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Retirement

How Many Millionaires Are in the U.S.?

If you know anything about Ramsey Solutions, you know we love busting the myth that millionaire status is out of reach for most Americans. That’s just not true! The truth is, you already have everything you need to form a game plan that could make you a millionaire.

Don’t believe us? There are millions (that’s right—millions) of Americans out there who worked, saved and invested their way to becoming millionaires. Shoot, you might be living next door to a millionaire, and you don’t even know it!

We’re going to show you just how many people around you have already reached millionaire status—and how you can get there too.

How Many Millionaires Are in the U.S.?

Do you know how many millionaires there are across the country? According to a recent study, almost 22 million millionaires live in the U.S. today.1 To put that in perspective, that’s more people than the entire population of Florida!2 And that number is growing.

Here’s the thing: Millionaires probably don’t look the way you think they do. Our team recently worked on the largest study of millionaires ever conducted and discovered that most of them didn’t inherit their wealth, drive fancy sports cars, or eat at five-star restaurants every night. In fact, most millionaires are just ordinary, everyday people who follow basic money practices.

chart

Find out your net worth with this free calculator! 

If that sounds bizarre, wait until you hear what’s coming next: You can join them. That’s right—you could be the next millionaire!

What Is a Millionaire?

A millionaire is someone who has a net worth of a million dollars or more. Net worth is what you own minus what you owe. It’s a simple math formula—and nothing more! 

For example, say you have a sizable emergency fund, a retirement account, and no debt besides a mortgage. Add up your emergency savings, the balance on your retirement account, and the value of your home. Then subtract the amount you owe on your mortgage, and you’ll know your net worth. It’s that easy! The majority of a millionaire’s net worth usually includes money invested in retirement accounts or real estate. Not only that, but they tend to stay far, far away from debt (73% of millionaires never carried a credit card balance in their entire lives).3  

If you want to dig deeper into your personal net worth, use our free tool—the Net Worth Calculator. It’s quick and simple, and it helps you with next steps to build your net worth based on where you are today.

Dave's new book talks about a special group of millionaires we call Baby Steps Millionaires. These are folks who used the 7 Baby Steps not only to get out debt, but also to build wealth and reach millionaire status over time. Order your copy today to learn more about the proven path that millions of Americans have taken to become millionaires—and how you can become one too!

How Long Does It Take to Become a Millionaire?

Okay, so how fast are our fellow Americans becoming millionaires? Well, these people didn’t magically wake up one day with a net worth of $1 million.

In fact, only 5% of the millionaires we surveyed got there in 10 years or less. It took most of them an average of 28 years to hit the million-dollar mark, and most of them reached that milestone at age 49.4

What about those Baby Steps Millionaires we talked about? Following the Baby Steps, it took them 20 years or less from the very beginning of their journey to reach the million-dollar mark!

Here’s how the timeline usually works: It takes most Baby Steppers two and a half to three years to get out of debt and build an emergency fund (Baby Steps 1–3). After that, it takes another 17 years or less of investing for retirement, saving for kids’ college, and paying off their home early (Baby Steps 4­–7) before reaching millionaire status.

Here's the major takeaway: Becoming a millionaire takes time. There isn’t some magic bullet or get-rich-quick scheme that will get you there. It takes decades of working, saving and investing to become a millionaire. And thousands of Americans have proven that following the Baby Steps is the quickest right way to reach a million-dollar net worth!     

Which States Have the Most Millionaires?

If there are more than 22 million millionaires in the U.S., some of them must be in your state. Right? You’re about to find out!

We used the research from our study to break down the number of millionaire residents in each state. It’s no surprise that California and New York have the most millionaires. But if you don’t live anywhere close to those places, take a look to see if your state made the top 10.

Here are the states with the most millionaires:

  1. California
  2. New York
  3. Florida­
  4. Texas 
  5. Illinois
  6. Pennsylvania 
  7. Arizona
  8. New Jersey 
  9. Ohio 
  10. Massachusetts

If your state doesn’t make the top 10 list for number of millionaires, don’t worry. Just because there are fewer millionaires in your state, it doesn’t mean you’re less likely to become one. Your state might just have a lower population than other states in general, which could be the reason why your state has fewer millionaires.

So, let’s look at this in a different way. Our team also collected data to find which U.S. cities have the most millionaires based on percentage of the population. Here are the top 10: 

  1. New York, NY: 8.51%
  2. Los Angeles, CA: 5.34%
  3. Chicago, IL: 4.45%
  4. San Francisco, CA: 3.46%
  5. Washington, D.C.: 3.36%
  6. Philadelphia, PA: 3.26%
  7. Phoenix, AZ: 2.97%
  8. St. Louis, MO: 2.37%
  9. Tampa, FL: 1.88%
  10. Orlando, FL: 1.68%

Sure, this is interesting stuff. But we’ll say it again: Where you live won’t keep you from becoming a millionaire. Still not convinced? Check out what our research has to say about where millionaires live:

  • More than 50% of millionaires live in a neighborhood where the average household income is below $75,000 a year. 
  • Nearly one-third of millionaires live in a zip code where home values are below the national median average. 
  • Six out of 10 millionaires live in a house valued under $500,000.

That means it’s likely there are millionaires in your neighborhood, and you don’t even know it! If you want to dive deeper into our research on millionaires and how they built their wealth, check out The National Study of Millionaires.

Ready to Get Started? Find a Financial Advisor Today!

Yes, you can join this growing group of Baby Steps Millionaires. How? It’s all about controlling your money! It’s that simple. It’s time for you to tell your money where to go instead of wondering where it went. That means having a written plan and getting intentional about it.

If you’re ready to build wealth, the first step is to talk to a financial advisor who can help you get started with investing and keep you focused on your journey to becoming a millionaire. Our SmartVestor program makes it easy to find investment professionals in your area—and they best part is, it’s free to get connected!  

Find your investment pro today!

This article provides general guidelines about investing topics. Your situation may be unique. If you have questions, connect with a SmartVestor Pro. Ramsey Solutions is a paid, non-client promoter of participating Pros. 

Ramsey Solutions

About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners. Learn More.

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