The Rapid Rise of Millionaire Households in America

Jun 23, 2025 | 3 min read

The number of millionaire households in the US has seen a significant rise, with a substantial increase in the past few years, particularly between 2019 and 2022. This surge is partly attributed to the pandemic's impact, with increased savings and higher-than-usual incomes reported by many households. The US now boasts the largest millionaire population globally, with nearly 24 million individuals achieving millionaire status.

The growth of millionaires

In 1848, only about 50 households in the United States had a net worth of at least $1 million (equivalent to $40 million today), according to historical accounts compiled by Gustavus Myers in History of the Great American Fortunes. Roughly half of these early millionaires lived in New York City and Philadelphia, while the rest amassed wealth through large Southern plantations built on slave labor.

By the end of the 19th century, the number of millionaire households had surged to around 4,000, as industrialization and a laissez-faire economy ushered in the Gilded Age—described by Kevin Phillips in The Politics of Rich and Poor as “almost certainly the gaudiest economic escalator of American history.”

SOURCES: Kevin Phillips, Edward Wolff, Fortune, Forbes, Federal Reserve, UBS

NOTE: Net worth is total assets minus debt; millionaire estimates are unofficial

Even after adjusting for inflation, the number of millionaire households in the US has more than tripled since the 1980s.

SOURCES: Edward Wolff "Household Wealth Trends" study

The number of Americans earning $1 million or more per year has surged from 61 thousand in 1990 to over 800 thousand in 2022.

SOURCES: IRS, TIME, Indianapolis Star, Dayton Daily News

For upper class households, most wealth comes from stocks, business ownership, and securities. For the middle class, it is mainly tied to their homes.

SOURCE: Edward Wolff, "Is There Really an Inflation Tax?" study (2019 data) NOTE: Upper class = 80th–99th percentile of household net worth ($527k–$11m)Middle class = 20th–80th percentile of household net worth ($20k–$471k)

In 1979, millionaire density was highest in rural states like Idaho and North Dakota. By 2019, coastal states like New Jersey, Maryland, and California led the list.

SOURCES: US Trust Co. via the Wichita Eagle, Phoenix Marketing International

---

IMPORTANT DISCLAIMERS

Past performance is no guarantee of future returns

The graphs and charts in this commentary are for illustrative purposes only and not indicative of any actual investment. Index returns do not reflect any fees, expenses, or sales charges. It is not possible to invest directly in an index. Stocks are not guaranteed and have been more volatile than other asset classes. Historical returns were the result of certain market factors and events which may not be repeated in the future. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgement in determining whether investments are appropriate for clients.

This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities.

Disclaimer: Investments are not guaranteed and are subject to investment risk, including possible loss of the principal amount invested. Past performance is no guarantee of future results. All allocations and opinions expressed are as of the date of this presentation and subject to change. The information contained herein does not constitute investment advice or a solicitation. Information obtained from 3rd parties is believed to be accurate, but has not been independently verified.

The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material is presented solely for information purposes and has been gathered from sources believed to be reliable, however Israilov Financial LLC cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Israilov Financial LLC does not provide tax or legal advice, and nothing contained in these materials should be taken as such.

As always, please remember investing involves risk and possible loss of principal capital. Advisory services are only offered to clients or prospective clients where Israilov Financial LLC and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Israilov Financial LLC unless a client service agreement is in place.