LuckScout.com
This Is How We Want to Become Millionaires!

Questions and StoriesCategory: Questions💰 How Many Millionaires in the USA?
Ahmad Khasan asked 2 months ago

💰 How Many Millionaires in the USA?

Millionaires are a group of people whose individual net worth or wealth equal to or exceed one million units of currency. The question focuses explicitly in the US. Thus, how many people in the US whose net worth or wealth equals or exceeds US$ 1 Million?

By net worth, I mean the total amount of personal assets minus liabilities. Thus, the value can be positive or negative. A positive value indicates a positive net worth and vice versa. And a millionaire means an individual whose net worth is positive and equal or exceed US$ 1 Million.

Submit Your Email to Receive "The Secrets of Financial Freedom" eBook for Free:

In your opinion, how many millionaires in the US?

Login to comment.
38 Answers
Vahid Chaychi Staff answered 2 months ago

You are a millionaire when your net worth is at least $1 million. Therefore, I think there are millions of millionaires in the USA 😀

Ahmad Khasan replied 2 months ago

Does the question should be Billionaire or even Trillionaire? Since millionaire seems too small. 😀

LuckScout Staff replied 2 months ago

Yes, I think billionaire is a more relevant term 🙂

Login to comment.
Nnaemeka Victor answered 2 months ago

I don’t think there are stats to deduce the answer to question.

Login to comment.
Kenneth Ogbonnaya answered 2 months ago

Uncomfortable.

Login to comment.
Jackson Mugarura answered 2 months ago

There must be so many millionaires in the United States definitely and the statistics may not be readly available.

Login to comment.
Ahmad Khasan answered 2 months ago

Victor and Mugarura — Yes, there may be no official statistics on that. And that is why this question arose in the first place. I think a rough estimate would serve well.
 
Kenneth —  Uncomfortable?? What do you mean?

Login to comment.
Leno Jean Pierre answered 2 months ago

I don\’t think they know all Millionnaires in the US. Many people have lot of money but we don\’t know them.

Login to comment.
Ahmad Khasan answered 2 months ago

Leno — Yes, we don’t know who they are. In fact, the intention of this question is not asking who they are, but how many. Yes, we cannot know the exact number, but what about a rough estimate? I asked this question to get an alternative view from other members.

Login to comment.
Vahid Chaychi Staff answered 2 months ago

In a country like USA, nobody can hide their wealth. Government knows everything about everybody. They know who makes how much money and how much they have made so far. They also know how much everybody spends. So, government knows how many millionaires and billionaires they have.

Login to comment.
Ahmad Khasan answered 2 months ago

Vahid — Do public can access the data? Or least the government made a report about it?

Vahid Chaychi Staff replied 2 months ago

No, it is not accessible to the public. Only authorities have access to this information.

Ahmad Khasan replied 2 months ago

I see. I think the situation is similar in other countries, the government has access to the data of wealthy individual in their country.

Login to comment.
Edward Duffy answered 2 months ago

Like Australia I am sure the US will have laws protecting peoples privacy. Our privacy laws are very tough.

Login to comment.
Kenneth Ogbonnaya answered 2 months ago

I don’t think any statistics has such information.

Login to comment.
David Matlala answered 2 months ago

There are a lot more millionaires than the known ones. They are sitting tight, hiding their assets from the authorities.

Login to comment.
Nnaemeka Victor answered 2 months ago

Since the millionaires are many , the most appropriate question should be,’ how many billionaires are there in USA?’.

Login to comment.
Gareth White answered 2 months ago

As of March 2020 there were recorded 614 billionaires in the US and 18.6million millionaires!!

Login to comment.
Ahmad Khasan answered 2 months ago

Edward — Yes. The system respect the privacy so much, although it may not be the case in the actual practice. The company like google, facebook, etc., have access to our personal data. However, some people don’t care about it since it affect them insignificantly.
 
Kenneth — Yes, the official statistics for this kind of information is not exists, even the official public report is also doesn’t exist. So far, the available data I can get is a rough estimate issued by private market insight company.
 
Matlala — How can they hide their asset if, for example, they put the money on the bank or the stock market where government has full access to the data?
 
Victor — Millionaire is individual whose net worth is at least $1 Million and below $1 Billion. It means that the range is $1 Million to $999 Million. That is why Millionaire is still a relevant group for identifying the wealthy.
 
Gareth — Who reported these figure Gareth?

Login to comment.
Kenneth Ogbonnaya answered 2 months ago

This is hard joor. Is like asking many are in the ground.

Login to comment.
Leno Jean Pierre answered 2 months ago

I don’t think we can find an exact number of millionaire in USA. Those statistics are just an estimation.

