One of the most common questions we receive here on DQYDJ is “How Many Millionaires Are There in America?” Today, you’ve finally convinced us – 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.
A brief aside: for this stat and for all of 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. We’ll build a tool later if you prefer to leave it out – and for the record, we don’t. 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 with $2 million or more, and 4,665,039 households with $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. Close on $4mm’s heels, there are around 2,888,408 households with $5,000,000 or more, 2.29%.
That’s 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 it as 1.07% of households, or the 98.93% wealth percentile. (See our breakdown on the one percent in America, after).
How Many Americans Have More than $50,000,000 or $100,000,000 in Net Worth?
Some caution before we enter: SCF data is stretched at these extreme wealth goals. There are larger gaps between datapoints, and some very high net worth survey responses drop from the public set.
That in mind, 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 worth goals statistics are hazier. You’re almost to the point where you can poll a fair number of those households to find the data instead. 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.
‘Merica’s Many Millionaires…
There you have it, 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 lacking context. It’s also easier to copy and paste this table – share with your friends! Send them this post!
|Wealth Benchmark||Wealth Percentile||How Many Millionaires?|
And there you have it, the answers to some of the most frequently asked questions here on DQYDJ. Hope you had as much fun exploring the wealth data as I had running it down – and apologies for producing something closer to a listicle than our normal fare.
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?