No, earning a six-figure salary ($100,000+) doesn't automatically make you a millionaire (someone with $1M+ net worth), but it significantly helps; however, most self-made millionaires don't earn six figures, proving that disciplined saving, consistent investing, and living below your means are more crucial than high income for building wealth. Many people earning over $100k spend it all, while others with lower salaries become millionaires by investing early and consistently, demonstrating that financial behavior matters more than just the income number.
A millionaire is somebody with a net worth of at least $1 million. It's a simple math formula based on your net worth.
Defining What “7 Figures” Means
This means any amount from 1,000,000 to 9,999,999. Others versions of this might be: 6 figures: 100,000 – 999,999 (100k) 7 figures: 1,000,000 – 9,999,999 (1 million)
More than a million people in the United States earn $500,000 or more, and they might be closer to home than you think.
Earning $1,000,000 a year would surely be enough to live comfortably in the vast majority of places. But in one state, it means you've just crossed over into the top 1% of earners.
Quiet wealth is living like a middle-class millionaire. You have serious assets and smart habits, but you blend in, on purpose. You value freedom and options over trophies and attention. Think about a small moment that tells a big story.
A 700k salary is very rare. It's a 1% income.
Annual Incomes of Top Earners
Retiring on $500K is possible if an annual withdrawal of $29,400–$34,200 aligns with your lifestyle needs over 25 years. If you retire at 60 with $500k and withdraw $31,200 annually, your savings will last for 30 years. You can retire at 50 with $500k, but it will take a lot of planning and some savvy decision-making.
This milestone is attainable, but rare. Less than 0.5% of U.S. households earn over $1 million annually, according to the U.S. Census Bureau data and recent payroll analyses. In high-earning regions such as the San Francisco Bay Area, only about 0.54% of employees reach this threshold.
With a population of 337 million residents, a random person has about a 1 in 14,800 chance of being a millionaire. But we know that becoming a millionaire is not random.
Summary. While retiring on $400,000 is possible, you may need to adjust your lifestyle expectations if this is your final retirement amount. If you want to grow your savings before retirement, there are a number of expert-recommended ways to boost your bank balance.
Being considered "rich" in Australia varies, but generally, a net worth of $1 million or more in investable assets (excluding home/super) qualifies you as High-Net-Worth, while reaching the top 1% requires $7 million or more (for ages 41-64), with figures increasing significantly for the ultra-wealthy ($10M+ or $30M+), though public perception often sets a lower bar, sometimes around $1M total net worth or high income.
If millionaires don't necessarily feel wealthy, what does it take to feel rich in today's economy? According to Charles Schwab's 2025 Modern Wealth Survey, Americans need an average net worth of $839,000 to be financially comfortable, and $2.3 million to feel wealthy.
Millionaires focus on budgeting, living below their means, and avoiding debt to grow their wealth over time. Millionaires prioritize learning, investing regularly, and surrounding themselves with supportive, like-minded people.
A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. Depending on the currency, a certain level of prestige is associated with being a millionaire.
If you were born in 1964, the ASFA Super Guru website recommends a super balance of $469,000 at age 60 to allow for a comfortable lifestyle in retirement. The average super balance for Australians aged 60-64 was $402,838 for males and $318,293 for females, as at June 2021.
If invested with an average annual return of 7%, it would take around 15 years to turn 500k into $1 million.
Retire at 55 with £500k: Retiring at 55 with £500,000 is possible, but it depends on your annual spending needs and other income sources. If you plan to live on £20,000 per year, £500,000 might last, but you'll need to carefully manage withdrawals and consider the impact of inflation and unexpected expenses.
Here's a wealth class framework described by Bo Hanson, CFA, CFP® that breaks out 5 groups by net worth: the bottom 25%, the lower middle class, upper middle class, upper class, and the wealthiest 10%.
To be in Australia's top 1% of individual taxpayers, you generally need an annual income of around $375,000 to $390,000, though figures vary slightly by source and year, with higher thresholds for households (around $530,000). For context, the median individual income is much lower (around $55,000), and while top earners often include surgeons and anaesthetists, reaching the top 1% of net worth requires significantly more wealth, often exceeding $7 million.
For the most competitive schools, such as Harvard, Yale, Princeton, Stanford, MIT, and Caltech, being in the top 1–2% of your class can be particularly advantageous, especially if you're applying for a highly competitive and very academically rigorous program, such as a STEM pathway.
The #1 highest-paying job is consistently in the medical field, with Surgeons and Anesthesiologists often topping lists globally and in countries like Australia, earning over $400,000 AUD on average due to extensive training and high-pressure responsibilities, though roles like Financial Dealers, CEOs, and specialized Engineers also rank high.
£12.50 hourly is how much per year? If you make £12. 50 per hour, your salary per year is £26,000.
How long $700,000 lasts in retirement depends on how much you withdraw each year. For example, if you retire at age 60, it could provide around $58,000 a year for a single person, or $70,000 for a couple, until age 95.