Category: Finance | Title: What Percentage of US Households Have Net Worth Over 1 Million | Tag: Household Net Worth | Meta Description: What percentage of US households have net worth over 1 million? Latest data shows the share, key drivers, and who qualifies...
Share of US Households With Net Worth Over 1 Million
As of the newest available public data, roughly 13.5% of US households have net worth over 1 million, according to the Federal Reserve's Survey of Consumer Finances. This share has risen steadily over the past decade, driven by asset price gains and equity ownership. The data excludes primary residence equity for most headline figures, focusing instead on financial and business assets plus other real estate. For context, this means about 1 in 7 US households crosses the millionaire threshold on a net worth basis. The share varies widely by age, income, and region, with older and higher-income households far more likely to qualify.
Among the key drivers are rising stock market values, home equity appreciation, and increased business ownership. The Federal Reserve's Distributional Financial Accounts provide quarterly updates on wealth concentration and household-level net worth distributions. Access the latest release on the Federal Reserve Board's official data page.
Who Qualifies as a Millionaire Household in the US
A household is counted as a millionaire when its total assets minus total liabilities exceed 1 million dollars. This includes retirement accounts, investment portfolios, business equity, real estate, and other assets, minus mortgages, consumer debt, and other liabilities. Many households reach this threshold through a combination of home equity, retirement savings, and investment gains over time. The threshold is not tied to annual income; a household with modest earnings but substantial assets can qualify, while a high earner with large debts may not.
For business-focused wealth, many millionaires hold significant stakes in private or public companies. Public filings and ownership disclosures offer insight into how entrepreneurs build and report net worth. The U.S. Securities and Exchange Commission maintains EDGAR, where company ownership and insider filings can be reviewed.
Regional and Demographic Patterns in US Millionaire Households
Millionaire households are concentrated in states with high costs of living and strong equity markets, such as California, New York, and Washington. Within those states, metro areas like San Jose, San Francisco, New York, and Seattle show especially high shares of households above the 1 million net worth line. These patterns reflect concentration of high-paying industries, stock compensation, and elevated home values.
Age is another strong factor, with households headed by someone 65 or older holding a disproportionate share of millionaire status, largely due to decades of saving and investment growth. Younger households are less likely to reach the threshold, though those in tech, finance, and entrepreneurial roles can accumulate wealth earlier. The Federal Reserve's detailed tables break down net worth by age, race, and income, providing granular insight into who holds millionaire status today.