I wanted to give you that broader view to think about, but let’s get back to comparing the new millionaires from my study to the Millionaire Next Door. You can then conclude that the odds of becoming a millionaire in the US is about 9 chances out of 100 or 9%. Source: Statistica – number of US householdsĭoing some simple math that means only 9 out of every 100 households in the US has reached millionaire status. Source: Spectrem GroupĪlso, in 2018, there were 127.6 total households in the US. In 2018, the number of millionaire households in the US with a net worth of at least $1 million was 11.8 million. This is according to The Spectrem Group’s Market Insight report. You may be asking how many millionaires are in the US? On average, here’s how my study group (DD study) compared to the demographics from The Millionaire Next Door (MND Book) published in the mid-1990s: Demographicīefore drawing conclusions, I also want to offer up a broader financial perspective of millionaire demographics and statistics. Comparisons To The Millionaire Next Door Demographics It does not include passive forms of income from dividends and interest. Active income means earnings from their job or active money pursuits like managing rental properties. The average household had an active annual income of a little over $300,000. If you drop them out, the average was $2.3 with a range from a little over $1 million to less than $5 million. One outlier was greater than $10 million. On average, the group had a net worth $2.8 million. The definition of net worth is all assets including primary residence minus liabilities including any mortgage on that residence. Related: Millionaire statistics from the book Everyday Millionaires Net Worth Homeowners: 100% owned their primary residence. State of mind: Upbeat about money and life There were a few other types of occupations represented like doctors, lawyers, and accountants.
They mainly consisted of rental properties. A few had small business initiatives on the side. None owned their own business as their primary source of income. They ranged from managers, directors and senior executives. Occupation: The overwhelming majority were Corporate professionals. Despite being millionaires, no one considered themselves retired.
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If the 2nd spouse was not employed, they were usually a stay at home Mom or Dad. They work for more than money but also the abundance mentality work creates. In about 30% of the households, the 2nd spouse was also working.
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At least one partner in the household was working full time. No one considered themselves living in a rural area. A couple of study participants lived in mid-size towns. Where they live: Mostly in US urban population centers. Those married have been so for an average of 18 years.Īverage Millionaire Age: 46 years old with a range from the mid-’30s to the upper 50’s. Marital status: 90% married 10% divorced and now single. Here is some demographic information on the group I studied: So to become a millionaire, let’s learn about them. Rather, I think they are credible enough to learn a few things and draw some conclusions about millionaires these days.
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Welcome back to the third part of the series on building wealth and the new millionaires.
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