Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text. Number of high net worth individuals in the United States in Number of ultra high net worth individuals in the United States Number of millionaire households in the United States in Demographics Female share of the ultra high net worth population in the United States in Male share of the ultra high net worth population in the United States in Net worth Percentage of wealth owned by the top one percent in the United States.
Estimated net worth of the richest man in the U. Share of millionaires in the U. Politics and public opinion Median wealth of the United States Senate in Median wealth of the United States House of Representatives in Adults who believe billionaires should pay a wealth tax as part of the solution to wealth inequality. The cost of living in Indiana overall is That makes it easier for everyone along the wage scale to put a roof over their heads.
Although living costs are low, Indiana isn't a great state for taxes, whether you're working or retired. While the Hoosier State exempts Social Security benefits and offers limited exemptions for military pensions and federal civil-service pensions, IRAs, k plans and private pensions are fully taxable. Given the state's reputation for hoops — NBA legend Larry Bird was known as the Hick from French Lick Indiana — it should come as no surprise that athletes and sports competitors are among the best-paid professions there.
Anesthesiologists, obstetricians and gynecologists are also within the top Sure, median income is below the national level, but the cost of living is And home prices are a dream compared to what the average American pays.
Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. Low costs are great, but there's not as much to like when it comes to paying taxes. But if you have taxable income, the rate gets high quickly.
For , it was 5. In a notable downside for retirees of all means: Missouri ranks 39th in the nation for senior health, according to America's Health Rankings.
They also have a higher ranking in this year's millionaire rankings, jumping four spots from last year. Relatively low prices for housing and transportation help keep the Palmetto State's cost of living under control. South Carolina is one of Kiplinger's most tax-friendly states for retirees , and one of our most tax-friendly states overall.
The Palmetto State extends some real Southern hospitality, offering a charming collection of income tax breaks. To start, Social Security benefits are completely exempt. Property tax rates in South Carolina are low too. North Carolina has a lot going for it whether you're a millionaire or not. It's 8. Medical specialists, CEOs and dentists are among the top-paid jobs in the state.
North Carolina's tax situation is just so-so. North Carolina has been shaking up its tax structure, switching out graduated income tax brackets for a flat tax and capturing more services with its sales tax. The tax rate for was 5.
Wyoming has the smallest population of any state, but it punches above its weight when it comes to millionaires, thanks to abundant natural resources and recreational activities. No wonder that top-paying jobs in the Cowboy State include engineering managers and industrial production managers.
Wyoming's famed Jackson Hole valley, with three major ski resorts and an abundance of other year-round recreational activities, also is a mecca for millionaires. And thanks to abundant revenue that the state collects from oil and mineral rights, Wyoming millionaires shoulder one of the lowest tax burdens in the U. With no income tax, it's No.
From a resurgent Cleveland to the university city of Columbus to Cincinnati with its touch of the South, Ohio contains multitudes of Midwestern culture. More than a quarter-million of Ohio's 4. At the same time, median and average home prices are well below national levels. That helps make the cost of living in Ohio cheaper by As for the better-paying occupations, managers in finance, marketing and information systems are in the top 20 for average salary.
Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. Housing costs in Ohio are relatively low, but the state's average property tax bill isn't.
And major state and local taxes are above average, which can add up to a sucker punch for your wallet. There are fewer than 32, millionaire households in Maine — a state in which rich and poor alike face relatively high living costs and taxes. Residents pay more for housing and utilities, in particular. Millionaires and regular folks alike don't catch much of a break when it comes to giving the state government its cut.
Although it has been working to lower its income taxes, Maine's lowest rate still is higher than some other states' maximum rate. Indeed, Maine is one of Kiplinger's least tax-friendly states. For the record, Maine's richest resident is Susan Alfond, according to Forbes.
If you need proof that the house always wins, just take a look at Nevada. Median income for all households is below the U. But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires. Gardnerville Ranchos and Elko, Nevada, are among the top 20 small towns with the highest concentration of millionaires in the U.
The cost of living in Nevada is 2. As a no-income-tax haven, Nevada is one of Kiplinger's most tax-friendly states. The farming and food-processing powerhouse of a state has a relatively low cost of living, but Iowa can be tough on residents' wallets when it comes to paying taxes.
Income taxes are on the high end because more than school districts and Appanoose County add their own income taxes on top of the state-level tax. And the average property tax rate in the Hawkeye State is the 12th-highest in the nation. Easing the sting of taxes a bit is a cost-of-living index that's Kansas has more than 66, millionaire households out of a total of about 1. Indeed, Salina and Pittsburg, Kansas, are two of the cheapest small towns in America.
Offsetting that somewhat is the fact that the Sunflower State is not the friendliest place when it comes to taxes. Sales taxes are high and are applied to groceries , and property taxes are steep, too. Taxes in Kansas aren't kind to retirees either.
Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. Bucolic Wisconsin's , millionaire households enjoy a relatively affordable cost of living, but taxes in the Badger State can be quite a burden.
Wisconsin ranks among Kiplinger's least tax-friendly states , thanks to high income and property taxes. Many residents find themselves in the 6.
On the other hand, the ratio of median income to median home values is very favorable. Income is close to national levels, but house prices are well below. Overall, it's 8. John Menard, Jr. B , is the Cornhusker State's richest — and most famous — resident by a wide margin. But although the Oracle of Omaha is clearly in a league of his own, Nebraska does have 45, other households with at least a million bucks in investable assets.
Regardless of wealth, Nebraskans can take comfort in a cost of living that's Again, comparatively low home prices lead the way in making the state affordable. Folks also save on utilities and groceries. When it comes to paying taxes, Nebraska is ranked as "least tax-friendly" by Kiplinger because the average property tax rate is quite high.
