They are free to do whatever they can to legally avoid paying taxes, asset management included, and keep watch on their assets while their long term investments grow at a hefty clip on average, in the long run. They own $173.3 trillion of wealth, according to the Global Wealth Report. The top three countries that have the most millionaires are the US (39.1%), China (9.4%), and Japan (6.6%). But if it was that easy, wouldnt we be all millionaires? Millionaires in the United States -Statistics & Facts | Statista Hispanics make up 17.6 percent of the total population of the United States. He lives for free, gets a building paid for by his tenants, and even makes a little cash. More precisely, the 1% held 43.4% of the total global net worth. All rights reserved. Becoming a millionaire is as simple as living a modest lifestyle that follows a few basic principles. He is followed by David Steward ($3.7bn), Oprah Winfrey ($2.7bn), Kanye West ($1.8 billion), and Michael Jordan ($1.6bn). I got laid off and eventually landed a customer service job with a 401k provider. Million new millionaires were created in U.S. last year, report says - CNBC What Percentage of Americans Make Minimum Wage? How Much Does It Cost to Live in California? The majority of a millionaires net worth usually includes moneyinvested in retirement accountsor real estate. Dont believe us? The United States tops the list of countries with the most millionaires, with 20.27 million people whose net worth matches or exceeds one million USD. affected other states, we find that: Factoring in expected behavioral changes by high earners, the Massachusetts millionaires tax would raise about $1.3 billion in 2023 and do so in a highly progressive way likely to advance racial and economic equity. This discrepancy of millionaires by gender is even more significant globally. Ive lost my personal fortune twice in my life and had to all over from scratch. People dont realized that most black Americans millionaires are in the entertainment industry,athletes and I grew up in a family of 5 kids, my mother was essentially a secretary and my father worked in factories most of his life. I thought you were going to cut back on working? Its not as complicated as you might think. Net worthis what youownminus what youowe. And how much of wealth overall do they control? Thats more than 10% of households in the US. Maybe we should be ENCOURAGING the young to do that instead of dreaming of utopian communism where they get the steal from those who WORKED for their wealth! Approximately 62% of the USAs richest people graduated from state schools or public universities. According to a 2016 report, only 46 people became billionaires before the age of 40. My children listen to him, and Id like to think they listen to me as well. All you need is to show that you are responsible. It produces nothing and is nothing. China stands at number two with 6.143 million millionaires, followed by Japan with 3.275 million millionaires. Yet, the road to becoming a millionaire isnt an easy one. On average, people become millionaires at age 37. (+1) 202-419-4300 | Main Many other states have considered similar bills, but none has acted as fast as Tennessee. Jay-Z, Kanye West and Tyler Perry: The seven richest African Americans