The Actual Number of Americans with $1 Million or More

80% of millionaires in America, they didn't get no inheritance. Most Americans, they reach that millionaire status without a windfall, without an inheritance, without any lottery. Guys, on this quick video, I want to give you some stats and tell you how many Americans really have a million dollars or more in terms of net worth. And I want to tell you what you can do to become a millionaire in a stress-free way. Now, as of 2024, around 22 million people in the United States have a net worth of at least $1 million or more. Or said a different way, 13 to 15 million households out of about 125 million households in America have a net worth of over a million dollars. Or we can say it in a whole different way. It's about one in every 12 to 15 million Americans are worth a million dollars. Now, 22 million millionaires in America is slightly down from the 22.7 million millionaires that were in America just a couple of years ago. But the number of millionaires in America is expected to continue to grow from here. Now, the states in America with the most millionaires are California, Florida, Texas, New York, Illinois, Pennsylvania, Arizona, New Jersey, Ohio, and Massachusetts. Now, the cities in America with the most millionaires are New York City, LA, Chi-Town, San Fran, DC, Philly, Phoenix, St. Louis, Tampa, and Orlando. Now, interestingly enough, the average age of Americans who have a net worth of over a million dollars, and again, we're talking about net worth. That means assets minus liabilities is over a million dollars. The average age is 57 years old. Now, what's that say? That reflects to me that millionaires, typically in America, they accumulate their wealth over a long stretch of time, right? Decades of saving, decades of investing, decades of home ownership and business building, right? It takes a while is what it tells me. So being a millionaire in America is not a get rich quick thing, even though that's what we see all the time, right? We see it on social media TV. We see these young people who are millionaires and it really sparks us and kind of motivates us. But at the same time, it's not really realistic. The average age of a millionaire in America is 57 years old. So we got to sort of in our mind, forget about these outliers, sort of understand that when you see a young person that's a millionaire, that's an outlier, that's an anomaly. It's a one-off when we see somebody who's in their thirties and making millions of dollars. That doesn't happen all the time. That's very rare, but we see it on IG and Facebook and TikTok. And the more we see it, the more we think it's common, but it's not, right? That's not the face or the age of the average millionaire in America. So let's break this down in terms of age, right? When you're in your thirties or younger, again, only a small percentage of millionaires are in their thirties or younger. Typically that's because of what? Lower incomes. And you just don't have the time to build up becoming a millionaire for most people in their twenties and thirties. It's just harder to be a millionaire when you're that young. But if you happen to see people who are in their twenties and thirties who are millionaires, it's because of something sort of crazy, like some serious entrepreneurship where they built a business at a young age and built it up, or they had some incredibly high income or they had some type of inheritance or something like that. But only about 4% of the millionaires in the United States is under the age of 35. Now, when you're talking about getting into your forties and your fifties, these are the people who have accumulated wealth over some time. Either they've grown in their career, you know, they started off making $25,000 a year, but then 15 and 20 years later, they're making 125 or $150,000 a year. So they built up that career. And of course their investments, 401k, 403b, stock market, bonds, whatever it could be. They built up some investments, right? They've been doing it for a long time. And of course we know compound interest has a, an opportunity to kick in and really exponentially increase your investments as you get to your forties and your fifties. But these people that are in their forties and fifties, they put in some time of discipline of consistency and it's paid off. Now, when you get to your sixties and over a large portion of people in their sixties are now looking to reap the benefits from all the work they did in the thirties, forties, fifties, right? So when you do your sixties, these people have spent more decades building up their wealth and building up their home equity and building up their real estate and building up their business, right? So you see, as you get older and older, this thing just multiplies, right? But most Americans, they reach that millionaire status without a windfall, without an inheritance, without any lottery, but just long-term financial discipline. Guys, if you're getting any value from this video, do me a favor, smash the like button. And most of all, share this video with someone who you know could use this valuable information. When you hear a good word, pass it on to other people, right? Also, please drop me a comment below and let me know your thoughts. Now, let's get back to the video. Now, here's a few things to consider if you want to be a millionaire and do it the stress-free way, like the average millionaire has done. Because hey, 80% of millionaires in America, they didn't get no inheritance. They just did the stuff that I'm talking about in this video. Slow, but steady. You just got to follow the fundamentals, right? The basics. It ain't got to be fancy. You can keep this thing really simple, just like the average 57-year-old millionaire in America has done. Look, get the match at your job. If your job offers a 401k, get the match. If they don't offer it, still open up a brokerage account at Vanguard or Charles Schwab or Fidelity or wherever, and put in 3% to 5% of your money in there so you can be learning about how to invest slowly but surely. And then, of course, make your written plan. Develop some action steps to go with your goals in your plan. Start maybe working on getting higher-paying skills. The one thing that keeps most people stuck with very little money over the course of a long time is that they don't have higher-paying skills. So, you want to add that to your plan where you can get more skills that pay a higher salary. And then, you got to get organized, develop your budget on a monthly basis written down. And then, of course, you have a net worth statement where you can measure your net worth at least two to three times a year. And then, you want to have an initial emergency fund of about $2,000 to $3,000. And then, you want to get out of the bad debt as soon as possible so you're not stuck in bad debt. Of course, you got to also make a vow to never go back into bad debt. But get rid of that bad debt on things going down in value as soon as possible. And then, up your emergency fund to three to six months of your needs. And then, start putting more money towards investing. 15%, 20% of your money towards investing. And that could be in the stock market. It could be real estate, what have you. But if you just take some of these simple basic fundamental steps over the course of 10, 15, 20 years, you can get there too in a stress-free way. It can be simple building wealth and becoming this millionaire that I've talked about in this video. But the kicker is this, just be patient. When you look at all these statistics about millionaires, it's about patience and discipline over a long period of time. Now, for some of you, it may be five years. For most of you, it's going to be 10, 15, or 20 years. Some of you, it may take 30 years. But the point is this, if you just keep doing the right things with money, ultimately, you can become a millionaire too, even if you don't have a huge salary, even if you don't make a whole bunch of money. It's possible, but it's a marathon. You just got to be consistent, live below your means, and get going. And hey, at some point, you can be a part of the 22 million Americans that have a million dollar net worth or more. Guys, I partnered with Mint Mobile on this video. Look, everybody's walking around with one of these in their hands. We all have a cell phone. 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