Millionaire Statistics By Choice Of University, Personality Traits, Investment, Saving and Regions

Introduction

Millionaire Statistics: A millionaire is someone whose total wealth is equal to or more than one million units of currency. The value of one million can change depending on the currency used, and in some countries, the currency might not be worth as much due to inflation. This means that being a millionaire in certain places, like Hong Kong or Taiwan, may not be as impressive because the local currency has less value.

For example, in Zimbabwe in 2007, having a million units of currency would not have made someone wealthy due to extreme inflation. So, when people talk about being a millionaire, they usually mean having at least one million U.S. dollars ($), euros, or British pounds (£), which are considered strong currencies. We shall shed more light on Millionaire Statistics through this article.

Editor’s Choice

• Despite its large population, millionaires in the U.S. represent just 9.5% of all adults.
• Europe is in second place, with 2.8% of the population being millionaires.
• Luxembourg has the highest percentage of millionaires per person. About 16.2% of adults in Luxembourg are worth more than $1 million.
• The U.S. ranks sixth, with between 9.5% and 9.7% of its population being millionaires.
• The U.S. has the most millionaires in the world, making up 41.9% of all millionaires globally.
• Millionaire Statistics stated that China has 9.9% of the world’s millionaires, and together with the U.S., they make up nearly half of all millionaires worldwide.
• Other countries with large numbers of millionaires include Japan (3.37 million), the U.K. (2.85 million), and France (2.8 million).
• Millionaire Statistics show that 2% of African American families in the U.S. are millionaires, while 16% of white families have a net worth of over $1 million.
• In terms of cities, New York City has the most millionaires. Tokyo comes in second with 290,300 millionaires, and the Bay Area (California) is third with 285,000.
• London ranks fourth with 258,000 millionaires, followed by Singapore with 240,100. Los Angeles is sixth with 205,400 millionaires.
• In the U.K., female millionaires are most common in the media industry (22%), followed by the retail, fashion, and luxury goods sectors (21%).
• Around 33% of U.S. millionaires are women, and the average millionaire is 57 years old.
• Currently, Asian and white people have the highest chances of becoming millionaires.
• However, education plays a big role, too—88% of millionaires have a college degree, and 52% have a master’s or doctorate.

Who Is A Millionaire?

A millionaire is someone who has at least one million units of money, like U.S. dollars ($) or British pounds (£). This can include things like property, stocks, or other investments, not just cash. If a person has more than one million, they’re called a multimillionaire. In finance, a multimillionaire is typically someone with $30 million or more in total assets. These people are also called High-Net-Worth Individuals (HNW).

Many believe becoming a millionaire is possible with the right approach. Some tips for reaching this goal include saving money regularly, making smart investments, cutting back on unnecessary spending, and doing work that you enjoy.

Examples Of Self-Made Millionaires

As of 2018, over 265,000 people are stated as extra-rich, meaning they have $40 million or more in net worth. More than two-thirds of these ultra-wealthy individuals built their wealth on their own. Here are five famous examples:

• Janice Bryant Howroyd: The founder and CEO of ActOne Group began her staffing agency with only $1,500 ($900 of which she borrowed from her mom), a fax machine, and a phone. Today, she’s one of the wealthiest self-made Black women in the U.S., with a net worth of $285 million.
• Warren Buffett: Although he’s technically a billionaire, Buffett is included here because he’s a self-made success. He made his first millions running a hedge fund and is known for his smart and careful approach to investing as the CEO of Berkshire Hathaway.
• John Mackey: The co-founder of Whole Foods Market started with only $5,000—$45,000 less than he planned to save. He turned the first floor of an old house into a small store selling natural foods. Two years later, he teamed up with other grocery store owners to start Whole Foods. In 2017, Amazon bought the company for $13.7 billion.
• Whitney Wolfe Herd: At 25, Wolfe Herd founded Bumble, a dating app that lets females take the first step. She used her experience from working at different dating applications to create something new. In 2023, her net worth surpassed $500 million. In early 2024, she stepped down as Bumble’s CEO to become the executive chair and explore new opportunities.

General Millionaire Statistics

• In the U.S., 76% of millionaires are white, even though white people make up 60% of the entire population.
• There are 22 million very wealthy people in the U.S., which is about 8.8% of all adults.
• The U.S. has the highest percentage of millionaires in the world, with 40% of all millionaires. China is second with 10%, Japan has 6%, and the United Kingdom, Germany, and France each have 5% and 4%, respectively.
• There are 1,645 billionaires around the world, and they control about $6.4 trillion in wealth.
• Millionaire Statistics stated that the United States has 492 billionaires.
• The next countries with the most billionaires are China, Russia, Germany, and Brazil.
• 90% of billionaires are men, 65% are white, and 60% are 60 years old or older.
• In 2012, Sheldon Adelson spent $93 million on political campaigns against President Obama, while Oprah Winfrey donated $76,000 to Obama’s Victory Fund the same year.
• Mark Zuckerberg has donated $990 million to the Silicon Valley Community Foundation.
• If Bill Gates, the world’s richest person, were a country, his wealth would make him the 65th richest country in the world.
• The richest woman in the world is Christy Walton, a member of the Wal-Mart family.
• According to Millionaire Statistics, 42% of billionaires who became wealthy before turning 40 did so in the tech industry.

