Who doesn’t dream of becoming a millionaire? If you also include this dream, this post is only for you. If you complete this post, I can guarantee that it will change your thinking. If you read this post completely, you will know the top 15 millionaire statistics and facts.
There are also many posts about millionaires and billionaires for your convenience so be sure to stay connected with this website.
1. Most Millionaires are Self-Made
The world ultra wealth report analyzes the ultra-wealthy of the world those who have a net worth higher than 30 million dollars according to cnbc.com 67.7 percent are self-made millionaires.
23.7 percent have a combination of inheritance and self-made wealth and 8.5 inherited all of their wealth.
wealth x credits new opportunities for the rise in self-made millionaires especially in the technology industry however according to dividendsdiversify.com
There is a rise in corporate millionaires with the need for tech professionals in places like Microsoft apple facebook and alphabet.
2. Millionaires in Numbers
So how many millionaires are there in the world it’s estimated there are 46.8 million millionaires globally accounting for around 158,261 trillion dollars in net worth?
40 of those millionaires are from the USA moving up to billionaires in Forbes 35th annual list of the world’s wealthiest.
They reported a total of 2 755 billionaires an increase of 660 billionaires from the previous year their combined worth is 13.1 trillion dollars a huge increase from the 8 trillion dollars recorded in 2020.
3. Demographics of Millionaires
In our previous point, we highlighted that 40 percent of millionaires come from the USA currently there are 11.8 million dollar households in the US with 80 percent being self-made first-generation millionaires.
Spendmenot.com further confirms that about 44 of the millennial millionaires in the US are concentrated in California 76 of the millionaires in the US are white or caucasian.
An interesting shift in earnings as reported by straitstime.com of those that filed tax returns for 1 million or more in income in 2016 millionaire women outearned the millionaire men.
Millionaire women earned 2 thousand million 506 and twenty dollars versus two million four hundred seventy-seven thousand six hundred eighty dollars for men on average.
4. How many People become Millionaires a Day
Every day in the USA roughly 1700 people earn their millionaire status and did you know that roughly every 17 hours someone becomes a billionaire according to the radio host and author of the book everyday millionaires Chris hogan.
These are regular hard-working everyday people they’re not flashy he said most of them accumulated their wealth over time by making wise decisions.
5. Location of the World’s Millionaires
The USA is home to 40 percent of the world’s millionaires but who’s next according to forbes.com it’s japan in second Germany and third and china in fourth.
They add that 61.6 percent of the global high net worth individual population now lives in these countries the pandemic has influenced millions of millionaires worldwide and here’s how.
In the USA there was an 11 increase in millionaires china increased by 22 Switzerland increased the most by 28 Canada by 14 and japan by 6 countries that lost millionaires included brazil with a 22 drop,
South Africa lost 19 Mexico 6 and chile 11 this information was released on visualcapitalist.com by research conducted by Credit Suisse global wealth report 2020.
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6. Millionaires by State
To gain that millionaire status the bottom line does not include the value of your home any employer-sponsored retirement plans and few other selected assets and despite new york and California having a huge volume of millionaires in quantity.
There are other states that have a higher concentration of wealthy households we’ll highlight the top five Hawaii Massachusetts Connecticut Maryland and new jersey these statistics were released on kiplinger.com.
7. New Industries Equals new Millionaires
We mentioned that 1700 people are earning their millionaire status every day in the US and that’s because there are so many different ways that people can earn incredible money.
E-commerce paid subscriptions live streaming iot NFTS and crypto with new technologies a whole new group of millionaires is emerging and the biggest transfer of wealth through a technological change is happening right now,
And you’re missing out on it every time something this radical comes along things seem complicated and confusing in the beginning so we did all of the hard work for you and we built bitcoin essentials we believe it’s the best blockchain and bitcoin resource for those of you wanting to get started with crypto.
8. Average Age of Millionaires
This can be viewed from two perspectives the average age most people make their first million and the average age that people maintain their millions according to the gentleman’s journal.com the average age of a first-time millionaire is 37 how long they manage to retain that million is a different story.
Spendmynot.com confirms the average age of u.s millionaires is 62 years old and only one percent of u.s millionaires are younger than 35.
