10 Things You Should Know About Millionaires

Surprising facts and timeless habits reveal how millionaires build and keep their wealth.

1.  There are millions of millionaires 

There are 25.4 million millionaires in the US, about 9.7% of the population. A millionaire is someone with a net worth (assets minus liabilities) of $1 million or more.

2.  17% is the magic number

According to Fidelity, the average 401(k) millionaire has

been investing for 25 years and contributes 17.6% of their income annually. Diligently

investing over decades is a tried-and-true method to get rich slow. (see chart)

3.  Good things come to those who wait

Millionaire status isn’t usually an overnight success story. Two-thirds are between 60–79

years old, and 23% are 50–59. Wealth is often the result of long-term saving, investing, and

career growth.

4.  The millionaire next door 

Forget flashy cars and designer labels. Most millionaires are surprisingly low-key. They live in modest homes, drive used cars, track expenses, and stick to a budget.

5.  The inherited wealth myth 

Born rich? Think again. The vast majority (79%) didn’t inherit a dime. They built their wealth through discipline, saving, and smart investing—not trust funds.

6.  The Ivy League myth 

Elite degrees aren’t a prerequisite. While most millionaires are

college graduates, 62% graduated from state schools and only 8% went to a prestigious

private school. Financial literacy and good habits matter far more.

7.  Who are the 1%? 

To join the top 1% of US wage earners, an individual would need to earn at least $450,100 a year; the amount climbs to $659,050 for households.

8.  It can pay to think small – About 17.1% of households with a net worth between $1-$3

million have equity in a small business. But it rarely happens fast—the average age of a

successful entrepreneur is 42, and most build wealth through reinvesting profits over time,

not overnight success.

9.  A million dollars isn’t what it used to be

Back in the ‘80s, a million bucks meant private jets and champagne dreams

(remember “Lifestyles of the Rich and Famous?”). Today, thanks to inflation, you’d

need more than $3.1 million to match the buying power of $1 million in 1985.

10.  What can I do for you? – Millionaires are big on giving back. 91% donated to charity

last year, and 51% volunteered or fundraised. Donor-advised funds are a favorite tool for

philanthropy.

Becoming a Millionaire Can Be Easier if You Start Early

Amount of Annual Savings Needed to Reach $1 Million by Age 65*

*This compounding example is a hypothetical example that assumes an 8% annual return. The example doesn’t represent any particular investment and is for illustrative purposes only to show the mathematical concept of compounding. It does not account for inflation, and the rate is not guaranteed. Taxes are not included in the

calculations. Article Source: Hartford Funds, 4/26.