How Many Millionaires Are in the US? - GOBankingRates

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Who doesn’t dream of being a millionaire? Today, it’s more attainable than ever. The number of millionaires grows every year, and you may be surprised at how many there are in the U.S. today.
The Global Wealth Report from Credit Suisse says there were 21,951,000 millionaires in the U.S. at the end of 2020.
You may think that millionaires all live in big mansions behind wrought iron gates and only in the poshest neighborhoods. But there are more of them than you think, and there may be some in your town.
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According to the U.S. Census Bureau, there were 258.3 million adults in the U.S. in 2020. Since nearly 22 million of them were millionaires, that means that about one in every 11 adults in the U.S. was a millionaire at that time. There could be one — or more — in your neighborhood.
The number of millionaires in the U.S. can fluctuate on a daily basis as investments and property values go up and down. But over time, the number of millionaires tends to increase.
Being a millionaire means that you have a net worth of $1 million or more. Net worth is your assets less your liabilities, or everything you own minus everything you owe.
Here’s an example. Bob is a 45-year-old software engineer. He owns a home that’s worth $450,000, and he has a $150,000 mortgage on it. He owns a car, worth about $10,000, which is paid off. He has a 401(k) that he’s been maxing out since he started working, so it is worth $400,000. He also has some stock he got when his company went public, and that’s worth $190,000. And he inherited some stocks and bonds when his parents died — that account is worth $200,000.
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Add it all together, and Bob owns $1,250,000 worth of assets. He has a mortgage of $150,000, so after we subtract that, Bob’s net worth is $1,100,000. Bob is a millionaire.
On the other hand, Susan has a home worth $750,000 with a $600,000 mortgage She has a 401(k) worth $400,000 and $100,000 in other investments. Like Bob, she has $1,250,000 in assets but she owes $600,000 on her house. Her net worth is $650,000, so Susan is not a millionaire.
Becoming a millionaire may be more common than you think, but that doesn’t mean it’s easy. It’s also not guaranteed, but there are certainly ways to increase the likelihood that you’ll acquire significant wealth over your lifetime. Here are some tips to help you on your journey to becoming a millionaire.
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Becoming a millionaire isn’t easy, and it takes some sacrifice. But by starting early, planning ahead and sticking to your plan, you too could be a millionaire someday.

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