Can You Guess The Average Age Of A Millionaire? Here's A Clue: They're Mostly Baby Boomers – 42% Of Them

The image of a millionaire is often synonymous with youth, tech-savvy brilliance, and overnight success. Think Mark Zuckerberg or Bill Gates. While these stories are undoubtedly inspiring, they represent a small fraction of the millionaire population. 

The truth is actually far more nuanced.

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The average millionaire in the United States is actually 61 years old. Back in 1992, the average millionaire was 57, according to Business Insider. This suggests that for most, the path to significant wealth is a marathon, not a sprint. Now, that’s not to say young millionaires don’t exist. On average, the world’s 100 richest individuals earned their first million by age 37. But these ultrahigh achievers are the exception, not the rule.

According to the Global Wealth Report by Credit Suisse, over 24.4 million individuals in the United States have a net worth exceeding $1 million. Looking at the generational breakdown, Baby Boomers (ages 57-75) make up a massive 42% of millionaires. This generation has had decades to build wealth through career advancement, property appreciation, and investment growth. Millennials account for about 9.2% of total wealth in the U.S., and their wealth is expected to grow significantly as they inherit an estimated $68 trillion from their Baby Boomer parents.

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According to Charles Schwab’s 2022 Modern Wealth Survey, the average net worth of a millionaire in the U.S. is approximately $2.2 million. This figure reflects the wealth accumulated through years of disciplined saving and investing. In contrast, the Federal Reserve’s Survey of Consumer Finances reports that the average (mean) net worth of U.S. households overall is about $1.06 million, although extremely wealthy households skew this number. 

More accurately, the median net worth for American households is $192,900, highlighting a significant disparity in wealth distribution. Among older adults, particularly those aged 65-74, the average net worth rises to $1,794,600, indicating that wealth accumulates over time. 

Education plays a significant role in the millionaire equation. About 88% of millionaires are college graduates, with over half holding a master’s degree or higher, according to The National Study of Millionaires conducted by Ramsey Solutions. Despite high tuition costs, it seems there are long-term financial benefits to higher education.

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Homeownership is another common thread among millionaires, with approximately 95% owning homes. The average value of a millionaire’s home is just shy of $1 million, reflecting both smart real estate investments and the power of property appreciation over time.

Contrary to the image of the millionaire as a high-rolling stock trader, 55% of millionaires over 43 and only 25% between ages 21 and 42 directly own stock. Many millionaires also invest in mutual funds and prioritize retirement savings, with substantial amounts tucked away in IRAs and other retirement vehicles.

These statistics paint a picture of millionaires who are perhaps less glamorous than popular media would have us believe but arguably more attainable. They’re portraits of individuals who’ve leveraged education, smart investments, and time to build their wealth. While the path to becoming a millionaire isn’t easy, these numbers suggest it’s a goal within reach for many Americans who make sound financial decisions over the long haul.

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