Current Share of U.S. Households Above $1 Million
As of the most recent public data, roughly 13.5% of U.S. households have a net worth exceeding $1 million when primary residence equity is excluded, according to the Federal Reserve's Survey of Consumer Finances and corroborating reports from wealth research firms. This share has grown steadily over the past decade, driven by rising equity values, business ownership, and financial asset accumulation across the country.
When analysts include primary residence equity, the percentage of Americans with a net worth above $1 million rises significantly, but the core metric used in high-net-worth research focuses on liquid and investment assets plus business interests minus debts. This adjusted view better reflects financial flexibility and exposure to market risk than a home-centric balance sheet.
Key Asset Exclusions That Change the Percentage
Excluding primary residence equity is the most common adjustment because it is the largest illiquid asset for most households and does not generate ongoing income or liquidity in the same way as financial accounts or business stakes. Other typical exclusions in net-worth research include consumer durables such as vehicles, personal property, and sometimes retirement accounts when measuring investable wealth.
When retirement accounts are excluded, the percentage of Americans with $1 million or more in net worth drops further, highlighting how much of household wealth is tied up in tax-deferred savings vehicles rather than freely deployable capital. These methodological choices matter for comparisons across surveys and for understanding the true size of the investable high-net-worth population.
Demographic and Geographic Patterns in the $1 Million+ Net-Worth Share
Older households, particularly those aged 65 and above, hold a disproportionate share of the $1 million-plus net-worth category when primary residence is excluded, reflecting decades of asset accumulation, business exits, and equity compounding. Higher education levels, executive and professional occupations, and ownership of private businesses are strongly correlated with membership in this cohort.
Geographically, states such as California, New York, Massachusetts, Colorado, and Washington concentrate a larger share of million-dollar-plus households than the national average, driven by technology, finance, and entrepreneurship hubs. Within those states, metropolitan areas like San Francisco, New York City, Seattle, and Boston host outsized shares of high-net-worth households relative to their state populations.