Meet the typical millionaire: They're over 55, have a house worth nearly 7 figures, and are probably moving to Scottsdale (2024)

FAQs

What percentage of Americans over 50 are millionaires? ›

Slightly over 20% of families aged 55-74 have net worths above $1 million, while well over 10% of those aged 45-54 and 75 and over millionaires, according to the Fed. Meanwhile, just 1% of those under 35 are millionaires.

A Profile of the Average Millionaire

The average millionaire is now a 50-year-old Gen Xer, the Point2 analysis found. While boomers long made up the largest portion of the millionaire population, Gen X has taken over — 37% of millionaires are Gen Xers compared to 29% that are boomers.

Top 2% wealth: The top 2% of Americans have a net worth of about $2.472 million, aligning closely with the surveyed perception of wealth. Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900.

Millionaires — those who have a net worth of at least $1 million —are, perhaps not surprisingly, on the older end. They're predominantly 55 and older; just 2.4% are under the age of 35.

In 2022, 128,000 individuals with net assets of at least 50 million U.S. dollars were residing in the United States, by far the highest number of any country.

Data from the Employee Benefit Research Institute, based on the Federal Reserve's Survey of Consumer Finances, reveals that a mere 0.1% of retirees manage to accumulate over $5 million in their retirement accounts, whereas only 3.2% amass over $1 million.

According to Schwab's 2023 Modern Wealth Survey, Americans perceive an average net worth of $2.2 million as wealthy​​​​. Knight Frank's research indicates that a net worth of $4.4 million is required to be in the top 1% in America, a figure much higher than in countries like Japan, the U.K. and Australia​​.

Most people with $1 million or more in assets consider themselves upper middle or middle class. Millionaires say financial planning and investing is the best way to build wealth.

The Federal Reserve provides the median net worth for these groups in its 2022 Survey of Consumer Finances. Here's the much each group has: The upper class starts with an average net worth of $793,120. That's for the top 80% to 90% of earners.

You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C.

What is considered wealthy in 2024? ›

To be considered very high net worth, one might need assets ranging from $5 million to $10 million, while an ultra-high net worth status could require $30 million or more.

It's no surprise that California and New York have the most millionaires.

The average net worth of an American household headed by a 50-year-old is $897,663, according to Federal Reserve data. This mid-career milestone highlights the importance of diligently building wealth over time. Understanding net worth benchmarks by age provides a measuring stick to gauge your own financial progress.

Data from the Fed shows the mean average for a 50 year old's net worth is $1.3 million. The median average of 50 year olds is just $305,000.

In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved.

The Millionaire is an American anthology series that aired on CBS from 1955 to 1960. It was originally sponsored by Colgate-Palmolive. The series, produced by Don Fedderson and Fred Henry, explored the ways that sudden and unexpected wealth changed life, for better or for worse.