Yes, you can join these everyday millionaires. Make a written plan and get intentional about it! We recommend investing professionals who share the financial values I teach through our SmartVestor program. Find an investing pro today! Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since Millions of people have used our financial advice through 22 books including 12 national bestsellers published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.
Guided Plans. Trusted Pros. Free Tools. But it does take a change of mindset. How Many Millionaires Are in the U. Find out your net worth with this free calculator! About the author Ramsey Solutions. More Articles From Ramsey Solutions. Thank you! The youngest American billionaire is Austin Russel. There are approximately 51,, people who own one million USD or more worldwide. According to the Global Wealth Report, Moreover, In contrast, the bottom half of the wealth pyramid manages 1.
According to Wealth-X, about Only 7. The United States tops the list of countries with the most millionaires, with China stands at number two with 6. Germany is next with 2. The UK has been knocked out of the top five and is now sixth with 2. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. The rule of thumb is that with hard work, you can achieve anything in America. There are a lot of inspiring people — both fictional and real — that have made it big that way.
Well, our research shows that the number of millionaires will only grow in the future. So you still have a chance to become a part of our statistics. Pet Ownership Statistics by State. There is an obvious proportional correlation between the percentage of millionaires who are white and the standard population percentage.
It appears there are higher percentages of Hispanic Americans and Asian Americans that are millionaires than there are of Caucasian Americans. With the rate that the U. I would expect that trend to continue, if not accelerate in the future. This is going to be a crazy ride. I find the one percent question to be interesting, The IRS gives the one percent threshold of AGIs of tax returns, I would call that a proxy for households K as last reported so we can see that but the one percent threshold for net worth is commonly considered from two different sources one saying its It would be interesting to see the correlation between cumulative assets of the top 10 percent of earners including assets compared to the national debt for the span of to current.
It would be interesting to see these statistics by gender and highest level of education as well. The countries with the most millionaires paragraph is somewhat misleading.
If the data is normalized instead of quoting the absolute numbers, in rough numbers, the USA is still 1 with a chance of being a millionaire, Japan is 2 at , the UK is 3 at , France is 4 at Germany is 5 at , and China, although 2 in absolute numbers has a millionaire ratio of I have not done the research but would guess that the national tax rates are an inverse of the millionaire ratios.
Absolute numbers can be more sensational but misleading, normalized data has greater value. The statistics cited may all be fine, but the commentary is less than adequate once the implications are recognized.
Some of the remarks in the comment section are, too. The author clearly recognizes the difference between wealth and income. The difference can, and in some instances does, play out like this: in the manner of Warren Buffett, many very wealthy people do not spend an inordinate amount on goods and services, at least not when judged according to the funds they have available to them.
Due to their choice of lifestyle, they are not as pressed as they might have been to cash in their investments.
They are free to do whatever they can to legally avoid paying taxes, asset management included, and keep watch on their assets while their long term investments grow at a hefty clip on average, in the long run. As cited by the author, much of those assets, whether they belong to the thrifty or not, are in the form of real estate.
This is where the part I find disturbing enters the picture: it is one thing to claim that most great financial wealth is in the hands of, not heirs of great fortunes, but people whose wealth stems from hard work. Another to treat the wealth accumulated on those earnings as accumulating through hard work. There is no distinction made in the commentary, so far as I can see, between wealth accumulated from hard work and the hefty portion of it that comes from investing that hard earned cash.
It would be quite revealing to know the breakdown. The difference has a lot of important ramifications. In fact, that may be the biggest factor in the creation of the insidious problem of the great disparity in wealth we are watching grow by leaps and bounds, which evidence suggests increasingly tears at our social fabric as it gets even larger.
But, then, that can be fairly seen as parasitic on the stable conditions of a society. For relative stability and expectations of returns on investment go hand in hand.
A favorable risk-reward ratio is largely a function of such conditions. Does that mean that the investor has no claim to rewards that come from taking the financial risk of purchasing property?
Not at all. The United States attracts a great deal of cash from foreign investors, which is mainly why, due the strength provided to it by such investment, the dollar is the closest thing there is to a worldwide currency.
