There are millions of millionaires – That’s not just a figure of speech—there are 24.5 million millionaires in the US, making up about 9.4% of the population. Globally, the number climbs to 62.5 million, with 41% living in the US, 10.3% in China, and 5.9% 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 26 years and contributes 17% of their income annually (including employer match). Diligently investing over decades is a tried-and-true method to get rich slow (FIGURE 1).²

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, few attended top-tier schools. Financial literacy and good money habits matter far more.⁶

Who are the 1%? – To join the top 1% of US wage earners, you need to earn at least $550,000 a year. Many get there by owning regional businesses—think auto dealerships, dental practices, and beverage distributors.⁷

It can pay to think small – Approximately 15% of small business owners in the US are millionaires. Think tech entrepreneurs (app developers, software, or IT services), doctors (often by owning a private practice), tax consultants, and small investment firms.⁸

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 million to match the buying power of $1 million in 1985.⁹

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.¹⁰