Ever walked through a crowded airport or a busy downtown and wondered who actually has seven figures in the bank? It's a lot more people than you’d think. Honestly, the image of a millionaire being some monocle-wearing tycoon is pretty much dead. Nowadays, it’s often the guy in the faded hoodie or the woman driving the ten-year-old Subaru.
The numbers are staggering.
As we roll through 2026, the data shows that the U.S. remains the world’s absolute powerhouse for wealth creation. According to the latest readings from the UBS Global Wealth Report and analysis from Visual Capitalist, there are approximately 23.8 million millionaires in the United States.
That means about one in ten American adults is technically a millionaire. Wild, right?
Why the Number of Millionaires in the United States Keeps Climbing
You've probably noticed that despite inflation making eggs cost a fortune, the stock market has been on a bit of a tear. That’s a huge part of the story. Most of these "millionaires" aren't sitting on a pile of cash like Scrooge McDuck. Their wealth is tied up in things that grew fast.
Real estate. 401(k) plans. Small businesses.
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The Federal Reserve recently noted that the average net worth of American households passed the $1 million mark a few years back, and it hasn't looked back. In 2024 alone, the U.S. added over 379,000 new millionaires. That's more than 1,000 people hitting that milestone every single day.
It’s not just the "Old Money" crowd either.
UBS reports that roughly 74% of U.S. billionaires are self-made, and that entrepreneurial spirit trickles down into the millionaire brackets too. People are starting side hustles that turn into main hustles. They're investing in tech. They're benefitng from the "Great Wealth Transfer" as Boomers pass down trillions to Gen X and Millennials.
Where Everyone is Hiding the Money
If you’re looking to spot these people, you’ve got to know where they live. It’s not just Beverly Hills.
- California is the undisputed heavyweight champion. It has over 1.1 million millionaire households. Between Silicon Valley tech salaries and insane real estate appreciation in coastal cities, the Golden State is basically a wealth factory.
- Texas is catching up fast. With no state income tax and a massive corporate migration to Austin and Dallas, the Lone Star State now houses over 650,000 millionaire households.
- Florida and New York are neck-and-neck, both hovering around the half-million mark.
Interestingly, the fastest growth isn't happening in NYC. It’s happening in places like Scottsdale, Arizona and West Palm Beach. These "secondary" hubs are attracting wealthy remote workers and retirees who are tired of the cold or the high taxes in the Northeast.
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The Rise of the "Everyday Millionaire" (EMILLI)
There’s a term financial experts are using now: the EMILLI. It stands for "Everyday Millionaire." These are folks with investable assets between $1 million and $5 million.
They don't feel rich.
Actually, according to research by Empower, many Americans say they wouldn’t actually feel financially successful until they hit about $5.3 million. Because of the cost of living in 2026, $1 million just doesn't buy the "lifestyle" it did in the 90s. For many, being a millionaire just means they can probably retire without panicking.
What Most People Get Wrong About U.S. Wealth
There is a huge misconception that most millionaires inherited their money. While the "Great Wealth Transfer" is real, the majority of people in this bracket earned it.
Data from the USA Wealth Report suggests that over 60% of high-net-worth individuals earned their keep through entrepreneurship or high-level salaries. They are "paper millionaires." Their 401(k) says $1.2 million, but their bank account has $4,000 because everything is invested in the S&P 500.
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Another weird stat?
Millionaires are twice as likely to have a travel credit card than the average person. They aren't necessarily hoarding pennies; they're optimizing points. They own homes (95% of them do), and those homes are worth an average of nearly $1 million themselves.
But it’s not all sunshine. The gap is widening. While the U.S. has nearly 24 million millionaires, the bottom 50% of the population holds only about 2.5% of the total wealth. It’s a lopsided pyramid.
How to Actually Use This Information
Knowing that there are 24 million millionaires in the country is cool for trivia, but it also tells you something about the economy. Wealth is moving. It's moving from the Rust Belt to the Sun Belt. It's moving from traditional savings to digital assets and equities.
If you want to move into that bracket, the data suggests three main paths that worked for the current group:
- Homeownership: 95% of the millionaire club owns their primary residence. It’s the ultimate forced savings plan.
- Stock Market Participation: Nearly half of these people have significant portfolios. They didn't wait for the "perfect" time to buy; they just stayed in.
- The Age Factor: The average age of a U.S. millionaire is still 61. It’s a marathon. Most people hitting the mark right now started their serious saving journey in the early 2000s.
Actionable Steps to Take Today
- Audit your "Net Worth" vs. "Income": Being a millionaire is about what you keep, not what you make. Use an aggregator like Empower or Rocket Money to see your total standing across all accounts.
- Target Growth Hubs: If you’re a business owner or freelancer, look toward Scottsdale, Austin, or West Palm Beach. That’s where the "new" money is migrating and spending.
- Maximize "Paper" Wealth: Check your 401(k) allocations. With the S&P 500 continuing to drive the majority of new millionaire statuses, being "all-in" on equities has historically been the ticket for the 23.8 million people currently in the club.
- Focus on Investable Assets: Aim for the "EMILLI" status by prioritizing liquid investments over lifestyle inflation.
The path to seven figures in America is more crowded than ever. It’s no longer an exclusive club for the elite; it’s the result of long-term compounding and being in the right geography at the right time.
Next Steps: Calculate your current net worth including home equity and retirement accounts to see how close you are to the "Everyday Millionaire" threshold. Then, research the tax advantages of the fastest-growing wealth hubs like Texas or Florida to see if a relocation could accelerate your savings rate.