Login to comment.
Ahmad Khasan answered 2 months ago

Kenneth — No, the method is not like that. The government, or those who wish to estimate the number of Millionaire do not need to come to and ask each person. It is methodologically inefficient, costly, and time consuming. A lot of proxy variables can be used to get the estimate.
 
Leno — Yes. A rough estimate is sufficient.

Login to comment.
Leno Jean Pierre answered 2 months ago

OK Mr Vahid,now i understood. If the government knows everybody’s data, it is clear that they know the number of billionaires in the country. Waouh this is a big difference between developed countries and undeveloped countries.the gorverment knows everything about everybody.

Login to comment.
Nnaemeka Victor answered 2 months ago

Millionaires are many In the USA. The Government can ascertain the number of millionaires.

Login to comment.
Ahmad Khasan answered 2 months ago

Leno — Almost any government has enough power and authorities to know the exact wealth its citizen possessed. In Indonesia, the government has the authority to check the saving account, deposits, and transaction performed by the people. Also, in many developing countries, the state-owned bank control a large portion of the financial system, thus the government can easily identify who has the big money.
 
Victor — True.

Login to comment.
Gareth White answered 2 months ago

Yes no matter how good you think you are at hiding money it generally costs too much to try and hide it when you are talking about millions/billions so in the end yu just keep it in company accounts and draw off the money to you dont lose as much in tax

Login to comment.
Leno Jean Pierre answered 2 months ago

I didn’t have any ideas about it. Now i know it. That is why this club is very interesting, We are making money while we are learning lot of educative things that may help us in the present and future too.

Login to comment.
Kenneth Ogbonnaya answered 2 months ago

I don’t think there’s a statistics that have record of all millionaires in USA.

Login to comment.
Leno Jean Pierre answered 2 months ago

USA is a big country ,it Has many millionnaires.

Login to comment.
Leno Jean Pierre answered 2 months ago

It is undoubtedly that USA has lot of millionaires but to have an accurate answer we must refer to the statistics. They can provide an answer that will convince you.

Login to comment.
Kenneth Ogbonnaya answered 2 months ago

I think US have the highest number of millionaires in the world. There are about 18.6million millionaires in US.

Login to comment.
Ahmad Khasan answered 2 months ago

The latest report from credit-suisse.com entitled Global Wealth Report 2020 indicates that the number of the millionaire in the USA in 2020 is 20,215 million. Thus, there is an increase of 2,251 million millionaires from the 2019 number. For those of you who wish to read the detailed report, you can search google for that title and can download it for free. The report is very comprehensive.
 
Because this question has been answered, I will close it by now. Thank you for giving your opinion to my question.

Login to comment.
Gareth White answered 2 months ago

That’s a lot of millionaires – the opportunity to become one is there for the taking

Login to comment.
Leno Jean Pierre answered 2 months ago

Of course you can close the question, it has been answered several times and it think many members have had an idea about the USA millionaires.

Login to comment.
Gareth White answered 2 months ago

20215 million millionaires recorded in the USA in 2020 – will the number change after the impact of COVID19?

Login to comment.
Eli Davis Keinamura answered 2 months ago

The number will greatly change after Corona virus.some companies will be greatly affected negatively.Howover, with the creation of new vaccines,the impact will be felt for like 10 years and companies will be normalized as usual.

Login to comment.
Ahmad Khasan answered 2 months ago

Gareth — Yes, the opportunity to become one is open for everyone. Yes, the number increases in 2020. The pandemic seems to give benefits to a group of people/business.
 
Leno — I have closed the question, but it seems that the question is open right now. I don’t know the reason.
 
Eli — The pandemic has hit hard many businesses, but it also be a boon to other business. It makes me think that there is a great business war behind the pandemic, because there are obvious winners and losers after this pandemic.

Login to comment.
adharad answered 1 month ago

I got as many as 11 millionaire households, according to the Spectrem Group’s 2017 Market Insights Report. You can read about it in the following article 
https://www.daveramsey.com/blog/how-many-millionaires-in-us#:~:text=Do%20you%20know%20how%20many,Group’s%20Market%20Insights%20Report%202017.&text=And%20that%20number%20is%20growing,Group’s%20Market%20Insights%20Report%202017.

Login to comment.
Leno Jean Pierre answered 3 weeks ago

Thank you Adharad for sharing this article, i found it useful and amazing.

Login to comment.
adharad answered 3 weeks ago

Youre welcome, Mr. Leno.
I am happy to share with you

Login to comment.
Ahmad Khasan answered 3 weeks ago

Hi, Ad.
 
Thank you for sharing the article. That was a clear article, and the blog is also great.

Login to comment.
Jackson Mugarura answered 3 weeks ago

So great article indeed Ad, thanks for sharing it.

Login to comment.
Login to answer.
Scroll Up