Becoming rich is a dream held by many. But how many people actually become rich? We’ll explore the data surrounding wealth and millionaires to give a better understanding of who is considered rich and how many people achieve this status.
Who is Considered Rich in the United States?
In the United States, having a net worth of one million dollars or more is considered to be rich. According to the 2020 World Wealth Report, 8.8% of U.S. adults are millionaires. That’s approximately 22.1 million people.
Interestingly, 33% of U.S. millionaires are women. This is a significant increase from the 28% reported in the 2019 World Wealth Report.
Having a net worth of one million dollars puts you in the top 10% of wealth in the United States. The average millionaire has a net worth of $4.2 million.
How Many Millionaires are There Globally?
According to the 2020 World Wealth Report, there are about 62.5 million millionaires globally. This is a 11.4% increase from the 56.2 million reported in the 2019 World Wealth Report.
The majority of millionaires are located in North America and Europe. North America accounts for 33.6% of global millionaires, while Europe accounts for 25.6%.
Asia is a distant third at 17.8%, followed by the Middle East at 10.2%. Surprisingly, Latin America and Africa only account for a combined 4.6% of all millionaires.
How Has the Number of Millionaires Changed Since 2020?
The number of millionaires globally has been steadily increasing since 2018. In 2020, the number of millionaires increased by 11.4%, up from 56.2 million in 2019.
The majority of the growth came from North America, which saw a 13.2% increase in the number of millionaires. Asia and the Middle East also saw double-digit growth, with increases of 15.4% and 12.4%, respectively. Europe saw a more modest 6.2% increase.
Latin America and Africa were the only regions to see a decline in the number of millionaires. Latin America saw a 2.3% decline, while Africa saw a 4.2% decline.
Conclusion
Becoming rich is certainly possible, but it’s not as common as many people think. According to the 2020 World Wealth Report, 8.8% of U.S. adults are millionaires. Globally, there are about 62.5 million millionaires, a 11.4% increase from 2020.
Having a net worth of one million dollars puts you in the top 10% of wealth in the United States. The majority of millionaires are located in North America and Europe. Asia is a distant third, followed by the Middle East, Latin America, and Africa.
The number of millionaires globally has been steadily increasing since 2018. The majority of the growth came from North America, Asia, and the Middle East. Latin America and Africa were the only regions to see a decline in the number of millionaires.