(Source: jobera.com)

• Worldwide, there are 62.5 million millionaires, which is an 11.4% increase since 2020.
• Millionaires control just 0.6% of the world’s total wealth.
• There are about 62.5 million millionaires worldwide.
• Millionaire Statistics stated that almost 39.2% of these millionaires, or 24.5 million people, live in the U.S.
• 87% of millionaires, or 54.1 million people, have between $1 million and $5 million in total wealth.
• New York City has more millionaires than any other city in the world.
• There are 25,490 millionaires (people with at least $100 million) globally.
• 79% of millionaires in the U.S. did not inherit any money from their families.
• 88% of millionaires in the U.S. graduated from college.
• Harvard University produces the most centi-millionaires in the U.S.
• As per Millionaire Statistics, 25.3% of wealthy women (with ultra-high net worth) inherited their fortune.
• 1% of ultra-wealthy women in the U.S. made their money on their own.

Millionaire Statistics Related to Choice of University

• Studies show that about 24.9%, or almost one-quarter, of the world’s centi-millionaires graduated from just 20 universities.
• The top universities in the U.S. make up 16.6% of the global centi-millionaire population.
• Three Ivy League schools—Harvard (3.8%), Stanford (2.2%), and the University of Pennsylvania (1.9%)—are the most influential.
• According to Millionaire Statistics, seven out of the top ten universities in the world are in the United States.

(Reference: linkedin.com)

• Yale and Columbia Universities each have 1.7% of the world’s centi-millionaire graduates, with Columbia at 1.4% and Princeton University producing 1.2% of these wealthy alumni.
• The U.K. has four universities in the global top 20, including two in the top 10. Together, they have produced 4.4% of the world’s centi-millionaires.
• Around 1.7% of the world’s centi-millionaires attended the University of Oxford, while the University of Cambridge has educated 1.4% of global centi-millionaires.
• Two London universities are ranked in the global top 20 for centi-millionaire graduates: the London School of Economics (0.8%) and the London Business School (0.6%).
• Millionaire Statistics stated that France has two universities in the top 20 worldwide, and together, their alums make up 1.5% of the world’s centi-millionaires.

(Reference: expertmarket.com)

• In the above chart, we can see the degree of education most millionaires hold.
• China has two universities in the global top 20, both located in Beijing. Together, they account for 1.5% of the world’s centi-millionaires.
• Japan is the only country outside the U.S., UK, France, and China with a university in the global top 20. This university is the University of Tokyo.
• Studies show that 36% of top global CEOs studied abroad, and 66% have earned a master’s degree or doctorate. This suggests that international education can greatly influence earning potential.

Millionaire Investment And Saving Habits Statistics

• 81% of millionaires have made a big financial mistake in the past.
• More than 70% of millionaires have at least one credit card.
• On average, millionaires save or invest 37% of their income every year.
• Nearly 54% of millionaires own real estate as an investment.
• Almost 58% of millionaires create and stick to a budget to manage their spending.
• As per Millionaire Statistics, around 68% of millionaires have never played the lottery.
• The average millionaire has been investing for more than 20 years.

(Reference: businesswire.com)

• 43% of millionaires have a written financial plan.
• Roughly 27% of millionaires invest in cryptocurrencies.
• 52% of millionaires work with a financial advisor to manage their wealth.
• Almost 36% of millionaires own a second home, like a vacation property.
• 67% of millennial millionaires say saving and investing in stocks helped them build their wealth.
• Only 20% of millionaires own expensive luxury watches.
• Millionaire Statistics stated that almost 62% of millionaires have investments in private equity.
• Around 56% of millionaires buy everyday items at discount stores.
• On average, millionaires invest 20% of their income in the stock market.
• 48% of millionaires invest in private companies.
• The most popular investment among millionaires is real estate.65% of millionaires set clear financial goals.
• 38% of millionaires enjoy collecting art.56% of millionaires retire earlier than most people.

(Reference: getmoneyrich.com)

• The average millionaire saves 20% of their income.
• 44% of millionaires have put money into precious metals. The average millionaire checks their investments every day.
• 63% of millionaires think financial education is important.
• Millionaire Statistics stated that around 60% of millionaires have a financial advisor to help them manage their money.

