About 59.4 million millionaires were counted worldwide in 2023, holding $142 trillion in wealth, yet their paths often look surprisingly unglamorous. The average US millionaire is 61, only 31% earned an average $100,000 a year across their career, and 75% have never carried a credit card balance. The same dataset also flips the script on who becomes wealthy and how they invest, from coupons and avoiding market timing to portfolios built with stocks, real estate, and alternatives.
Key Takeaways
- The average age of a millionaire in the US is 61 years old, according to a 2023 Ramsey Solutions study.
- 79% of millionaires in the US did not receive any inheritance, per 2023 research.
- Only 31% of US millionaires averaged $100,000 a year over their career.
- Stocks represent 40% of the average US millionaire's portfolio in 2023.
- 67% of millionaires prefer individual stocks over mutual funds.
- Real estate makes up 25% of millionaire portfolios on average.
- As of 2023, the United States is home to 22.7 million millionaires, representing about 5.3% of its adult population.
- China had 6.2 million millionaires in 2023, a 4.2% increase from the previous year.
- The United Kingdom boasts 2.8 million millionaires as of mid-2023, accounting for 4.5% of adults.
- 33% of millionaires donate to charity annually, averaging 4% of income.
- US millionaires give $500 billion yearly to philanthropy.
- 70% of wealthy families have formal giving strategies.
- Self-made millionaires in the US have an average of 7 income streams.
- 80% of millionaires invested in their company's 401(k) plan early and consistently.
- The average millionaire invests 20% of their household income annually.
US millionaires typically build wealth through consistent investing, avoiding debt, and disciplined spending.
Related reading
01 · Category
Demographics25 stats
01
The average age of a millionaire in the US is 61 years old, according to a 2023 Ramsey Solutions study.
02
79% of millionaires in the US did not receive any inheritance, per 2023 research.
03
Only 31% of US millionaires averaged $100,000 a year over their career.
04
93% of US millionaires used coupons when shopping, from a 2023 survey.
05
75% of US millionaires have never carried a credit card balance.
06
88% of US millionaires graduated from college, per 2023 data.
07
Women make up 11.5% of global millionaires in 2023.
08
65% of US millionaires are white, 10% Asian, per 2023 Census-linked study.
09
The median age for self-made millionaires is 49 years old globally in 2023.
10
62% of millionaires are married, compared to 48% of the general population.
11
97% of US millionaires believe they control their own destiny.
12
62% of US millionaires are men, 38% women in 2023.
13
Black Americans comprise 8% of US millionaires per 2023 data.
14
Hispanic millionaires make up 9% in the US.
15
40% of millionaires have advanced degrees.
16
Baby boomers hold 52% of US millionaire wealth.
17
Gen X millionaires number 6.5 million in US.
18
Millennial millionaires grew 20% to 618,000 in US 2023.
19
55% of millionaires live in suburban areas.
20
Tech industry employs 22% of new millionaires.
21
Healthcare professionals are 12% of millionaires.
22
Finance sector accounts for 18% of millionaire occupations.
23
72% of millionaires avoid lifestyle inflation.
24
Average US millionaire net worth is $2.6 million.
25
85% of millionaires read 2+ books per month.
Interpretation
Demographics Interpretation
Despite the common image of a carefree heir, the typical millionaire is more likely to be a frugal, educated, suburban bookworm who got rich slowly by keeping their credit cards paid off, their lifestyle in check, and their faith in self-determination high.
02 · Category
Investment Habits29 stats
01
Stocks represent 40% of the average US millionaire's portfolio in 2023.
02
67% of millionaires prefer individual stocks over mutual funds.
03
Real estate makes up 25% of millionaire portfolios on average.
04
Bonds constitute 10% of holdings for most millionaires aged 50+.
05
45% of millionaires allocate to alternative investments like private equity.
06
Gold and precious metals are held by 22% of millionaires as hedges.
07
Cryptocurrency is owned by 28% of millionaires under 40.
08
ETFs form 35% of liquid investments for diversified millionaires.
09
52% of millionaires rebalance portfolios annually.
10
Venture capital investments average 5% of ultra-millionaire portfolios.
11
Cash reserves average 5-7% of net worth for liquidity.
