Why The US Now Has More Millionaires Than Ever

Last year, global wealth increased by approximately 10%, and this spike contributed to an uptick in the number of millionaires residing in the United States.

By Crystal Murdock | Published

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With inflation continuing to force the cost of living to rise, it is a little hard to believe that the number of millionaires in the United States has grown at a rapid rate since last year. Across the world, there are a total of 62.5 million millionaires, and of these 5.2 million reside in the United States. The increase in the number of U.S. millionaires is being credited to the large positive gains within real estate and the stock market. 

According to CNN, the top leading economies with the largest growth in household wealth is China and the United States trailed by Canada, India, and lastly Australia. It is being reported the total global wealth is in the $463.6 trillion range or by a definition that contains a lot fewer zeros, the total wealth range increased by 9.8% over the past year. Resulting in the largest increase in the total number of millionaires in the United States, so far to date. 

As crazy as it may seem, becoming a millionaire may not be as far off as you think. A radio host and author of the book “Everyday Millionaires” Chris Hogan, completed a survey on more than 10,000 of these wealthy millionaires to determine if there was a root cause or true secret to success. Hogan quickly learned that the majority of these United States millionaires are not the fancy, yacht-partying individuals you think of from movie cameos or television shows. 

In fact, the average age of those considered in the group of millionaires is 62 years old, and have built up most of their wealth by saving up to the current point. Those looped into a net worth of $25 million or more, were on average 65 years or older, but many were still working. Of the combined group of millionaires, an astonishing 70% work 40 hours or more a week, and two-thirds of these are millionaires based on having a dual-income household.  

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One common trend among the uprising of U.S. millionaires is those that donate a percentage of their wealth to charity. Of those with a net worth of $25 million or more 80% of these millionaires made donations of at least $10,000 or more. A whopping 21% of this group of individuals considered to be millionaires, donated over $100,000 a year to charitable causes. 

Hogan determined the millionaires were regular, hardworking, everyday people and that they are not typically flashy as shown on the big screen. Becoming a millionaire was based on a particular mindset and based on those with a divine focus on their future destiny.  Although smart saving and investing is what pushed the envelope for positive cash flow, a healthy mindset kept the individuals determined and focused. 

So even with current inflation, the high rising cost of household goods, and post-panicked U.S. citizens from the COVID pandemic, the number of millionaires within our nation is a positive sign that not all have been at a loss the past few years.