So much cash is invested that Instruments such as government bonds owe their stability to it, the track record of which fuels that attraction. The less stable the society, the more likely would occur shocks to the financial system that have an impact on worldwide perceptions of stability, a cause itself of greater instability, thereby setting up conditions suitable for a vicious cycle detrimental to the US economy.
The United States benefits greatly, as far as its reputation is concerned, as a good place, frequently seen as the best place, to park vast wealth due to its combination of stability and economic dynamism. But the stability is not an expendable factor, which means that the disparity in wealth threatens the very conditions that created the opportunity upon which great wealth-accumulation is typically built.
For they have already utilized the opportunity afforded them which they helped create by hard work. But there are two main points I want to highlight about such thinking: the first is that it is, as I mentioned, parasitic, for it weakens if not wipes out the conditions that made the accumulation of great wealth possible; second, it mistakes a necessary condition for a sufficient one: the opportunity could only have been created by hard work, assuming it was created legally, under the right conditions i.
Wearing such blinders would mean that a concern for promoting the maintenance of the conditions that made the growth of their wealth possible would more likely be absent from their thinking. But worse, as I see it, is this: if we are to grant that there is some moral claim to hard-earned cash, it does not follow that the same claim applies to the wealth accumulated by an investment in real estate, including, say, a contractual arrangement set up with a maintenance company to do the hard work involved in upkeep.
Seen in light of that difference, how is the great growing disparity in wealth we are witness to, in our increasingly fragmenting society, a result of fair play? The conclusion I draw is that the disparity does not exist under conditions of fair play, but under those which, with only empty-headed propaganda to back it up, allow the strong to grow stronger at the expense of the weak by using the law to protect hoarded money from being used to, say, help children flourish, including their physical and mental health, or to support joint efforts to stem the advancing degradation of environmental conditions needed to.
Why do they hate wealthy people so much? We recently joined the HNWI list and it took close to ten years after college to do it. The tax on gasoline also is one of the country's lowest.
Arizona's median home values are above the national level, but its cost of living remains more than reasonable. The state is 3. Within the state, you're most likely to find millionaires living in the Phoenix-Mesa-Scottsdale metro area. Psychiatrists, dentists and CEOs are among the folks earning the highest salaries.
Significantly cheaper average home prices drive Georgia's affordability. Sales taxes lean high, and in some areas, groceries are taxed as well.
Property taxes are modest. But if you're a retiree, Georgia's taxes aren't nearly so onerous. The highest concentrations of millionaires are found in the Atlanta and Savannah metro areas. The explosion in shale oil drilling has minted many a millionaire in North Dakota over the past decade. Indeed, small towns such as Dickinson and Williston, located in the oil-rich Bakken Formation, have some of the highest concentrations of millionaires in the U.
However, it remains to be seen what happens to their ranks amid an historic crash in oil prices. North Dakota, the nation's second-largest oil-producing state after Texas, saw its oil output decline 4. North Dakota is one of the nation's tax-friendliest states. The Peace Garden State offers modest sales taxes that favor agriculture, and it has cut income taxes to the point that they barely exist. Property taxes are middle of the road, and the state scores well for fiscal stability, indicating that it will be able to stay tax-friendly in the future.
To top it off, the cost of living is 9. Tiny Vermont has just 16, millionaire households, and the Green Mountain State is one of the tougher states when it comes to taxing millionaires. Generally speaking, it's a pricey place to live if you're wealthy. Among other policies, income tax rates reach 8. Although sales taxes in Vermont are modest, it's an expensive place to own a home as well as heat it.
Largely rural and remote, Vermont is a comparatively expensive state in which to live in other ways, too. By the Council for Community and Economic Research's formula, costs are Architectural and engineering managers, CEOs and pharmacists have some of the highest average salaries in the state.
Everything is bigger in Texas. No, it doesn't have the highest concentration of millionaires, but in terms of raw numbers, only California has more than the Lone Star State's , millionaire households. And then there are all the folks in the figures club. Heck, Texas is so big it not only has two of the smallest towns with the most millionaires in the U.
