A reader asks:
I came across the Capgemini 2026 Wealth Report (as of 2025) and was truly surprised to see the number of millionaires with $1 million in investable assets (25,300,000). And I remembered reading one of your blog posts (Dynasty Rich Millionaires) as of late last year, 1 in 5 Americans were millionaires. Essentially, Capgemini says there are 8.73 million people in the U.S. with $1 million in investable assets. Does $1 million in investable assets still make you rich in the US? How much do you think you need to become rich?
I’m a sucker for these millionaire studies.
Let’s go through a group to see what the numbers say.
Where is this from report in question:
- The global population of millionaires increased by 7.9% to 25.3 million in 2025.
- Ultra high net worth = $30 million or more. This group makes up 1% of the millionaire population but 35% of millionaire wealth (there is inequality even among rich people!).
- According to the report, the US will add 730,000 new millionaires in 2025, bringing the total US millionaire population to 8.73 million.
To clarify, these numbers only include liquid net worth, meaning no home equity. There is currently $35 trillion in home equity in America, and that makes a difference.
Housing wealth is driving the number of millionaires in the United States from 9 million to 24 million.
Using data from UBS, Wall StreetJournal shows that there are currently approximately 24 million millionaire households in America; This figure is by far the highest among all countries:
Some more statistics from this millionaire report:
- By 2025, more than 440,000 people in the United States will become millionaires (more than 1,200 per day).
- The fastest growing segment globally is those with wealth between $50 and $100 million, with an increase of 7.3 percent over the last five years.
Magazine It also shows that the ranks of the ultra-rich ($30 million or more) have grown significantly in recent years:
These are really rich people.
Mine Dynasty Rich Millionaires The piece used data from a Bloomberg report.
This data also shows that there are 24 million millionaire households in America, approximately 1 in 5 households. One third of this group became millionaires in the last 8 years.
No matter how you slice it, there are a lot of millionaires in America these days:
So, is $1 million enough to become rich?
Having $1 million in liquid net assets puts you in the top 1% globally. This puts you in the 88th percentile of American households.
A million dollars is still a lot of money. It depends on whether this will make you rich or not.
Where do you live A million dollars goes further in Topeka or Des Moines than in Manhattan or San Francisco.
How old are you? A million dollars in your 40s means much more than a million dollars in your 60s.
What is your burn rate? Inside Algebra of HappinessScott Galloway writes:
The definition of “rich” is having more passive income than you burn. My father and his wife receive about $50,000 a year from dividends, pensions, and Social Security and spend $40,000 a year. They are rich. I have many friends who make between $1 and $3 million, have several children in private schools in Manhattan, an ex-wife, a house in the Hamptons, and a lifestyle befitting a master of the universe. They spend most, if not all, of it. They are poor.
It depends on how much your lifestyle costs.
How many rich people are around you? It’s easy to be rich, but it’s easy not to feel rich when you’re constantly around other rich people.
What does a rich life look like for you? This is subjective, of course, but it is by far the most important when it comes to the definition of wealth.
There are people who are not actually rich but have boatloads of money.
There are people who are not considered rich in terms of net worth but have a rich life in other ways.
Round numbers don’t always tell the whole story.
I covered this question in detail in a brand new episode of Compound Ask:
Bill Sweet We’re on the show this week to help us celebrate the 4th of July and answer questions from our Composite viewers about savings priorities when you have kids, the finances of running a small business, how real estate fits into your asset allocation, and when you should sell stocks to buy a house or condo.
Further Reading:
Dynasty Rich Millionaires
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