12
ESG investments are prioritized by 41% of millennial millionaires.
13
Hedge funds are in 15% of millionaire portfolios over $10M.
14
Commodities exposure averages 3% for inflation protection.
15
60% of millionaires use robo-advisors for small allocations.
16
Fixed income yields targeted at 4-5% by conservative millionaires.
17
Mutual funds average 12% of portfolios.
18
International stocks 15% allocation standard.
19
REITs held by 28% for real estate exposure.
20
Options trading engaged by 18% cautiously.
21
Farmland investments by 10% for diversification.
22
Collectibles like wine average 2% portfolio.
23
75% avoid market timing, stay invested.
24
Target-date funds used by 22% for simplicity.
25
Life insurance cash value tapped by 40%.
26
55% consult fee-only advisors.
27
Timberland forestry 4% for long-term growth.
28
Peer-reviewed studies show 50% dollar-cost average.
29
Preferred stocks 8% for income stability.
Interpretation
Investment Habits Interpretation
The modern millionaire's portfolio is a masterclass in calculated contradiction: fiercely independent in picking stocks while embracing robo-advisors, cautiously hedging with gold as the young diversify into crypto, all while the majority wisely ignore market noise and simply stay the course.
03 · Category
Number of Millionaires30 stats
01
As of 2023, the United States is home to 22.7 million millionaires, representing about 5.3% of its adult population.
02
China had 6.2 million millionaires in 2023, a 4.2% increase from the previous year.
03
The United Kingdom boasts 2.8 million millionaires as of mid-2023, accounting for 4.5% of adults.
04
Japan has 3.1 million individuals with net worth over $1 million in 2023.
05
Germany reported 2.9 million millionaires in 2023, up 3.8% year-over-year.
06
Australia has 1.8 million millionaires, comprising 7.2% of its adult population in 2023.
07
France counts 2.5 million millionaires in 2023, with significant growth in tech wealth.
08
Canada has 2.0 million millionaires as of 2023, or 5.1% of adults.
09
India saw its millionaire population rise to 850,000 in 2023, a 7.5% increase.
10
Switzerland has 1.1 million millionaires, representing 14.5% of adults in 2023.
11
Globally, there were 59.4 million millionaires in 2023, holding $142 trillion in wealth.
12
South Korea had 907,000 millionaires in 2023, up 5.1% from 2022.
13
Netherlands counts 1.0 million millionaires in 2023.
14
Brazil has 295,000 millionaires as of 2023.
15
Singapore has 299,000 millionaires, or 8.5% of adults in 2023.
16
Italy reported 1.4 million millionaires in 2023.
17
Spain has 928,000 millionaires in 2023.
18
Taiwan counts 482,000 millionaires as of 2023.
19
Sweden has 362,000 millionaires in 2023, 4.8% of adults.
20
Mexico has 130,000 millionaires in 2023.
21
As of 2023, there were 24.5 million adults in the US with $1M+ in investable assets.
22
Russia had 112,000 millionaires in 2023 despite economic challenges.
23
Hong Kong counts 148,000 millionaires, 15% growth since 2020.
24
8.8% of adults in Monaco are millionaires in 2023.
25
UAE has 128,000 millionaires, driven by expats.
26
15.2 million US households have $1M+ net worth excluding primary residence.
27
Saudi Arabia's millionaire count reached 90,000 in 2023.
28
Norway has 230,000 millionaires, 5.3% of population.
29
Turkey reports 48,000 millionaires in 2023.
30
Ireland has 125,000 millionaires as of 2023.
Interpretation
Number of Millionaires Interpretation
It seems the lofty title of 'millionaire' now ranges from being practically a local tradition in Switzerland to a sprouting, ambitious new crop in India, all while the U.S. casually stacks them by the tens of millions.
More related reading
04 · Category
Philanthropy and Spending30 stats
01
33% of millionaires donate to charity annually, averaging 4% of income.
02
US millionaires give $500 billion yearly to philanthropy.
03
70% of wealthy families have formal giving strategies.
04
Luxury cars are owned by only 18% of millionaires.
05
Millionaires spend 7% of income on travel and leisure.
06
92% of millionaires drive American-made vehicles.