Personality Traits Of Millionaire Statistics

• Millionaires who inherited their wealth are more likely to value gifts, inheritances, or marriage in building their fortunes instead of focusing on starting a business or being self-employed.
• On the other hand, self-made millionaires think that starting a business and working for themselves are more important for building wealth than relying on gifts or inheritances.
• A typical personality profile for millionaires shows that they tend to be outgoing, organized, open-minded, and somewhat self-centered. They usually have lower levels of stress and are more agreeable than most people.

(Source: nature.com)

• Millionaires are generally more willing to take risks, more sociable, and more responsible, but they are usually less anxious than the average person.
• 73% of millionaires have never carried a credit card balance.

(Source: nature.com)

• A study found that 94% of millionaires spend $200 or less per month eating at restaurants. Also, 93% of millionaires use coupons at least sometimes when shopping.
• Millionaires who made their money independently tend to have different personality traits than those who inherited their wealth.

(Source: nature.com)

• According to Millionaire Statistics, self-made millionaires are more likely to take risks, be less anxious, and be more open-minded.

Regional Millionaire Statistics

(Source: worldpopulationreview.com)

• There are 47 million millionaires worldwide, and it’s probably not surprising that most of them live in the U.S. Although they make up less than 10% of the global population, they control almost half of the world’s wealth.

United States

• In 2019, 587,000 people became millionaires in the U.S. The country has long been known as the land of the “American Dream,” where people can start with nothing and work their way to a fortune.
• Many U.S. millionaires made their wealth from industries such as oil, engineering, and global trade.
• The tech boom over the past 40 years has also helped create a lot of millionaires.

Japan

• Japan is home to the second-largest number of millionaires. Recent reports say there are over 3.39 million millionaires in Japan.
• Known for being the world’s tech hub, Japan has built many fortunes in the automobile and electronics industries.

Germany

• Germany, with its strong economy and world-class engineering, has over 400,000 millionaires. The country excels in four main industries:
  • Automotive
  • Mechanical engineering
  • Chemicals
  • Electrical industries

China

• China has developed the world’s largest manufacturing industry and invested heavily in shipping products across the globe.
• Thanks to its large population, China has a massive workforce to support this. As a result, there are around 4.4 million millionaires in China.
• Known as the “World’s Factory,” China’s dominant role in manufacturing may face competition in the future as countries like India and Indonesia grow and start to take more of the market. Time will tell if China can maintain its lead.

Sports Liked By Millionaires

(Reference: statista.com)

• A recent Wealth-X study examined the interests of the world’s very high-net-worth individuals (VHNW), who have between $5 million and $30 million in assets.
• The study found that most of these individuals are self-made and focus on managing their businesses.
• However, they also have many personal interests, such as fashion, technology, outdoor activities, sports, and charity. The level of interest in these activities often increases as they get older and depends on their wealth.
• Sports are especially popular among the wealthy, with a quarter of those in the Wealth-X database regularly participating in sports, either for fun or relaxation.
• Golf is by far the most popular sport, with 18.6% of VHNW individuals either playing or watching it. This makes sense, as golf has long been associated with the wealthy.
• Soccer, the most popular sport worldwide, is in second place, with 11.6% of wealthy individuals watching it, though fewer play it.
• Over the past decade, wealthy individuals have become more involved in the business side of soccer. Skiing, known for its luxurious resorts, comes in third, with 10.9% of VHNW individuals participating in the sport.

Conclusion

There are 56 million millionaires worldwide, which make up just 1.1% of the adult population, but they control 46% of the world’s wealth. In the U.S., almost 22 million millionaires represent 8.8% of the adult population and over 39% of the millionaires globally. While many millionaires work in areas like finance, engineering, accounting, and law, a surprising number also work in education or as managers. However, the industries that create the most millionaires (and billionaires) in the U.S. are finance and investments, technology, manufacturing, fashion and retail, and healthcare.

Many people think you need to come from a wealthy family or attend an elite private school to become a millionaire, but that’s not always true. 79% of millionaires never received an inheritance, and only 8% attended prestigious private universities—most (62%) went to public or state schools. Through this article, we have shed enough light on Millionaire Statistics.

Saisuman Revankar

Saisuman is a talented content writer with a keen interest in mobile tech, new gadgets, law, and science. She writes articles for websites and newsletters, conducting thorough research for medical professionals. Fluent in five languages, her love for reading and languages led her to a writing career. With a Master’s in Business Administration focusing on Human Resources, Saisuman has worked in HR and with a French international company. In her free time, she enjoys traveling and singing classical songs. At Coolest Gadgets, Saisuman reviews gadgets and analyzes their statistics, making complex information easy for readers to understand.

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