Many view a millionaire as being an extremely wealthy individual who is consistently spending an exorbitant amount of money frivolously. Sometimes this might be the case, but a lot of millionaires act quite the opposite. Your perception of millionaires likely could change after learning about these 14 millionaire statistics.
These statistics cover everything from millionaire spending habits to which degrees are most popular among millionaires.
This post may contain affiliate links. For more information, see our disclosure policy.
Top 14 Millionaire Statistics in 2022
Here is a list of the top 14 most interesting millionaire statistics in 2022.
1. 88% of Millionaires Graduated From College
Source: Ramsey
A large majority of millionaires end up graduating from college. In total, 88% graduate compared to a much lower percentage of the general population.
The general population graduates from college at a rate of 38%. That’s 50% less than millionaires. That said, a majority of millionaires who end up graduating from college do so from a state school or public university.
This goes to show that many don’t end up spending an exorbitant amount of money going to a prestigious university.
2. Most Common Degrees For Millionaires Include: Engineering, MBA, Economics, and Law
Source: Yahoo Finance
Out of all the possible degrees someone can get in college, only a few are held by a large portion of millionaires. Four of the major degrees include engineering, economics, MBA, and a law degree.
Related: College Student Spending Statistics
3. 22 Million Total Millionaires in the United States
Source: Credit Suisse
In 2022, there are approximately 22 million total millionaires in America. Many of these millionaires are people that have invested their money over the course of many years.
Contrary to popular belief, becoming a millionaire can be as simple as investing in a reputable index fund like the S&P 500 until it comes time to retire.
4. Finance & Investments Industry Creates The Most Millionaires
Source: Forbes
Not surprisingly, the investment and finance industry creates the most millionaires. Not only does it produce the most millionaires. But it also produces the most billionaires as well. This makes sense considering how much jobs like investment banking pay.
Look: If You Save $200 a Day, Week, or Month What Is It Worth?
5. Less Than a Quarter of Millionaires Inherited Any Money
Source: Ramsey
Whenever surveyed, many assume that millionaires inherit a large portion of their money. But in reality, less than a quarter of them.
In total, 21% of millionaires received some form of inheritance. On top of that, a large percentage of those that did receive inheritance got less than $100k.
Most millionaires didn’t randomly get a ton of money. They became wealthy as a result of smart financial decisions.
You can start making better financial decisions in a variety of different ways. Using Chime is one of those financially smart decisions.
With a Chime account, you can get paid up to 2 days early with direct deposit and gain access to over 60,000 fee-free ATMs. On top of that, there are absolutely no monthly fees. Start using Chime today and see why they are trusted by millions of people.
6. 56.1 Million Millionaires Globally
Source: Credit Suisse
Out of the billions of people in the world, 56.1 million have a net worth that makes them a millionaire.
There may be millions of people with a seven-figure or more net worth in the world. However, an extremely large portion of the 56.1 million millionaires come from just the United States.
7. The Number of American Millionaires Increased by 1.3 Million Last Year
Source: CNBC
Last year, the total number of millionaires in the United States increased by 1.3 million. Every year, more and more people cross that seven-figure threshold and become millionaires themselves.
8. 0.00705% of the World is Made of Millionaires
Source: Credit Suisse
Out of the entire global population, only a small fraction of a percent of the world are millionaires. There are more than 7.9 billion people worldwide and only 0.0071% have a net worth greater than $1,000,000.
9. 47% of Millennial Millionaires Have More Than 25% of Their Wealth in Cryptocurrency
Source: CNBC
In 2022, 47% of millennials that are millionaires have more than 25% of their assets in cryptocurrency.
Crypto has been increasingly on the rise and recently has begun to explode in popularity. It’s so popular that millennials with a net worth greater than a million dollars keep a quarter of their wealth in the crypto market.
10. The Country With The Most Millionaires is the United States
Source: Investopedia
America has the most millionaires out of all the countries in the world. The number of millionaires in the U.S. only continues to grow. It is showing not much sign of slowing down anytime soon.
This stat consists of both people with only a million dollars and multimillionaires, with the level of wealth differing greatly depending on the individual.
11. There are 5.28 Million Millionaires in China
Source: Statista
We’ve gone over the number of millionaires in countries like the U.S., but there’s another country that has been in many headlines in recent years. This country is China.
With a population of over 1.4 billion people, 5.28 million of them are millionaires. Compared to the rest of the world, China ranks #2 for having the second-largest number of millionaires in their country. The only country that ranks higher is the United States.
Countries like Japan, Germany, the United Kingdom, and France trail behind China in the total number of millionaires. The closest is Japan which ranks #3 in 2022 having 3.66 million millionaires.
12. 93% of Millionaires Use Coupons When Shopping
Source: Ramsey
When you think of the demographic of people that use coupons, your first thought probably isn’t people with a net worth of $1 million or over. But 93% of millionaires report using coupons when shopping.
13. Millionaires Spend $412 a Month on Groceries
Source: Ramsey
Many think of millionaires and visualize people that spend their money frivolously. But millionaires only spend $412 a month on groceries.
Check Out: Unbelievable Personal Finance Statistics
14. 8% of American Adults are Millionaires
Source: CNBC
Out of all American adults, 8% are millionaires. That means if you had a room full of 100 people, statistically, you could assume eight of them likely are millionaires.
This just goes to show that a lot of millionaires are just your everyday working people. Not every millionaire owns flashy watches, cars, or houses.
Summary
What do you think about these millionaire statistics in 2022? Did any surprise you?
It’s interesting to see how new methods of investment have become so popular among millionaires, namely crypto.
There are also a couple of tips that most people could take from these statistics. For example, saving money by using coupons or going to a public college compared to a private university.
If you found this article about the top 14 millionaire statistics fascinating, consider checking out our other articles below.