07
Private jets are used by only 1% of millionaires regularly.
08
Charitable giving rises 10% among millionaires post-50.
09
Yacht ownership is under 0.5% among $1-10M net worth.
10
55% of millionaires tithe 10% to religious causes.
11
Art collections average $500K for top 10% millionaires.
12
Millionaires allocate 3% of wealth to foundations over lifetime.
13
Designer clothing purchases are rare; 94% shop sales.
14
Second homes owned by 25% of millionaires.
15
Global millionaire philanthropy totals $1.2 trillion annually.
16
80% of millionaires never lease cars.
17
Education donations from millionaires average $50K per family.
18
Watches collection value exceeds $100K for 12% of millionaires.
19
65% prioritize family trusts in estate planning for giving.
20
Millionaires spend 2% on jewelry and luxury goods.
21
25% of global philanthropy from millionaires supports education.
22
Health causes receive 22% of millionaire donations.
23
Environmental charities get 15% from new millionaires.
24
88% of millionaires eat out less than once weekly.
25
Boats owned by 3% of millionaires.
26
42% volunteer 100+ hours yearly.
27
Classic cars valued over $250K for 5%.
28
70% plan bequests exceeding 20% of estate.
29
Millionaires tip 20%+ consistently at services.
30
Opera and arts events attended by 35% yearly.
Interpretation
Philanthropy and Spending Interpretation
Contrary to the flashy stereotype, the data paints a picture of the typical millionaire as a strategic, community-focused steward who is far more likely to be driving a prudent American car to a charity board meeting than a Lamborghini to the marina.
05 · Category
Wealth Accumulation30 stats
01
Self-made millionaires in the US have an average of 7 income streams.
02
80% of millionaires invested in their company's 401(k) plan early and consistently.
03
The average millionaire invests 20% of their household income annually.
04
75% of millionaires report living on less than they make.
05
Millionaires took an average of 27 years to reach $1 million net worth.
06
94% of millionaires live in homes they bought, not inherited.
07
The top 20% of earners save 38% of income to build wealth, per 2023 Fed data.
08
Consistent investing in low-cost index funds yields millionaire status for average earners over 30 years.
09
90% of millionaires attribute wealth to hard work, not luck.
10
Real estate accounts for 20% of average millionaire's net worth.
11
Millionaires' average savings rate is 15-20% of pre-tax income.
12
Starting to invest at age 25 with $500/month at 7% return reaches $1M by 65.
13
65% of millionaires own businesses, key to accumulation.
14
Dividend investing contributes to 25% of long-term wealth growth for millionaires.
15
Avoiding debt is cited by 86% of millionaires as crucial.
16
70% of wealthy individuals own rental properties.
17
79% of stocks owned by millionaires are held over 10 years.
18
55% of US millionaires are entrepreneurs who started businesses.
19
Most millionaires worked 50+ hours weekly early career.
20
Side hustles contribute to 30% of millionaire income sources.
21
50% of millionaires bought first home as investment.
22
Compounding interest accounts for 70% of wealth growth post-40.
23
82% of millionaires maintain emergency fund of 6 months expenses.
24
Franchises owned by 8% of millionaires.
25
Patent income streams for 5% of inventors who are millionaires.
26
Roth IRA max contributions used by 60% consistently.
27
Peer-to-peer lending yields 5-7% for 12% of investors.
28
45% flipped houses for initial capital.
29
Blogging or content creation monetized by 7%.
30
68% negotiate salaries annually.
Interpretation
Wealth Accumulation Interpretation
Becoming a millionaire is a mundane marathon, not a magical sprint, paved with frugal habits, relentless saving, consistent investing in boring index funds, and the patient cultivation of multiple income streams over decades, all while meticulously avoiding debt and living below your means.
Reference
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APA
Elif Demirci. (2026, February 13). Millionaire Statistics. Gitnux. https://gitnux.org/millionaire-statistics
MLA
Elif Demirci. "Millionaire Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/millionaire-statistics.
Chicago
Elif Demirci. 2026. "Millionaire Statistics." Gitnux. https://gitnux.org/millionaire-statistics.
Sources & references
91 datasets cited across this report · attribution is report-level