Be it because of the ways they obtained their wealth, the favorable tax rates and how much they give back to society, or just the amounts they own, millionaires around the world are a constant hot topic.
These millionaire statistics reveal the latest data into the above and much more. Which countries and cities are home to the most millionaires? Have these people inherited or earned their wealth? What is their demographic profile, and what are your odds of becoming one of them?
Read on for the answers!
Top 10 Millionaire Statistics & Facts
There are an estimated 62.5 million millionaires worldwide.
39.2%, or 24.5 million, of the world’s millionaires are in the US.
87%, or 54.1 million millionaires, have between $1 million and $5 million in wealth.
New York City has the most millionaires in the world.
There are 25,490 centi-millionaires around the world.
79% of US millionaires didn’t receive any inheritance from family members.
88% of US millionaires graduated from college.
Harvard produces the most centi-millionaires in the US.
25.3% of the female UHNW population have inherited their wealth.
51.1% of UHNW women in the US are self-made.
Global Millionaire Stats
There are an estimated 62.5 million millionaires worldwide.
Obtained at the end of 2021, the above figure is 5.2 million, or 9%, higher than the one recorded at the end of 2020. The percentage of millionaires in the world, based on this latest data, stands at 1.2% of all adults.
The aggregate wealth of these individuals is $221.7 trillion, while their share of global wealth accounts for 48%.
In 2026, the number of millionaires around the world is expected to exceed 87 million.
(Credit Suisse)
39.2%, or 24.5 million, of the world’s millionaires are in the US.
China ranks second, with 9.9% of the world’s millionaires, followed by Japan, with 5.4%.
The UK, France, and Germany host 4.6%, 4.5%, and 4.3% of global millionaires, respectively.
The corresponding figures for Canada and Australia are 3.7% and 3.5%.
Italy, Korea, the Netherlands, Switzerland, and Spain each account for around 2% of the world’s millionaires.
Data on the number of millionaires by country reveals that Taiwan, India, Sweden, and Hong Kong round the list of countries hosting at least 1% of millionaires around the world.
(Credit Suisse)
87%, or 54.1 million millionaires, have between $1 million and $5 million in wealth.
5.4 million, or 8.6%, of millionaires have $5 million to $10 million, while 3 million have assets worth over $10 million.
Among the latter, 2.7 million have assets between $10 million and $50 million, while the remainder have over $50 million in wealth.
(Credit Suisse)
With 345,600, New York is the city with the highest number of millionaires in the world.
Five out of the top ten cities with the most millionaires worldwide are in the US.
Tokyo ranks second with 304,900, followed by the San Francisco Bay Area with 276,400. London and Singapore round the global top five, with 272,400 and 249,800 millionaires, respectively.
The list continues with Los Angeles and Malibu (192,400), Chicago (160,100), and Houston (132,600), which round the list of the top five cities with the highest number of millionaires in the US.
With 131,500 and 130,100, respectively, Beijing and Shanghai round the list of the top ten cities with the most millionaires around the world.
(Henley & Partners)
There are 25,490 centi-millionaires around the world.
9,730 of them, or 38.1%, are located in the US.
China ranks second with 2,021, or 7.9%, followed by India with 1,132, or 4.4%.
The UK and Germany round the top five, with 968 and 966 centi-millionaires, respectively.
The list continues with Switzerland (808), Japan (765), and Canada (514).
Millionaire facts reveal Australia and the Russian Federation round up the list of the top ten countries with the most centi-millionaires, with 463 and 435 of them, respectively.
(Henley & Partners)
Three out of the top five cities by number of centi-millionaires worldwide are in the US.
New York City tops the list with 737 centi-millionaires, followed by San Francisco Bay Area with 623.
London is home to 406 centi-millionaires, while the corresponding figures for Los Angeles and Beijing are 393 and 363, respectively.
(Henley & Partners)
US Millionaire Stats
Austin, TX is America’s fastest-growing city when it comes to the number of millionaires.
The city recorded a 102% millionaire growth rate between 2012 and 2022 and currently is home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires.
West Palm Beach, FL ranks second, with a 90% growth between 2012 and 2022, 9,400 millionaires, 64 centi-millionaires, and six billionaires.
Facts about millionaires reveal Scottsdale, AZ follows with an 88% growth, 13,900 millionaires, 60 centi-millionaires, and five billionaires.
Miami, FL ranks fourth after a 75% growth between 2012 and 2022, bringing its number of millionaires to 38,000, that of centi-millionaires to 160, and its number of billionaires to 12.
Greenwich and Darien, CT rounds the list of the top five with a 72% growth, 11,900 millionaires, 112 centi-millionaires, and eight billionaires.
(Henley & Partners)
79% of US millionaires didn’t receive any inheritance from family members.
Self-made millionaire statistics reveal that only 21% of millionaires in the US received some inheritance, 3% of which inherited $1 million or more.
