The Top Ways That US Millionaires Make Their Money

The Top Ways That US Millionaires Make Their Money

Andrew Lisa   Thu, December 16, 2021

Nearly 22 million Americans have net worth's of at least $1 million, according to the 2021 Credit Suisse Global Wealth Report — more than 8% of the country’s adults. There are 820,000 millionaires living in New York City alone.

Each and every one of them has a different story about how they got there, but many of America’s millionaires share similar traits, skills, behaviors, philosophies and fields. All are either self-made or they were born into it, and most of those who earned their big bucks took one of four broad, general paths to get there. From there, 10 industries stand out above all the rest as assembly lines for the ultra-rich — but no matter the industry, most millionaires are joined together by a few common unifiers.

To help illuminate a path toward a seven-figure net worth, GOBankingRates used a variety of sources to examine the industries, backgrounds, tendencies and income sources that are common to America’s millions of millionaires.

If You Don’t Win the Birth Lottery, You’ll Have To Earn It Yourself

Every millionaire in America falls into one of two categories: those who are self-made and those who became rich through that oh-so-important original roll of the dice when they were born into money. The latter, of course, is the easier of the two options — but it’s not the most common.

According to the 2021 Wealth-X World Ultra Wealth Report, the vast majority of ultra-high net worth (UHNW) individuals — those worth at least $30 million — are self-made, 72%, to be exact. Granted, that percentage is for the entire world, not just the United States, but America is the land of UHNW individuals.

And of these individuals, 101,240 of them live in the United States. The next closest competitor, China, is home to fewer than 30,000 despite the country’s enormous population advantage. The U.S. hosts three of the world’s top five UHNW cities (New York, Los Angeles and Chicago) and six of the top 10 (add on San Francisco, Washington, D.C. and Dallas).

The Four Paths to Seven Figures

In writing for CNBC, financial expert and author Tim Corley outlined the results of research he conducted for one of his books. The results revealed that people tend to follow one of four paths to becoming millionaires.

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https://news.yahoo.com/top-ways-us-millionaires-money-130019299.html