Approximately 7% of the U.S. population (individuals) and 18% of U.S. households have a net worth of at least $1 million. Worldwide, about 1% of adults are considered millionaires.
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.
In 2022 the median income in Australia was $65,000 a year according to the Australian Bureau of Statistics. Anyone making less than this amount would be considered working class. Anyone making more than $137,000 falls in the top 10% which is considered upper class.
Typically the criterion is that the person's financial assets (excluding their primary residence) are valued over US$1 million. A secondary level, a very-high-net-worth individual (VHNWI, ), is someone with at least US$5 million in investable 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.
Summary. $1 million should be enough to see you through your retirement. You can retire at 50 with $1 million in savings and receive a guaranteed annual income of $62,400. Your tax bracket and how much you pay should also be considered when planning how much money you'll need for retirement.
That's a total of 1.9 million people out of Australia's 25.8 million population, and UBS expects this figure to grow by more than 20 per cent by 2028 — the equivalent to an increase of roughly 400,000 people.
Ultra-high-net-worth individuals (UHNWIs) have a net worth of at least $30 million. The U.S. leads with the most UHNWIs, totaling 208,560 individuals. UHNWIs typically invest in real estate, equities, and bonds for wealth accumulation. As of 2023, there are 626,600 UHNWIs globally, with growing numbers projected.
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.
Adding some of these habits into your daily routine might help you get on track to becoming an everyday millionaire yourself!
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.
The top ten financial mistakes most people make after retirement are:
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.
Generally, a liquid net worth of at least $1 million would make you a high net worth (HNW) individual. To reach a very high net worth status, you'd need a net worth of $5 million to $10 million. Individuals with a net worth of $30 million or more might qualify as ultra-high net worth.
With $1 million, a couple could enjoy a comfortable retirement, depending on their lifestyle, desired income and Age Pension eligibility. For a detailed assessment, use our Retirement Calculator to explore how this balance would perform over time.
The 7-3-2 rule is a wealth-building strategy highlighting compounding's power, suggesting it takes roughly 7 years to save your first significant amount (like a crore), then 3 years for the second, and only 2 years for the third, by increasing contributions and leveraging exponential growth as your money compounds faster. It emphasizes discipline in the initial phase, then accelerating savings as returns kick in, making later wealth accumulation quicker and more dramatic.
At Hudson Financial Planning, we see 'upper class' as starting at a net worth of around $2 million to $4 million for Australians in their 30s, depending on income streams, asset mix, and debt profile,” says Juanita Wrenn, Managing Director at Hudson Financial Planning.
Being a millionaire means having assets worth at least one million dollars, but true wealth involves more than just a high net worth. It also includes financial stability, freedom from debt, and the ability to sustain one's lifestyle without relying heavily on active income.
Australia ranks twice on the top 50 list, with Sydney in 17th place and Melbourne in 30th place worldwide. Sydney is currently home to 205 centi-millionaires while Melbourne has 112.
According to this rule, if you spend your retirement savings at a rate of 4% the first year and then adjust your withdrawals for inflation every year, your income will probably last three decades. Say you retire with $1 million. Per the 4% rule: In year 1, you would withdraw $40,000.
5 retirement mistakes to avoid
A $1 million lifetime annuity could pay as much as $6,297 a month for a 65-year-old woman purchasing an immediate annuity. The monthly payout of a $1 million annuity depends on several factors, including when payments start, the length of distribution, and the annuitant's age and gender.