There are millions of millionaires – That’s not just a figure of speech—there are 25.4 million millionaires in the US, making up about 9.7% of the population. Globally, the number climbs to 57.3 million, with 41% living in the US, 10.9% in China, and 4.7% in Japan.¹ A millionaire is someone with a net worth (assets minus liabilities) of $1 million or more. 

17% is the magic number – According to Fidelity, the average 401(k) millionaire has been investing for 25 years and contributes 17.6% of their income annually (excluding employer match).² Diligently investing over decades is a tried-and-true method to get rich slow (FIGURE 1).

Good things come to those who wait – Millionaire status isn’t usually an overnight success story. Two-thirds are between 60–79 years old, and 23% are 50–59. The takeaway? Wealth is often the result of decades of saving, investing, and career growth.³

The millionaire next door – Forget the flashy cars and designer labels. Most millionaires are surprisingly low-key. They live in modest homes, drive used cars, and prioritize financial freedom over flexing. Most track their expenses and stick to a budget.⁴

The inherited wealth myth – Born rich? Think again. The vast majority of millionaires (79%) didn’t inherit a dime. They built their wealth through discipline, saving, and smart investing—not trust funds.⁵

The Ivy League myth? – Elite degrees aren’t a prerequisite for wealth. While many millionaires are college graduates, 62% graduated from public state schools and only 8% went to a prestigeous private school.⁵ Financial literacy and good money habits matter far more.

Who are the 1%? – To join the top 1% of US wage earners, an individual would need to earn at least $450,100 a year; the amount climbs to $659,050 for households.⁶ Many get there by owning regional businesses—think auto dealerships, dental practices, and beverage distributors.⁷

It can pay to think small – Approximately 17.1% of households with a net worth between $1 million and $3 million have equity in a small business.⁸ But it rarely happens fast—the average age of a successful entrepreneur is 42, and most build wealth through reinvesting profits over time, not overnight success.⁹

A million dollars isn't what it used to be – Back in the ‘80s, a million bucks meant private jets and champagne dreams (remember "Lifestyles of the Rich and Famous?"). Today, thanks to inflation, you’d need more than $3.1 million to match the buying power of $1 million in 1985.¹⁰

What can I do for you? – Millionaires aren’t just about making money—they’re also big on giving back. 91% donated to charity last year, and 51% volunteered or fundraised. Donor-advised funds are a favorite tool for their philanthropy.¹¹