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What Percent Of Households Have Over $1 Million?
Answer = 18% of households.

from
https://finance.yahoo.com/news/guess-percent-households-over-1-193023481.html?guccounter=1

Guess What Percent Of Households Have Over $1 Million? You Might Be
Shocked By The Number Of Millionaires

Many people dream of joining the millionaire club and that dream has
become a reality for many Americans.

According to the Federal Reserve's latest data from the end of 2022, the
number of millionaire households in the U.S. is rising – and it's not
just inflation making the numbers look bigger. Even when adjusting for
inflation, the percentage of households with a net worth of at least $1
million surged from 2019 to 2022 after being relatively flat for nearly
two decades.

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compare to the average?

So, just how many millionaires are out there? According to the Federal
Reserve's 2022 survey, approximately 18% of U.S. households had at least
seven figures net worth. That's roughly 23.7 million millionaire
households across the country. And with the stock market and real estate
values performing strongly since then, even more households will likely
join the ranks of millionaires in 2024.

While these numbers are exciting, they also come with some interesting
insights into building that kind of wealth. Millionaire households share
certain characteristics that offer clues for boosting their net worth.

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to Retire Stress-Free?

Common Traits and Characteristics of Millionaire Households

Most millionaires don't fit the luxury-laden stereotype. Many built
their wealth through disciplined saving and investing, often in
employer-sponsored retirement accounts like 401(k)s. Roughly 70% of
millionaires accumulated their wealth this way and a surprising 73% have
never carried a credit card balance. The majority aren't high earners
either – most didn't hit six-figure salaries during their careers.

According to MillennialMoney, most millionaires are 60-79 years old,
which shows that it takes time for most people to accumulate wealth.

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for free and a complimentary first call with the matched advisor.

Real estate also plays a big role, with primary residences contributing
about 32% of a typical millionaire's net worth. Millionaires also
prioritize education, with over 60% holding a degree from public
universities and only 8% from Ivy League schools.

Another characteristic is saving. Millionaires often live below their
means and prioritize saving over spending. This discipline helps them
build up their assets while avoiding lifestyle inflation – the
temptation to spend more as income rises.

Many millionaires also have multiple streams of income. Whether through
investments, side businesses or diversified career paths, they don't
rely on a single source of earnings.

See Also: Many are using this retirement income calculator to check if
they’re on pace — here’s a breakdown on how on what’s behind this formula.

What Does This Mean for You?

While these habits may serve as a road map, wealth-building isn't a
one-size-fits-all process. If you're aiming for millionaire status,
consulting a financial advisor can help you craft a strategy that fits
your lifestyle and goals. A pro can guide you in picking investments
that align with your risk tolerance and financial timeline – because,
let's face it, the road to a million is smoother with some expert advice
along the way.

Subject	Author
What Percent Of Households Have Over $1 Million?	a425couple

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