What is the Millionaire Secret Sauce, and How Many Millionaires Are There in the World?

Millionaire

You need not be an engineer, doctor, or musician to be a millionaire. One of the unifying factors about millionaires is that they develop and adhere to good habits. Could you guess how many millionaires are there in the world?

According to Credit-Suisse, there are 56.1 million millionaires in the world. As you would expect, the concentration of these millionaires is higher in larger economies like the U.S. and China.

Most Prevalent Millionaire Traits

Aside from large bank accounts, numerous millionaires have similar personality traits fueling their success. The following are some of the most prevalent ones.

Independent thought

Millionaires do not think like most ordinary people. They have different opinions about most things, regardless of whether they involve money. While most people spend a lot of time and effort to conform, millionaires look outside the box for inventive solutions.

Vision

If you counted how many millionaires in the world got their wealth due to pursuing clear visions, most would say they did. Many millionaires started with lofty objectives and would have gone to great lengths to achieve them. Take Bill Gates, for example. Despite not having a college degree, he never abandoned his vision to bring personal computers to the masses.

Skills

When interviewing successful people, Napoleon Hill was curious to uncover what made them successful. He found out that they made millions in their area of expertise. Moreover, millionaires usually partner with talented people to compensate for places they have weaker skills.

Passion

Warren Buffet once said in an interview that money was a by-product of something he thoroughly enjoyed doing. He said you have the discipline to work hard when you like what you do.

Investment

Many millionaires are willing to risk their money to reap the benefits later. Investors do not hesitate to commit their money when investing in a new business or securities.

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How to Change your Perception of Building Wealth

If you are interested in how many millionaires are there in the world, you probably also want insight into their habits and what sets them apart. The following are some exciting eye-openers about wealth.

Wealth is the difference between expenses and passive income.

Many people mistakenly consider salaries and other income from active work in their wealth calculation. However, wealthy people are those whose money works for them. Therefore they do not need to work to maintain a comfortable lifestyle.

Most self-made millionaires live modest lives.

Many people who made millions through hard work do not live in luxurious houses, drive fancy cars, or wear expensive jewelry. Instead, they buy quality used cars, eat at home, and buy cheap clothes. They also excel at avoiding impulse purchases.

Rich people have perfected the art of saying “no.”

Millionaires do not spend time and effort on things that do not produce acceptable returns. They have honed the ability to evaluate opportunities to determine if they support their progress. They also accept them only if they align with their vision and goals.

Saving and investing is the most straightforward formula for getting rich

Numerous millionaires used their savings as seed money for the investments that made them rich. They saved diligently and chose their investments wisely before putting their money in.

It is hard to identify these self-made millionaires because they often have ordinary jobs and don’t do many things that are out of the ordinary.

Millionaires schedule time to think

Most millionaires are dedicated thinkers. They schedule their brainstorming sessions and go to secluded places to think.

14 Millionaire statistics that you could not have guessed

  • Only 19% of millionaires got money from an estate or trust fund, and 91% did not get rich by receiving part of a family business. A whopping 80% of millionaires are self-made.
  • Many millionaires did not become rich from big salaries. 93% of them got their wealth from diligence and hard work.
  • The college you went to does not matter more than the degree. 62% of millionaires graduated from public schools, while 8% went to private schools. However, 88% of millionaires graduated college.
  • Self-employed people are four times more likely to become millionaires than employed ones.
  • The U.S. has 40% of all millionaires in the world, followed by China (10%), Japan (6%), the United Kingdom (5%), Germany (5%), and France (4%). These six countries represent 70% of all millionaires in the world.
  • Self-employed millionaires own unexciting businesses like auctioneers, construction trades, pest controllers, farmers, mobile home park owners, coin and stamp dealers, etc.
  • In the U.S., about 22 million households have a net worth exceeding $1 million, 1.45 million have at least $10 million, while 90,000 households’ net worth tops $50 million.
  • Switzerland has the highest percentage of millionaires per capita at 14%. Australia follows at 9.4%, and the U.S. has 8.8%.
  • The number of millionaires rose during the coronavirus lockdowns of 2020. According to Credit Suisse, wealth creation was unaffected by the economic upheavals. With 1,730 new millionaires, the U.S. got the highest increase of millionaires in 2020.
  • The most preferred investment for millionaires is real estate. Nine in ten millionaires have invested in real estate investments since more than two centuries ago.
  • Most millionaires (43%) own one house. Around 20% have two, and just 8.5% have more than five houses.
  • In terms of the industries with the most millionaires, the finance industry has the most millionaires—about 14% of ultra-high net worth individuals.
  • New York has the highest ultra-rich individuals count per capita. However, with 9,530 millionaires, it falls short of the 13,445 millionaires we have in California.
  • Most millionaires have lived in the same house for more than 20 years at some point in their lives

Time to talk about billionaires

The data about how many people exceed one billion dollars in net worth is scarce. However, Forbes estimates that there are around 2,688 billionaires in the world. Seven hundred twenty-four billionaires are in the U.S., and 698 live in China. These two countries have more than half of the world’s billionaires.

Final words

The global wealth landscape is changing every year. Many millionaires are coming up in the U.S. and China. Credit-Suisse predicts that we will have up to 84 million millionaires by 2025. how many millionaires in the world we will have by 2025 will increase substantially, driven by new millionaires from emerging economies.

author avatar
Michael Solomich

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