One of the most common questions we receive here on DQYDJ is “How Many Millionaires Are There in America?” Today, let’s dive in and estimate the number of millionaires, as well as $2, $3, $4, $5, and decamillionaires.
(And $50 and $100 millionaires too, for good luck.)
How Many Millionaires are There in the United States?
We estimate that there are 14,814,453 millionaires in the United States. Our estimate puts the millionaire net worth goal at the 88.24% wealth bracket in the US in 2016, or 11.76% of all households.
Note: for this stat and the subsequent ones, we are only discussing household data. Remember, net worth isn’t generally divisible between household members (short of court-assisted situations).
Additionally, all data includes the value of any primary home. This net worth percentile calculator allows you to turn off home equity. All data, as in the net worth bracket article, comes from the Federal Reserve’s 2016 Survey of Consumer Finances.
How Many Multimillionaires Are There in the United States? More than $2 or $3 Million?
Our estimate is 7,647,278 American households have $2 million or more, and 4,665,039 households have $3,000,000 or more in net worth. $2 million or more in net worth covers roughly 6.07% of households, while $3 million or more covers 3.70%.
Reversing those, you get the 93.93% and 96.30% wealth percentiles.
How Many $4 or $5 Millionaires are There in the US?
There are somewhere around 3,527,878 American Households eclipsing $4,000,000 in wealth, or 2.80% of all households. Likewise, there are around 2,888,408 households with $5,000,000 or more, 2.29% of households.
Those are the 97.20% and 97.71% percentiles, respectively.
How Many Decamillionaires are There in America?
The nice thing about $10,000,000 is it has an associated name, “decamillion”.
There are roughly 1,347,336 decamillionaire households in America. This isn’t quite the one percent for 2016 in the US; our estimate pegs 1.07% of households as decamillionaires, or the 98.93% wealth percentile. (See our breakdown on the one percent in America).
How Many Americans Have More than $50,000,000 or $100,000,000 in Net Worth?
Some caution: SCF data is stretched at these extreme wealth goals. There are larger gaps between datapoints, and some very high net worth survey responses aren’t in the public set.
That said, we estimate there are somewhere around 83,620 American Households with $50,000,000 or more, and 36,202 households with $100,000,000 or more. That maps to the top .07% and .03% of households, and 99.93% and 99.97% net worth percentiles.
Again, up at these net worths statistics are hazier. You’re almost to the point where polling these households would give better data. These are the right orders of magnitude, but we’re very solidly in the business intelligence zone here – don’t quote this section in your term paper.
A few surveys address this population, such as this one from Credit Suisse. Their survey uses the 2013 SCF and projects forward, and their estimates are about 30% fewer households in each bracket than ours.
How Many Americans are Billionaires?
Just messing with you… we won’t try to answer that here.
America’s Many Millionaires…
More than 10% of all households in America are “Millionaire Households”. That’s close to 15,000,000 homes rocking the double-comma. There were roughly 126 million households in America when this data was collected.
Here is everything once again, this time in chart format:
And now here’s all of the numbers we mentioned above, but this time in a table for easy copy & paste. Share with your friends!
|Wealth Benchmark||Wealth Percentile||How Many Millionaires?|
We hope you had as much fun exploring the wealth data as we had running it down.
See anything interesting in this data? Are the numbers higher or lower than you suspected? Do you agree a million isn’t what it used to be?