That's the eighth-highest property tax amount in Kiplinger's U. Florida's popularity as a retirement destination helps boost its concentration of millionaires. Indeed, an hour's drive north of Walt Disney World, you'll find The Villages, a sprawling retirement haven with a high percentage of affluent residents.
More broadly, median home prices are higher than the national level, while median income is below the national level. Groceries and utilities are a bit pricier in the Sunshine State, but as a whole, Florida is only 0. While there are probably few millionaires in the cockpits of commercial airplanes, airline pilots, co-pilots and flight engineers are among the best-paid workers in the state.
Florida is well-known for its absence of a state income tax, which helps put it into Kiplinger's top 10 most tax-friendly states. Property taxes are in line with the national average, but Florida's gas tax is the 10th-highest state tax on gasoline in the country.
Michigan doesn't have the highest concentration of millionaires in the country, but it is certainly well-stocked with billionaires. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U. The cost of living in Kalamazoo is Overall, Michigan is 7. Unfortunately for millionaires and non-millionaires alike, Michigan is not tax-friendly.
It's one of just a handful of U. And property taxes, particularly in Detroit, are steep. The state also is home to nine billionaires. Part of Arizona's appeal to the wealthy and retirees is that, like Florida, it's one of Kiplinger's most tax-friendly states.
Although the Grand Canyon State does have an income tax, the rates are notably low. 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.
The top three countries that have the most millionaires are the US Credit Suisse These three countries have the highest number of millionaires on a global scale. Brazil, India, and Russia had the biggest reduction in the number of millionaires in Credit Suisse These three countries lost the most millionaires in the world between and Spectrem Group In terms of becoming a millionaire, having a college degree certainly pays off.
Credit Suisse The percentage of millionaires in the world will also likely grow over the next five years, reaching 84 million people.
By , the percentage of millionaires in China is expected to increase by Credit Suisse China is projected to have the highest growth in millionaire numbers in the next five years. The average age to make your first million is It typically takes 32 years to get rich. The Number of Millionaires in the United States Since most millionaires in the world currently call the US home, it might be interesting to look at what the stats say about American millionaires.
Only 11 out of the 56 richest women in America are self-made, according to millionaire statistics in Forbes The Forbes Billionaires List includes 56 women. Schwab A thousand Americans gave their perspective on what it takes to be considered wealthy in in the US. Credit Suisse Despite the global pandemic - or rather, because of it - the number of millionaires in the US grew.
In , the world got eight new billionaires each week. The number of billionaires exploded in to reach a new all-time high of 2, Forbes Beijing is currently lead in terms of the number of billionaires that call it home, while New York is in second place.
Elon Musk overpowered Jeff Bezos for the title of the richest man in the world in BBC As mentioned, the number of billionaires in the world has risen to an all-time high of 2, Forbes New York has been dethroned as a city with the most billionaires in by Beijing.
Retail generated Hurun Retail was followed by consumer goods 9. In Europe, the fashion and retail industries were the biggest wealth drivers in World Wealth Report As mentioned before, retail, technology, and finance drove the wealth increase in the US in 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.
Take my case. I grew up in a family of 5 kids, my mother was essentially a secretary and my father worked in factories most of his life. When i first graduated interest rates were in the process of increasing 4. The fed was raising rates 0. I was having trouble just paying my student loans. It may not have been a great job but I learned from it.
I got laid off and eventually landed a customer service job with a k provider. Being a k provider they had a generous k match and allowed overtime. I used to work an average of 75 hours per week for most of the year. Working nights, weekends and in snowstorms. We took pride in never shutting down to be there for our customers. I worked as much as I possibly could. The only person working more than me was a friend from Africa, there were a few others from other countries as well.
I helped my sister pay for her wedding and my parents pay their mortgage when my fathers factories in the paper industry shut down. I would work the extra hours and give them the money directly after paying for my student loans. My friend from Africa was sending money back to his family. I remembered thinking I needed more income to get ahead.
So I thought maybe I should try it. When I was a kid my father took me to a side job he was doing for someone to a multi-family. So I had my girlfriend at the time now wife buy a 4-family to live in, and then I would buy one as well. She was older and had more money saved than I did.
We would work on her property when overtime was not available. I asked my friend who was working so many hours if he owned a house and he said no. He was a renter. I explained to him it was on 3. He bought his own 3-unit. He lives for free, gets a building paid for by his tenants, and even makes a little cash.
My idea was that he would buy the multi, stop paying rent, and not need to work as much and he could have a family. I said what happened? I thought you were going to cut back on working?
He replies, I want to buy another multi. He said that despite dealing with cleaning up used condoms and pregnancy tests, bed bugs, cockroaches, and maggots from food left out by tenants, and having to deal with people who just stop paying their rent, stopped responding, taking them to court and repairing their extensive damage.
Buying real estate was the best thing he ever did. This is not even counting rental income. So in a way the author is right. Anyone who is responsible can easily do it. All you need is to show that you are responsible.
Have a job with W2 income and that you pay your bills credit score. Work a few extra hours for your 3. By the time I was 30 I had more money than my parents had at any point in their life through age You have to be determined to take the risk of a tenant not paying you and resilient for whatever will come your way.
My initial thought was that the rental income would cover my student loan payment. By working at least There is plenty of info online about making money. The people who have no money have no money because they spend their money, and usually on stupid things, new cars, coffee, video games and going out to eat. Instead of thinking about the future they just care about immediate gratification. This is really a cultural and educational fault. Most people think that when they leave their job getting access to their k is like winning the lottery.
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