How Many Millionaires Are There in the World?

Who wants to become a millionaire? The answer is - practically everybody. But, how many millionaires are there in the world already? The answers are a lot less clear on that one.

This is not at all surprising, as there are major discrepancies in how “millionaires” are categorized worldwide. Some studies count millionaires by individual net worth, while others take their households into account as well.

Some only take investable assets into consideration, while other options include homes, art, and other valuables in the summary of a person’s wealth. Here's what the numbers say.

Key Millionaire Statistics for 2025 – Editor’s Choice

• There are 58 million millionaires worldwide at the moment. 
• 88% of all millionaires are self-made, and 84% have a college degree.
• The number of billionaires in 2023 sat at 2,640 individuals.
• In 2023, 109 billionaires lived in Beijing, and 105 in New York.
• It takes the typical self-made millionaire at least 32 years to get rich.

The global number of millionaires reached 58 million in 2024.

(UBS)

This represented 92% of the total worldwide wealth last year.

The top three countries that had the most millionaires in 2024 were the United States, China, and Japan.

(Statista)

These three countries have the highest number of millionaires on a global scale. The UK was in fourth place last year, followed closely by France.

China lost the most millionaires in 2024, followed by the United Kingdom and India.

(Henley & Partners)

These three countries lost the most millionaires, as economic pressure and the worsening geopolitical situation in the world leads to the migration of high net-worth individuals.

China has lost some 15,200 millionaires last year, while the UK saw a massive increase of these individuals leaving the country, with 9,500 migrating from the country.

The United Arab Emirates gained 6,700 millionaires in 2024, easily the most in the world.

(Henley & Partners)

With zero income taxes, the UAE has grown to become a haven for businesses and rich individuals, as more and more wealth flows to the country. The US came in second last year, adding some 3,700 millionaires. 

88% of millionaires have a college degree.

(Ramsey Solutions)

In terms of becoming a millionaire, having a college degree certainly pays off. However, pursuing further academic success doesn’t seem as prevalent: Only 52% of millionaires also have master’s degrees or PhDs.

135,000 millionaires will migrate to a different country in 2025.

(Henley & Partners)

The number of these rich individuals moving to other countries is growing rapidly, and this year the projections are that this migration will reach another record-high, after 128,000 in 2024.

The average age to make your first million is 50. It typically takes 32 years to get rich.

(Business Insider)

General wealth trends show that it took 38 years for more than 50% of millionaires to join this category. Only 4% of so-called self-made millionaires made this happen in less than 27 years. This means you can hardly expect to become a millionaire while you’re in your forties - 80% of millionaires didn’t become extremely wealthy before they turned 50.

76% of all millionaires are married.

(Coldwell Banker Luxury)

While more than three-quarters of the top 1% are married, this ratio is lower for their younger subset. However, Millennials still fit the other markers of wealth pretty well: Just like most other millionaires, they typically have only one child, and the vast majority (80%) have single-family homes.

Also, 93% of all millennial millionaires have an average net worth between $1 and $2.49 million, and they donate to charity more than millionaires of other ages.

Millionaires held 47.5% of the world's wealth in 2024.

(Global Wealth Report)

In contrast, individuals with less than $10,000 hold 0.5% of the global wealth, even though they represented 39.5% of the population last year.

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 numbers say about American millionaires.

80% of American millionaires in 2024 considered themselves self-made.

(Statista) 

Allegedly, only a small percentage of today’s millionaires in the US inherited all their wealth - approximately 11%.

33% percent of American millionaires were women.

(The Quantum)

The number of female millionaires in the US has been rising rapidly, especially when compared to the last decade, where in 2014 some 87% of US millionaires were men.

The average American in 2024 felt that it takes $2.5 million to be considered wealthy in America.

(Schwab)

This was slightly up from $2.2 million stated in 2023.

22 million individuals in the US were worth $1 million ore more in 2024.

(Credit Suisse)

Currently, around 6.66% of adults in the US are millionaires. Therefore, if you live in the US, chances are you know at least one millionaire.

76% of US millionaires in 2023 were white.

(Forbes, Statista)

The percentage split among US millionaires has remained pretty much the same in the previous decade, with 8% Asian and Black millionaires, and Latino millionaires accounting for 7%.

Global Billionaire Numbers

Where there is the first million, there is often another, and if your luck keeps, you might even get to travel into space. But how common is that, really?

In 2024, the world got four new billionaires each week.

(Oxfam International)

Last year saw the second-largest yearly increase in billionaire wealth in history, with more than $2 trillion added to the wealth of billionaires across the world.

The number of billionaires in 2024 increased to 2,769.

(Forbes)

This represents a big increase compared to 2,565 billionaires in 2023.

New York had the most billionaires in 2024.

(Business Insider)

With 144 billionaires, New York is once again the leading city in the world in this regard, followed by Hong Kong with 107, and San Francisco with 87.

Elon Musk is the richest person in the world, with a net worth of more than $432 billion in 2025.

(Forbes)

Jeff Bezos, formerly the richest man in the world, lags far behind Musk with “just” $243 billion to its name in 2025.

The billionaires’ fortune rose by $5.7 billion per day in 2024.

(Oxfam International)

This was three times faster than it rose in 2023, showing a massive increase in transfer of wealth to the richest people in the world.

The number of ultra-high-net-worth individuals ($30+ million) in the US grew by 7.3% in 2023. 

(BBC)

The latest available data also showed that the wealth of these individuals globally grew by 28% in the last decade, and is expected to grow at a similar late in the next years.

At least five people are projected to become trillionaires by 2034.

(Oxfam International)

As the richest pile more and more wealth, we are bound to see the first trillionaire in the world very soon, with some estimates seeing Elon Musk reaching this status as soon as 2027.

The wealth of tech billionaires grew to $2.4 trillion in 2024, the fastest of any sector.

(UBS)

Just ten years ago, tech billionaires had $788.9 billion in total wealth, and the number has tripled since then.