On average, the cost of living in Texas is 8. Housing and groceries are particularly affordable. Texas is a place of extremes when it comes to taxes, too. There's no income tax at all. On the other hand, sales taxes run high, as do property taxes. As befits a place that pumps a lot of oil out of the ground, fuel taxes are low. The Beaver State's cost of living is 1.
Median income is higher too, but by a slimmer margin. Whether he complains about Oregon's taxes is unknown, but millionaires and pretty much everyone else do.
Oregonians face the country's highest income tax bracket. The 9. More than 6. That puts the state's concentration of millionaires not far off from the national percentage of 6.
Millionaires and other residents deal with some annoyingly high taxes, however. The Keystone State has the second-highest state gas tax in the nation and the sixth-highest state and local cellphone wireless service taxes. An inheritance tax adds to the state's overall tax burden. When people think about Rhode Island and millionaires, Newport and its grand 19th century mansions naturally come to mind. But today's picture is more pedestrian.
With more than 28, millionaire households out of ,, Rhode Island has a merely in-line concentration of millionaires.
Unhappily, taxes and expenses in the Ocean State are on the high side too. The cost of living in Rhode Island is a whopping Partly that's because Rhode Island is expensive for homeowners.
The Ocean State's sales taxes lean high and are above its neighboring states , but the income tax bite is modest.
Well-paid jobs in the finance and insurance industries, as well as the presence of major companies like DuPont DD and AstraZeneca AZN , help fuel an above-average concentration of millionaire households in Delaware. Despite a heavy corporate presence, Delaware's cost of living is just 1.
Taxes more than make up for higher prices, however. The First State is a standout among its East Coast neighbors with no sales tax and low property taxes. But it's worth noting that the city of Wilmington taxes wages of everyone who lives or works there at 1. The numbers get a big lift from Summit Park, a small town with one of the very highest concentrations of millionaires in the country. World-class ski resorts and luxury shopping are the main draw. As for taxes, millionaires could do better, but then, they could also do worse.
The Beehive State runs a flat tax system. However, the loss of the federal personal exemption due to the new tax law means that many Utahns, particularly those with multiple dependents, will pay higher state taxes than before.
Property taxes are low and sales taxes average. A strong score on fiscal stability indicates the Beehive State is likely to be able to keep things average. The cost of living is 3. Illinois has a higher concentration of millionaires than the national average, and a million bucks goes a bit farther in the Prairie State than it does in much of the rest of the country.
The cost of living for Illinois is 1. Indeed, Illinois is one of Kiplinger's top 10 least tax-friendly states. Illinois' economic woes are one reason why it makes the list; it's 50th in the latest ranking of states' fiscal health by the Mercatus Center at George Mason University — and residents are paying the price with higher taxes.
Property taxes in Illinois are high, as are sales taxes. Most states exempt food and drugs from their sales tax, but that's not the case in Illinois.
The state's wealthiest resident is Citadel hedge-fund honcho Ken Griffin. Minnesota is loaded with giant companies.
They help drive an economy that supports more than , millionaire households. Although Minnesota affords residents a cost of living that's 2. Less sunny is the fact that the North Star State hits hard with income tax.
It added a new top income tax rate of 9. But what makes Minnesota really stand out is that its lowest income tax rate is 5. Given the number of major corporation headquarters, it should come as no surprise that CEOs have some of the highest average salaries.
Colorado has a relatively high concentration of millionaire households partly because it's an outdoor recreational paradise. The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. Breckenridge, Glenwood Springs and Boulder punch well above their weights in the millionaire rankings as well.
Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1. Property taxes are quite low , but sales taxes take a toll. The Centennial State has a flat tax: If you have federal taxable income, the rate is 4.
The state levy for sales tax is 2. The average combined rate is 7. New York State has the third-most millionaire households in raw numbers after California and Texas. They're disproportionately located in the greater New York City area, however, where a million bucks doesn't go that far.
