Around 80,000 Australians had over $2 million in superannuation as of 2019-2020, with some data suggesting the number might be higher now due to asset growth, potentially affecting around 80,000 individuals with $3 million or more by 2025, though exact figures vary by source and year. This small percentage of super fund members includes some surprisingly young individuals, like hundreds under 30 with significant balances, highlighting diverse accumulation paths.
While exact real-time figures vary, around 80,000 Australians had over $2 million in superannuation around 2019-2022, with some estimates suggesting potentially higher numbers now (perhaps over 100,000 if including Self-Managed Super Funds), though this represents a small fraction (less than 1%) of all super holders, with many with large balances being older individuals, although some young people have also achieved this.
According to estimates based on the Federal Reserve Survey of Consumer Finances, a mere 3.2% of retirees have over $1 million in their retirement accounts. The number of those with $2 million or more is even smaller, falling somewhere between this 3.2% and the 0.1% who have $5 million or more saved.
Retiring on $2 million would provide you with a more than comfortable retirement income. Specifically, retiring on $2 million for an individual would provide an income of around $100,000 per year and $116,000 per year for a couple.
A wealthy retiree in Australia is generally someone with substantial assets, often defined as having over $1 million in investable assets (excluding the family home) or a total net worth exceeding that, allowing for a very comfortable lifestyle well above basic needs, potentially generating $150,000+ annual income, though "wealthy" is relative, with many considering >$1M or a significant super balance as rich.
Australians aged between 60-64 have an average super balance of $401,600 for men and $300,300 for women1. The Government Age Pension acts as a safety net to support the basic cost of living in retirement. However, it's still important to have a figure in mind as your ideal retirement savings goal.
According to estimates based on the Federal Reserve Survey of Consumer Finances, only 3.2% of retirees have over $1 million in their retirement accounts. This percentage drops even further when considering those with $5 million or more, accounting for a mere 0.1% of retirees.
The average American views a net worth of $774,000 as enough to be financially comfortable, with a net worth of $2.2 million required to be wealthy. That's according to Schwab's Modern Wealth Survey. Choose your state and answer some questions to get matched with up to three fiduciary advisors that serve your area.
But as of 1 July 2025, the general Transfer Balance Cap (TBC) was indexed to $2 million from the previous limit of $1.9 million. This cap is the maximum amount of super an individual can move into the tax-free retirement phase to start a pension.
The answer depends on lifestyle, health, income needs and how long you expect retirement to last. Having a couple of million in the bank is sufficient for many couples, but it may not be enough for those with higher expenses or early retirement plans.
WASHINGTON—A new AARP survey finds that 20% of adults ages 50+ have no retirement savings, and more than half (61%) are worried they will not have enough money to support them in retirement.
Can you live off interest of 2 million dollars? Yes, it is possible to live off $2 million in invested assets if you manage your portfolio wisely. A common approach is to invest the money in an index fund to generate interest and dividends.
Only 0.3 per cent have more than $3 million – the balances affected by the government's tax changes, representing 55,000 individuals, up from 35,000 in 2019.
According to the Employee Benefit Research Institute, just 1.8% of U.S. households have $2 million or more saved in retirement accounts. That's based on the 2022 Survey of Consumer Finances, conducted by the Federal Reserve.
The short answer: to retire on $80,000 a year in Australia, you'll need a super balance of roughly between $700,000 and $1.4 million. It's a broad range, and that's because everyone's circumstances are different.
High Net Worth Individuals (HNWI) have an investable net worth of $1 million to $5 million. Very High Net Worth Individuals (VHNWI) have an investable net worth of $5 million to $30 million. Ultra-High Net Worth Individuals (UHNWI) have an investable net worth above $30 million.
Only 3.2% of retirees have $1 million in retirement accounts vs. about 2.6% of Americans in general. The average retirement savings for households aged 65-74 is $609,000, while the median is only about $200,000. The number of "401(k) millionaires" in America reached a record of about 497,000 last year.
A retirement account with $2 million should be enough to make most people comfortable. With an average income, you can expect it to last 35 years or more. However, everyone's retirement expectations and needs are different.
10 Signs of Future Wealth
Still commonly used is multimillionaire, which refers to individuals with net assets of 2 million or more of a currency. There are approximately 584,000 US$ multimillionaires who have net assets of $10M+ worldwide in 2017.
The top ten financial mistakes most people make after retirement are:
A common starting point is to estimate that you'll need about 70% to 80% of your pre-retirement income to maintain your standard of living in retirement. For example, if you earn $150,000 annually while working, you might need between $105,000 to $120,000 as a starting point in retirement.
The Employee Benefits Research Institute estimates that only 0.8% of U.S. households have at least $3 million in retirement savings. This figure is based on data from the Federal Reserve's 2022 Survey of Consumer Finances (SCF), a comprehensive study assessing American household wealth, debt and financial behavior.