What makes a millionaire? 30 revealing stats for 2025

What makes a millionaire? There are many paths to financial success: from 401(k) millionaires to savvy planners, these millionaire statistics reveal how wealth is built and sustained across the U.S. and around the world.

Key takeaways

• Americans believe they need an average of $5.3 million in net worth to be financially successful, according to Empower research.
• The number of retirement millionaires in the U.S. rose 29% in 2024.
• Americans in their 50s have an average net worth of around $1.3 million, according to Empower Personal Dashboard^TM data as of June 2025.
• The United States added 562,000 new millionaires in 2024, according to one study.¹
• Among millionaires, 95% own a home and 47% invest in the stock market.²

How many millionaires are there in the U.S.?

The number of millionaires in the world has risen sharply over the last 25 years and is projected to continue rising — and the U.S. is leading the charge. There are 3.8 million millionaires in the U.S., with the tally growing 379,000 new millionaires last year.³ American millionaires have significantly grown in population in recent years, as shown by these millionaire statistics.
 

1. In 2023, the Federal Reserve announced that the average net worth of American households had passed the $1 million mark, rising 42% between 2019 and 2022.⁴
2. While reaching millionaire status is an important milestone, Americans say they'd need $5.3 million in net worth to feel financially successful, according to Empower research.
3. A recent report shows that the United States added 562,000 new millionaires in 2024, an increase of 7.6%.⁵
4. Americans with an ultra-high net worth of $30 million or more saw their wealth grow close to 12% in 2024.⁶
5. The number of U.S. multi-millionaires — those with a net worth of $10 million or more — rose by 5.2% in 2024.⁷

Which industry produces the most millionaires?

While no career path is guaranteed to make someone a millionaire, high-earning jobs in competitive industries like healthcare and engineering can give people a head start in building wealth.

6. The Bureau of Labor Statistics (BLS) reports that the top-paying careers — those with median salaries of $239,200 or more per year — in the U.S. are all medical occupations.⁸
7. The highest-paid occupations in the U.S. are surgeons, radiologists, pathologists, obstetricians and gynecologists, emergency medicine physicians, dermatologists, cardiologists, and ophthalmologists.
8. Outside the healthcare sector, the top-paying job is an airline pilot, which has a median annual salary of $226,600.
9. The highest-paying non-medical college major is engineering, and the BLS reports that architecture and engineering jobs have a median annual salary of $97,310.⁹

Millionaires by age

These millionaire statistics reveal that Americans typically achieve millionaire status in their 50s and 60s and have a significant portion of their net worth held in retirement accounts like 401(k)s.

10. Per the Federal Reserve, the average age of a millionaire in the U.S. is 61.¹⁰
11. Americans in their 50s have an average net worth of around $1.3 million., according to Empower Personal Dashboard data in June 2025. 
12. People in their 60s have an average retirement savings balance of approximately $1.1 million, according to Empower data. 
13. Empower data as of December 2024 shows retirement millionaires have an average of $2.4 million saved.
14. The number of retirement millionaires in the U.S. rose 29% between 2023 and 2024, according to Empower data.
15. The average net worth of Gen Xers is $1.1 million and growing year over year.

Behaviors, characteristics, and habits of millionaires

What does the typical millionaire look like? On average, they're self-made, own a home, and prioritize long-term investing in stocks.

16. Among millionaires, 95% own their home, with an average home value of $982,938, per the Federal Reserve.¹¹
17. Close to half of millionaires (47%) own stocks, with an average portfolio value of $949,248.¹²
18. According to IRS data, in 2022, individuals with adjusted gross income over $10 million donated $55.9 billion, accounting for 48.2% of all donations.¹³
19. Approximately 60% of those with net worths of at least $30 million are "self-made," meaning they earned their money through entrepreneurship, investments, or their own salaries instead of inheriting it.¹⁴
20. One study reveals that millionaires are more than twice as likely to have a travel credit card (49%) than non-millionaires (23%).¹⁵
21. Most millionaires (70%) have two or more credit cards, compared to 41% of those with a net worth under $1 million.¹⁶
22. Over a quarter of millionaires (26%) open two new credit cards per year, and 1 in 10 open three.¹⁷

Where millionaires live

While major population centers like New York and California have high concentrations of millionaires, many also live in less populous cities across Texas, Nevada, and Florida.

23. Among Empower Personal Dashboard users who are millionaires, Nevadans have the highest average net worth at $4.6 million.
24. California has the highest population with net worth balances of at least $1 million, and Texas has the second highest.
25. California is home to 82 of the 400 wealthiest Americans — the most of any state.¹⁸
26.  Florida and New York are tied for second: Both states are home to 54 of the wealthiest people in the U.S.¹⁹
27. Texas has the third highest number of the country's richest men and women at 43.²⁰

Global perspectives

While the U.S. has more millionaires than any other country, the number of global millionaires has also risen considerably. However, this growth hasn't been uniform across all regions.

28. The number of millionaires in the world reached a record of 23.4 million in 2024, one report found.²¹
29. While the number of millionaires is growing in North America, the millionaire population in Europe dropped by 2.1% in 2024. Germany, France, and the United Kingdom lost a total of 76,000 millionaires.²²
30. In the Asia-Pacific region, Japan and India saw strong growth in 2024, with the number of millionaires in each country rising by 5.6%.²³

What makes a millionaire?

The path to $1 million won't look the same for everyone and may change depending on a person's career, money habits, lifestyle, and goals. No matter where someone is in their financial journey, starting early, saving regularly, and investing with a view to the future are all important stepping stones for cracking the millionaire code.