Guess What Percent Of Households Have Over $1 Million? You Might Be Shocked By The Number Of Millionaires

By Investor Empires On Oct 14, 2024

Guess what percentage of households have more than $1 million? You might be shocked at the number of millionaires

Many people Dream of joining the millionaire’s club This dream has become a reality for many Americans.

According to the latest Federal Reserve data as of the end of 2022, the number of millionaire households in the United States is on the rise — and it’s not just inflation that’s making the numbers look larger. Even when adjusted for inflation, the share of households with net worth of at least $1 million rose from 2019 to 2022 after being relatively flat for nearly two decades.

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So, how many millionaires are there? According to a 2022 Federal Reserve survey, nearly 18% of American households have at least seven figures in net worth. This means approximately 23.7 million millionaire households across the country. With the strong performance of the stock market and real estate since then, more households are likely to join the ranks of millionaires in 2024.

While these numbers are exciting, they are also coming Some interesting ideas In building this kind of wealth. Millionaire families share some characteristics that provide clues to boosting their net worth.

Common features and characteristics of millionaire families

Most millionaires don’t fit the luxury-laden stereotype. Many of them built their wealth through disciplined saving and investing, often in employer-sponsored retirement accounts such as 401(k). Nearly 70% of millionaires made their wealth this way, and surprisingly, 73% of them have never carried a credit card balance. The majority are not high-income either – most have not arrived Six-figure salaries during their careers.

According to MillennialMoney, most millionaires are between the ages of 60 and 79, which shows that it takes most people time to accumulate wealth.

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Real estate also plays a big role, with primary residences contributing about 32% of the typical millionaire’s net worth. Millionaires also prioritize education, with more than 60% holding degrees from public universities and only 8% from Ivy League universities.

Another trait is thrift. Millionaires often live below their means and prioritize saving over spending. This discipline helps them build their assets while avoiding lifestyle inflation – the temptation to spend more as income rises.

Many millionaires also have multiple sources of income. Whether through investments, side hustles, or diverse career paths, they don’t rely on a single source of earnings.

See also: Many use this retirement income calculator to check if they are on track – Here are details on how to understand what’s behind this formula.

What does this mean for you?

While these habits may serve as a roadmap, building wealth is not a one-size-fits-all process. If you are aiming to become a millionaire, Consult a financial advisor They can help you formulate a strategy that fits your lifestyle and goals. A professional can guide you in choosing investments that match your risk tolerance and financial timeline — because, let’s face it, the road to a million is much smoother with some expert advice along the way.

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This article Guess what percentage of households have more than $1 million? You might be shocked at the number of millionaires Originally appeared on Benzinga.com