Additionally, 80% of millionaires in the US come from families of middle-income level or lower. Only 2% of millionaires come from upper-income families.
(Ramsay Solutions)
The majority, or 37.7%, of the assets of millionaires in North America are equity.
Cash and cash equivalents rank second with 21.2%, closely followed by fixed income with 19.7%.
Alternative investments and real estate account for 10.8% and 10.6% of North American millionaires’ assets, respectively.
(Statista)
Demographics of Millionaires
28% of America’s centi-millionaires are in the financial and professional services sector.
Tech ranks second with 14%, while real estate and media and entertainment are tied in third place with 8% each.
Equal 7% portions of US centi-millionaires are in the energy and basic materials and retail sector, while 6% are in healthcare.
Data on millionaire jobs further reveals that 5% of American millionaires with over $100 million in wealth are in the hotel and leisure sector, 4% are in manufacturing, 3% are in transport, and 10% are in other industries.
(Henley & Partners)
88% of US millionaires graduated from college.
The above figure compares to 38% of the general population. Furthermore, 52% of millionaires in the US have a master’s or doctoral degree, which compares to only 13% of the general population.
Interestingly, only 8% of US millionaires went to a prestigious public school, while 62% graduated from public state schools.
(Ramsay Solutions)
At 7%, Harvard produces the most centi-millionaires in the US.
When it comes to the percentage of millionaires in the US and their educational background, Stanford and the Massachusetts Institute of Technology each produce 5% of America’s millionaires with over $100 million in wealth.
The University of Pennsylvania, Columbia University, and Yale are tied at 4%, while Cornell and Princeton are tied at 3%.
(Henley & Partners)
The average age of a millionaire in the UHNW range is 64.2.
UHNW (ultra-high net worth) individuals are those with over $30 million in wealth.
89.2% of the global UHNW population are men.
With an average age of 64.8, the highest portion, or 55.6%, of UHNW men are between 50 and 70 years old. 34.2% are over 70, while only 10.2% are under 50.
Women account for only 10.8% of UHNW individuals around the world, with an average age of 63.6.
Data on millionaires by age reveals that the highest portion of them, or 55.3%, are also between 50 and 70 years old. 30.8% of UHNW women are over 70, while 13.9% are under 50, which is the only age demographic outnumbering men.
(Altrata)
25.3% of the female UHNW population have inherited their wealth.
The above figure is over four times higher than that of men, standing at a mere 4.8%.
When it comes to the combination of inherited and self-made wealth among the UHNW population, women outnumber men again with a 29.5% vs 19.5% ratio.
A major discrepancy in favor of men emerges when observing the percentage of self-made millionaires among the UHNW population. Men with self-made wealth in this group account for 75.7%, which compares to 45.2% of women.
However, men are way above women when it comes to the actual amount of their wealth.
The median wealth of UHNW self-made men is $47.5 million, while that of women is $35.7 million. Men whose wealth is a combination of their own efforts and inheritance have a median amount of $71.3 million, 20% more than women’s $59.4 million.
UHNW women only slightly edge men in regards to inherited wealth. The median wealth women inherit stands at $67.3 million, while that of men is $63.4 million.
(Altrata)
51.1% of UHNW women in the US are self-made.
US data on male vs female millionaires reveals that the corresponding figure for men stands at 82.5%.
When it comes to the combination of inherited and self-made wealth among the US UHNW population, women outnumber men with a 20.3% vs 12.8% ratio.
Inheritance discrepancies between genders also appear in the US, with 28.6% of American UHNW women having inherited their wealth, five times more than the mere 4.7% of men.
(Altrata)
At 38%, White people with a master’s degree have the highest chances of becoming a millionaire.
Asians rank second with 27%, while the odds for Hispanic and Black people with the same educational background are at 11% and 6%.
With a bachelor’s degree, the odds drop to 18% for White, 16% for Asian, 4% for Hispanic, and 3% for Black people.
With an associate’s degree, White people have a 7% chance of obtaining millions in wealth. The corresponding figures for Asian, Hispanic, and Black people are 3%, 2%, and 1%, respectively.
At 6%, Asians are most likely to become millionaires with a high school diploma, closely followed by White people at 5%. The corresponding figures for Hispanic and Black people are 2% and 1%, respectively.
(Financial Samurai)
The Summary
Millionaire statistics reveal that the amount of wealth around the world is on a consistent rise in recent years, with projections estimating a consistent trend in this regard.
Region-wise, North America leads the way with the highest number of millionaires, with Chinese cities, London, and Singapore also emerging among the top ten.
Gender inequalities are also present among the world’s richest. While bigger portions of women obtain their wealth through inheritance, when it comes to self-made millionaires of both genders, men have a much higher amount of wealth.
Race-wise, White people have the highest chances of becoming millionaires, adding up to the already disproportionate advantage of the world’s wealthiest.
Read More:
Here are the breakdown of the net worth of some of the most influential millionaires of 2024:
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