How Many Millionaires Are There In The US?

A lot.

If America’s millionaires had their own state – one populated exclusively by people with a seven-figure net worth – that gold-plated state would be the 7th most populous in the nation with about 11.6 million residents. That’s more folks than Georgia (10.5 million) but fewer than Illinois (12.7 million).

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That 11.6 million figure is a record high and is based on 2018 data compiled by the Spectrem Group. More than 10.2 million US households had a net worth of $1 million to $5 million, not including the value of their primary residence. That’s an increase of 2.5% from 2017.

The number of ultra-high net worth households — those boasting assets of $5 million to $25 million — jumped 3.7% to about 1.4 million in 2018, while those with assets in excess of $25 million grew by 0.6% to 173,000, according to Spectrem’s data.

And this isn’t a one-year blip. The number of Americans in the wealthiest category has more than doubled since the Great Recession, the survey found.

But we do seem to be minting millionaires at a slower pace. That circumstance is likely because of “weakening global economic growth and a contentious U.S. political environment,” according to Spectrem.

Despite this slowdown, the growth rate of wealthy households is still outpacing middle-class growth rates.

Curious about where America’s millionaires live? Wondering how many of your neighbors have assets of $5 million-plus? Check out this interactive database, which is a rabbit hole packed with surprises. Who knew that Naples, Florida and Anchorage, Alaska have about the same number of rich folks?