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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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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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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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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.

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This article Guess What Percent Of Households Have Over $1 Million? You
Might Be Shocked By The Number Of Millionaires originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All
rights reserved.


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J M
14 October, 2024
"...and a surprising 73% have never carried a credit card balance."

That's because you don't get rich by paying interest on consumer
purchases. Such a simple concept. Interest can either work FOR you, or
AGAINST you.


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David
15 October, 2024
exactly. once we eliminated debt, it was a snowball effect. no card
balance then no car notes, then no house note, then you have no interest
at all saving tens of thousands/year. Then you max all retirement
accounts, start putting in savings, invest, etc. It's amazing how fast
we took our net w...

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George
15 October, 2024
I have always believed that ANY interest paid on credit card debt is a
waste of good cash. It has been at least a decade since the last time
I/we were charged interest on credit card debt. Also, some invoices
carry a 'late fee' if you fail to pay by its due date - I also make sure
that we never p...

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