How Many Americans Are Millionaires?
If it feels like there are more millionaires in the U.S. than ever before, you're right. According to the 2025 Survey of Consumer Finances , there are about 29 million U.S. households with a net worth (all assets minus all liabilities) exceeding $1 million. This represents roughly 22% of all U.S. households, a share which has more than doubled since 1998 (after adjusting for inflation): However,…
As per the 2025 Survey of Consumer Finances, there are approximately 29 million U.S. households with a net worth exceeding $1 million, accounting for about 22% of all households - a figure more than double since 1998. However, the majority of this wealth is not readily accessible, being tied up in home equity and retirement accounts.
Excluding these illiquid assets, the number of millionaire households in the U.S. would drop by more than half. The concept of a millionaire can vary based on how one defines their wealth. Traditional definitions include a $1 million net worth, but other definitions consider net worth excluding home equity or retirement accounts, and liquid net worth, which excludes all debts except mortgage debt.
Based on 2025 SCF data, while 21.5% of U.S. households are millionaires by the traditional definition, this percentage drops to 6.1% when illiquid assets are excluded. This implies that only around 28% of millionaires meet the criteria based on liquid net worth alone. Despite the variety in how a millionaire is defined, the share of U.S. households fitting each definition has increased over time, particularly in the last six years.
Millionaires typically own a mix of assets, with wealthier individuals having a higher proportion of their wealth in businesses and stocks, as opposed to home equity and retirement accounts.
Written by urgent.news from Of Dollars and Data's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.