How Many Millionaires Are in the U.S.?

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America has more millionaires than any other country or region, regardless of population.

According to the Global Wealth Report 2024 from UBS, the U.S. is home to roughly 22 million millionaires.

In fact, America hosts 38% of the world’s millionaires, with the whole of Western Europe claiming just 28% combined for No. 2 and China coming in third with 10% — and it’s not just the rich who are getting richer.

What Qualifies Someone as a Millionaire in the U.S.?

Those with a seven-figure net worth qualify as millionaires, and the formula for determining net worth is the same for everyone at all wealth levels. 

According to the Financial Industry Regulatory Authority (FINRA), net worth is the difference between a person or household’s assets and liabilities. More simply put, to find your net worth, just subtract what you owe from what you own. FINRA cites the most common categories, listed below.

Net Worth = Assets – Liabilities

Of course, not all millionaires are created equal. 

Those with at least double the required entry-level millionaire net worth of $1 million are multi-millionaires. Decamillionaires have breached the eight-figure mark with a net worth of at least $10 million. Centimillionaires are the nine-figure giants with fortunes of at least $100 million. Their financial shadows cover everyone except the tiny and exclusive billionaire class at the top of the net worth pyramid. 

According to an annual report from the citizenship by investment consulting firm Henley and Partners, there are fewer than 30,000 centimillionaires in the world, just shy of 10,000 of whom live in the United States. That’s less than 0.05% of America’s millionaire population. The country is home to 788 billionaires, giving the U.S. more millionaires, centimillionaires and billionaires than any other country on earth.

Where Do Most Millionaires Live in the U.S.?

A staggering number of America’s millionaires rub shoulders with each other in the same cities. Roughly one in four of America’s richest people are crowded into these 11 metros — presumably in the toniest and least-crowded sections.

These numbers consider only the number of millionaires. However, the millionaire epicenters can change when analyzing their per capita ratio. For example, historical Statista data shows that California and Texas have the most millionaires, but they’re the No. 1 and No. 2 most populous states, each with more than 30 million residents.

When looking at millionaires as a percentage of the population, the hotspots often shift to comparatively small states like New Jersey, Maryland, Connecticut, Massachusetts and Hawaii.

What Percentage of Americans Are Millionaires?

America has a population of roughly 340 million, which means the 22 million members of the millionaire class make up roughly 6.5% of the country, or about one in 15 Americans.

The U.S. stands out in the UBS report as one among just a handful of markets where wealth accelerated from the 2000s through the 2010s and into the current decade. 

The report also shows how the number of millionaires has risen over the decades, from 7.64 million in 2000 to 21.95 million in 2023, and predicts that number will hit 25.43 million in 2028.

America is home to roughly 22 million millionaires, the most of any country in the world by far, even when competing against China’s 1.4 billion-strong population and the whole of Western Europe. The U.S. has more millionaires, centimillionaires and billionaires than anywhere else — and the number is projected to keep growing.

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