Manhattan and Brooklyn are the first- and fourth-most expensive places to live in the country at a whopping Taxes can be brutal, too. The Empire State's average sales tax rate is the 10th-highest in the country. But wait, there's more. New York City and Yonkers impose their own income taxes, and there's a commuter tax for self-employed people working in and around New York City. Needless to say, New York's taxes are tough on retirees too. Financial managers are among the highest paid professionals in the state.
Although Washington is home to the two richest people in the world — Amazon. Seattle, which is one of America's fastest-growing cities, also is one of the most expensive. The cost of living in Washington is 7. Housing, in particular, is pricey.
As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. Tiny Oak Harbor, Washington, has one of the highest concentrations of millionaires of any small town in America. Washington is one of Kiplinger's most tax-friendly states because it doesn't have an income tax. The flip side is, the burden of other state and local taxes in the Evergreen State is heavier. The Tax Foundation's average combined state and local sales tax rate for Washington is the fourth-highest in the country, as is its gas tax.
Oil wealth is what gives Alaska its high percentage of millionaires. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas.
The downside is that folks there need higher incomes; everything costs more in Alaska because it's so remote. Overall, the cost of living in the Last Frontier is On the other hand, Alaska is among the most tax-friendly states in the country.
State income tax doesn't exist; in fact, the government actually pays residents. Alaska gives each legal resident who has lived in the state for a full year an annual "Permanent Fund Dividend. The centrality of the oil industry to Alaska's economy helps make petroleum engineers and chemical engineers some of the best-paid professionals in the state. Virginia's high concentration of millionaires is largely driven by Washington, D.
The greater D. Although Virginia's D. The Old Dominion has middle-of-the-road income taxes and relatively low property taxes. Note that while the sales tax is modest, groceries are taxed, albeit at a lower rate. New Hampshire's high concentration of millionaires hinges on Concord and Laconia. In the former case, the state capital is home to a horde of state, county, local and federal agencies — and the law firms and professional agencies that support them.
Laconia and the state's famed Lakes Region benefits from its popularity as a tourism hub. Like Tennessee, New Hampshire has a very limited income tax that only applies to dividend and interest income. There's no sales tax in the Granite State, either. New Hampshire residents also don't pay too much state tax at the pump. Although N. The Golden State is home to the most millionaires in the nation, at more than 1 million households, and claims four of the top 10 metro areas with the highest concentrations of millionaires.
California boasts numerous metro areas — including Napa, San Francisco, San Jose and Oxnard — that are loaded with wealth. It almost goes without saying that California is a pricey place to live. But the tax situation is far more friendly than many people think.
California's reputation as a high-tax destination is built in part on how aggressively it goes after big earners, with a But for more modest incomes, the impact is far milder. Property taxes are low, too. Still, Californians pay high sales taxes, as well as high fuel taxes on all that driving they have to do. Washington, D. Although the District of Columbia is a magnet for the highly educated seeking high-powered jobs, the downside is that you need a hefty paycheck to live there.
And rents and mortgages are closing in on triple the national average, making D. Although property and sales taxes are unexceptional, the District of Columbia takes a huge bite of income. It should come as no surprise that a tropical paradise would be a magnet for millionaires. Kapaa, on Hawaii's fourth-largest island of Kauai, and Honolulu have two of the highest concentrations of millionaire households in the U.
But paradise doesn't come cheap. Blame Hawaii's remoteness, making pretty much everything more expensive than it would be on the mainland. The cost of living in the Aloha State is Taxes are rough, too. Seniors, however, catch a break. Hawaii exempts Social Security benefits as well as most pension income from state income taxes. Another ray of sunshine: Property taxes as a percentage of home value are the lowest in the U. From the greater Boston area to the tip of Cape Cod, Massachusetts has more than its fair share of millionaire households.
With its unparalleled collection of universities, hospitals, historical sites, and tech and biotech employers, Boston is a center of wealth, as well as one of the priciest cities in the U. On the smaller side of things, Barnstable Town and Vineyard Haven Martha's Vineyard have some of the highest concentrations of millionaires in the country.
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