The Millionaire Next Door: Here’s What the Average Millionaire Looks Like in 2024
There are now more millionaires than ever. The number of households that earn at least $1 million more than quadrupled between 2017 and 2022, Point2 reported. There are now nearly 137,000 households bringing in seven-figure salaries.
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So who are these people making up the millionaire class? Here’s a closer look.
A Profile of the Average Millionaire
The average millionaire is now a 50-year-old Gen Xer, the Point2 analysis found. While boomers long made up the largest portion of the millionaire population, Gen X has taken over — 37% of millionaires are Gen Xers compared to 29% that are boomers.
In terms of gender distribution, women and men are almost neck-and-neck — 54% of millionaires are men and 46% are women.
The study also found that the average millionaire’s house is worth $1.8 million and has 10 rooms and five bedrooms. The average millionaire has three cars.
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Where Millionaires Live
Millionaires tend to congregate in a few cities across the U.S. — so if you live in one of these places, there may actually be a millionaire next door. The cities with the most millionaires are New York (27,000 millionaire households), Los Angeles (11,000 millionaire households), San Francisco (9,000 millionaire households), Boston (6,000 millionaire households) and Washington, D.C. (6,000 millionaire households).
Jobs With the Most Millionaires
If you aspire to earn seven figures, you’ll need a top-paying job. The study found that the most common occupations of millionaires are chief executives, judges, lawyers and physicians. Other millionaire-making careers include software developer, engineer, manager, athlete, data scientist, statistician, insurance sales agent and inspector.
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This article originally appeared on GOBankingRates.com: The Millionaire Next Door: Here’s What the Average Millionaire Looks Like in 2024