaire. The average millionaire is a married, college-educated homeowner in their 50s who earns an annual income of $550,000.
Trends and Projections
The outlook for millionaires in the future will be presented in this section. The number of millionaires worldwide is on the rise, and this trend is likely to continue in the future.
Most millionaires live in the United States and China.
Half of the world’s wealthiest people call the United States or China home. The power of two of the world’s leading economies is highlighted by this stat.
Here’s a look at the percentage of millionaires living in the top 5 wealthiest nations based on the number of millionaire households:
- United States: 40%
- China: 11%
- Japan: 6%
- United Kingdom: 5%
- Germany and France: 4% each
The number of millionaire households in the US has steadily climbed every year since 2009.
The number of millionaire households in the US has changed over the last 15 years. The number of millionaires in the country has increased every year since the Great Recession.
The previous record for millionaire households was set in 2007. This is a sign that the economy is getting better.
The number of millionaires in the US is predicted to keep climbing through 2025.
The number of millionaires in the United States is predicted to increase. A boost to the U.S. economy will be provided by this growth in millionaires.
It is estimated that the number of millionaires in the nation will increase from 24.48 million to 27.66 million.
The number of people with more than $50 million increased by more than 50% in the last two years.
There has been an increase in ultra-high-net-worth individuals. The number of ultra-high-net-worth individuals, defined as those with financial assets worth more than $50 million, grew by 5.2 percent in 2019.
According to the Global Wealth Report, there were over two hundred thousand people with a net worth of $50 million or more at the end of 2011. The increase of 5.2% from the previous year is a sign that wealth inequality is on the rise. The number of UHNW individuals at the end of the year was 175,200. There was a 4.1% increase in wealthy individuals counted in the year.
How Much Money Do the World’s Millionaires Have?
To give you some perspective, here’s an overview of the wealth range of today’s millionaires, using data from the Global Wealth Report:
The US made a major contribution to the over $50 million club by gaining the most UNHNW individuals in the last year. The US economy is being driven forward by the influx of high net worth individuals.
As more households reach millionaire status, it will be interesting to see how the millionaire community grows. As people in the millionaire community share their wealth and resources with others, it is exciting to think of potential opportunities.
Bottom Line
Millionaires come from all walks of life and careers, and there is more potential now than ever to become a millionaire. If you have the right attitude and are willing to put in the hard work, you can achieve millionaire status.
Most millionaires don’t start out with an inheritance or an Ivy League degree. They build their wealth through hard work and dedication.
As the survey shows, becoming a millionaire takes hard work and investing in your future. It is possible to become a millionaire with a solid financial strategy in place. If you want to stay on track, you need to create a budget and track your spending.
Sources:
- World’s Billionaires List, Forbes
- 2022 Global Wealth Report, Credit Suisse
- Countries with the Highest Proportion of Millionaires in 2020, Statista
- Distribution of Billionaires in the United States by Gender, Statista
- Distribution of Billionaires Around the World in 2021 by Gender, Statista
- American States with the Highest Ratio of Millionaire Households, Statista
- What Are Your Odds of Becoming a Millionaire? Bloomberg
- The National Study of Millionaires, Ramsey Solutions
- A Look at Wealth 2019, Coldwell Banker Luxury