If you’re still on your journey to your first million take it to heart with the late American entrepreneur author and motivational speaker Jim Rohn once said,
Become a millionaire not for the million dollars but for what it will make of you to achieve it and next we answer an important question.
9. How Long does it take to Become a Millionaire
According to Thomas c Corley, a contributor to businessinsider.com it takes the typical self-made millionaire at least 32 years to get rich of the millionaires he interviewed 52 of them took 38 years from the time they started 21 took 42 years and only 4 made their first million in less than 27 years.
This data really puts a new perspective on getting rich quickly as it’s clear that those that made their millions did not do so very quickly.
10. Wealth and Ethnicity
Financialsamurai.com breaks down the chances of earning a million dollars by race age and education they sourced their information from the federal reserve board’s survey of consumer finances analyzed by st Louis fed economists William Emmons brian north and lower and Ricketts.
Those who are Asians stand a 22.3 chance of becoming a millionaire white 21.5 percent Hispanic 6.8 and black 6.4 percent we covered age already so next we’ll dive into.
11. Wealth and Education
Here the financial samurai investigates all forms of education and breaks it down as follows the chances of becoming a millionaire with a high school degree by race Asians at six percent white five percent Hispanic two percent and black one percent.
The chances of becoming a millionaire with an associate degree by race white seven percent Asians three percent Hispanic two percent and black one percent the chances of becoming a millionaire with a bachelor’s degree by race,
White 18 percent Asians 16 percent Hispanic four percent and black three percent the chances of becoming a millionaire with a master’s degree by race white 38 Asians 27 percent Hispanic 11 black six percent of course as the samurai points out all we can ask for is an equal opportunity but the rest like work ethic and actual skill is up to us.
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12. Millionaires and Property
For her book, the next millionaire next door enduring strategies for building wealth, Sarah Stanley fala director of research for the affluent market institute studied over 600 millionaires.
She confirmed that most millionaires lived in a property that was below their budget allowing them to save a substantial amount each month there are many examples according to finance.yahoo.com.
Warren Buffett lives in the same home he bought in 1958. Elijah wood only spent 698 thousand seven hundred and fifty dollars on his abode Matthew McConaughey lived in a trailer that was just under 28 square feet for a few years.
Spendmenoff.com shares data that most u.s millennials own an average of three properties with a value of roughly 1.4 million dollars billionaires on the other hand have around nine properties with their locations as follows 14 in Mexico 13 in the Bahamas 12 in England 9 in the Caribbean and 9 in France.
13. Industries with the Most Millionaires and Billionaires
One piece of advice we shared was having the ability to generate deals and opportunities and when you hear of the industries that millionaires and billionaires are involved in you’ll understand just how important that is.
Finance and investment, fashion and retail real estate, and the tech industry in all of these industries being able to generate deals and create opportunities we’ll have you earning your millionaire status in no time be sure to watch the video
14. Millionaires File for Bankruptcy on Average 3.5x
That average is seen on many websites but is there any truth in that figure according to jayweller.com many millionaires actually strategically file for bankruptcy and they usually come out ahead when everything is said and done.
The legal group adds it’s a lot to do with the restructuring of their debt there are many reasons why millionaires lose their money by not tracking their spending. spending emotionally not having multiple streams of income and trying to make too much money too quickly.
15. It Takes 17 Ideas Before Nailing It
Timothy sykes a penny stock trader whose claim to fame was converting $12,415 of bar mitzvah gift money into $1.65 million dollars became a self-made millionaire by the age of 22. he believes the average millionaire dabbles in 17 different businesses ideas concepts enterprises and schemes and it’s not until the 18th try that they get it right.
Top 15 millionaire statistics and facts You must know your thoughts or if you have any questions in the comment box.
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Bonus
We’ve spoken about millionaires and billionaires but have you ever wondered how many trillionaires there have been six that’s it they were Genghis khan king of the Mongol empire was worth 100 plus trillion dollars xiao shu emperor Shen Zhong of the song in china was worth 30 trillion dollars.
Akbar the great emperor of India’s Mughal dynasty was worth 21 trillion dollars Amenhotep iii pharaoh of Egypt had four to six trillion dollars Augustus caesar the roman emperor accumulated 4.6 trillion dollars and was king Solomon king of Israel 2.2 trillion dollars.