Around 58 million adults globally had a net worth over $1 million in 2023, with projections suggesting this number will continue to grow, placing them in the top wealth brackets. This significant figure reflects increasing wealth concentration, though the exact count varies slightly by source and year, with recent reports placing the total closer to 60 million.
As of March 2025, there are 3028 billionaires worldwide, with a combined wealth of over $16.1 trillion, up nearly $2 trillion over 2024.
It's often viewed as a marker of financial success. According to 2023 estimates from the Credit Suisse Global Wealth Report and other sources, approximately 23.7 million U.S. households, or about 18.04% of all households, have a net worth of $1 million or more.
Only 3% inherited over 1 mil.
$1 Million in Liquid Assets
“Within the financial industry, for example, we determine someone who is 'high-net-worth' to be rich,” said Tree. “This is the level at which people usually need specialist personal wealth management services, and is the label given when an individual acquires $1 million in liquid assets.”
Many people grow up thinking of $1 million as an astronomical amount of money. It's not until you reach adulthood that you realize that not only is $1 million in savings possible for you, but it may also be necessary. One of the most common questions people ask about retirement is whether $1 million is enough.
What Is Considered High-Net-Worth in Australia? In most professional circles, a high net worth individual is defined as someone with over $1 million AUD in investable assets, excluding the family home. Under the Corporations Act 2001 (s.
Data from the Federal Reserve's Survey of Consumer Finances, shows that only 4.7% of Americans have at least $1 million saved in retirement-specific accounts such as 401ks and IRAs. Just 1.8% have $2 million, and only 0.8% have saved $3 million or more.
$500,000 is generally considered a big inheritance. In general, the higher the amounts involved and more complex the estate, the more helpful it may be to consult a professional for specialist advice on how to proceed.
When asked when they plan to retire, most people say between 65 and 67. But according to a Gallup survey the average age that people actually retire is 61.
The top ten financial mistakes most people make after retirement are:
The quick and easy answer is, “Yes.” The more nuanced answer is, as always, “It depends.” If you're a high earner or high-income couple approaching retirement, your lifestyle, tax strategy, healthcare costs, and long-term financial strategy will play a huge role in determining if $1 million is enough.
Elon Musk on track to become first trillionaire.
Oprah Winfrey - $3.1 billion 2. Kim Kardashian - $1.7 billion 3. Taylor Swift - $1.6 billion 4. Rihanna - $1.4 billion 5.
The pyramid shows that: half of the world's net wealth belongs to the top 1%, top 10% of adults hold 85%, while the bottom 90% hold the remaining 15% of the world's total wealth, top 30% of adults hold 97% of the total wealth.
Inheriting a million dollars or more can be a life-changing event and will come with its own set of stipulations. Whether you're already well-off or you find you've achieved millionaire status overnight, there will be some things you'll need to consider when receiving a large sum of money.
The 7 year rule
No tax is due on any gifts you give if you live for 7 years after giving them - unless the gift is part of a trust. This is known as the 7 year rule.
Today in Australia a large inheritance would be a million dollars and above.
Once you have $1 million in assets, you can look seriously at living entirely off the returns of a portfolio. After all, the S&P 500 alone averages 10% returns per year. Setting aside taxes and down-year investment portfolio management, a $1 million index fund could provide $100,000 annually.
One in five Americans over the age of 50 have no retirement savings, according to a survey by the AARP.
Most millionaires build wealth through simple, consistent habits—not high incomes or flashy lifestyles. Millionaires focus on budgeting, living below their means, and avoiding debt to grow their wealth over time.
While exact real-time figures vary, estimates from around 2025 suggest approximately 400,000 to over 500,000 Australians held over $1 million in superannuation, with about 2.5% of the population reaching this milestone as of mid-2021, a figure that has likely grown with strong investment returns, though many more hold significant balances and millions are projected to reach this goal by retirement, especially men.
That depends on your age, your income, and your circumstances. It also depends on whether you compare yourself to other people, or to what experts recommend is an ideal net worth. Generally speaking, a $500,000 net worth is good, especially if you're mid-career.