.Millionaire Statistics, Facts and Resources for 2020
Millionaire Statistics, Facts and Resources for 2020
How Many Millionaires Are There?
There are several methodologies used to determine an answer to this simple question, resulting in many different answers. Be sure to understand how the calculations were made so that it’s consistent with how you want to use the data. After much of our own research, below are the sources and statistics that we believe are the best.
Credit Suisse’s latest global wealth report shows there are 46.8 million millionaires (measured in USD) worldwide, up 1.1 million over the last 12 months.
Of those, 40% or 18.6 million individuals are in the United States
This means that about 7.6% of the U.S. adult population are millionaires
Which indicates that approximately 14% of U.S. households are in the millionaire club
With a median wealth of $65,904 for an adult in the U.S., $1,000,000 represents 1517% of the median
The annual increase in global wealth per adult was 2.6%
After the U.S at 40%, the next highest 5 countries for millionaires are China 10%, Japan 6%, United Kingdom 5%, Germany 5%, and France 4%.
These top six countries represent 70% of the world’s millionaires
If you’re a millionaire, you are in the top 0.6% of wealth for the world’s population
The nine cities with the most millionaires, in decreasing order are Tokyo, New York City, London, Paris, Frankfurt, Beijing, Osaka, Hong Kong, and Shanghai
There is often debate on how to calculate how many millionaires there truly are. Some researches use household wealth to identify millionaires, which can be misleading.
For example, in the U.S. there are 2.58 people per household on average, which calculates to average wealth per person of $388,000 if the household had exactly $1,000,000. Therefore, research based on households will typically overstate the number of individual millionaires.
Another difference that can be misleading is that some researchers consider the equity an individual has in their home as part of their wealth, while other researches only count those with liquid investable assets of at least $1,000,000.
Those that use liquid asset methodology may undercount individuals worth at least $1,000,000 especially in regions where housing is expensive. Neither methodology is superior, but it’s important to know what’s underneath the numbers so that you can cite the right statistics for your application.
Current projections are that 1,700 new U.S. millionaires are made every day
Millionaire Behaviors
Education is important, with 84 percent of millionaires having a college degree according to Spectrem
From another Spectrem study, on a 100 point scale, millionaires rated the importance of having a regular saving program at 82, reflecting their strong belief of its importance to their wealth
One in three funded their own college education without debt
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