How Many Millionaires Are in the U.S.? More Than Any Other Country

Millionaires tend to be goal-oriented and patient. Instead of flashy lifestyles, they often focus on building a mix of financial assets that grow over time. Their wealth often comes from consistent contributions to retirement accounts, wise use of credit, and avoiding unnecessary liabilities.

Their portfolio may include rental and investment property, employer-sponsored retirement plans, and taxable accounts holding dividend-generating stocks. Many own life insurance and annuities as long-term tools. Some manage their own businesses, which significantly boost their net worth.

The typical millionaire makes methodical choices: They pay bills on time, avoid debt traps, and keep expenses below income. Rather than reacting to market swings, they stay the course.

They understand that wealth isn't about how much you spend, but how well you manage your money.

Most people don’t become millionaires overnight. Data shows that people who reach this milestone typically do so after 30 to 40 years of saving and investing. By maximizing retirement plans, controlling spending, and investing in appreciating assets, they see steady gains.

A major factor is avoiding the drain of high-interest credit card balances, auto loans, and short-term gratification. Instead, millionaires prioritize financial goals, like eliminating their mortgage, funding children's education, and ensuring a secure retirement.

They keep a close eye on the total value of their holdings and revise their strategy based on age, market performance, and inflation. Many rely on expert advice to keep their strategy current and effective.

Even millionaires must navigate economic challenges. Inflation can erode the purchasing power of cash, while market downturns test emotional discipline.

The savvy ones diversify across sectors, keep emergency savings, maintain a modest primary residence, and rebalance their portfolio as conditions change.

During periods of economic growth, the number of U.S. millionaires typically climbs. But recessions can reduce net worth, particularly for those heavily invested in volatile stocks or illiquid property.

Still, most millionaires weather downturns better than the average household, due to lower debt and better planning.

They also keep tabs on accounts, minimize discretionary spending, and track investments closely. Maintaining control over finances is key to riding out volatility.

The U.S. leads in both the number of millionaires and the number of billionaires, though it doesn't always top the list in terms of millionaire percentage of population. Countries like Switzerland and Australia have fewer people but a higher percentage of millionaire households.

Globally, the millionaire population continues to rise, driven by increases in global property values, stock market performance, and international business opportunities. The rise of digital commerce and investing apps has made wealth-building tools more accessible than ever before.

Despite this, fewer millionaires are self-made in some parts of the world where wealth transfer and inheritance dominate. In contrast, in the U.S., a significant share of millionaires built their fortune through personal effort, entrepreneurship, or steady investment.

Becoming a millionaire is often a milestone, not an endpoint. Many set new goals: helping families, funding charitable causes, or starting businesses. Others focus on maintaining their wealth and adjusting their investments to match changes in life stage and risk appetite.

They still watch spending, keep track of their accounts, and review portfolio performance. Having reached financial independence, their biggest challenge often becomes preserving what they’ve earned.

Whether driven by ambition, security, or a desire to leave a legacy, millionaires remain focused on long-term success — not short-term gains.

Many millionaires actively avoid financial pitfalls like over-leveraging or ignoring debt. They remain wary of trends that promise fast gains without proven results. Instead, they often reinvest dividends, hold rental properties for passive income, and keep their retirement plans fully funded.

Their finances reflect years of work, not a sudden get rich quick scheme. And while some may one day become billionaires, most are content to sustain a healthy balance of cash, assets, and investments.

We created this article in conjunction with AI technology, then made sure it was fact-checked and edited by a HowStuffWorks editor.