Earning $1 million sounds like an impossible dream to many, but more and more American families are doing it. Just how many more? Well, our most recent analysis of IPUMS data showed that millionaire owner households jumped by 446%, from a rather modest 30,000 households across the U.S. in 2017 to more than 136,000 households in 2022.
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This means households who report making at least $1 million from the different sources at their disposal (meaning any combination of salary, income from an estate or trust, interest, dividends, royalties, and rents received etc.), are on the rise.
Here’s a quick recap:
- The number of U.S. millionaire-owned households quadrupled in just 5 years.
- In the Phoenix-Mesa-Chandler metro, Gen X is now leading the way in the ultra-exclusive club that was once dominated by Baby Boomers.
- The “average” millionaire homeowner in the metro often holds roles such as physician, CEO, legislator, or manager. They own a $1.7million, 10-room, 5-bedroom home and have three cars.
With 322,356 people living in 136,697 millionaire, owner-occupied households, it appears that ultra-wealthy homeowners are one of the fastest growing income brackets in the country. And, it’s not just the number of households that quadrupled from 2017 to 2022: In that five-year period, the number of people living in these households also rose more than four times.
But, just like not all who wander are lost, not all who live in a millionaire owner-occupied household are millionaire homeowners (Gen Z young adults still living with their parents come to mind). That said, the financial and social advantages of being part of a household in the 99th percentile are undeniable.
The even better part? In analyzing the net and percentage changes in all income brackets, it seems as though it’s not just the niche group of millionaire owners that’s rising: Due to growing incomes, the number of households in other high-income brackets is also going up, while the segment of families who earn less than $75,000 is falling.
In terms of net numbers, there’s no denying that many owner households still make less than $50,000. However, looking at the trends, changes, and especially the exchanges between groups, it becomes obvious that, in the five-year period between 2017 and 2022, many households have updated their salaries and (hopefully) their quality of life.
Profile of the Millionaire Owner: Who Are the People Living the Ultra-Rich Life?
Wealthy owner households — meaning households that earn $150,000 or more — grew by 9 million between 2017 and 2022, a 72% increase. The more glamorous sub-group of millionaire owner households rose at an incomparably faster pace, more than quadrupling in the same period.
But, who are the people living in these households? Who are the newest and luckiest members of the millionaire club, the people making up the wealthiest families across the country?
The “average” U.S. millionaire is a Gen Xer. He or she is 50 years old and, together with their family, owns a 10-room, five-bedroom home estimated at around $1.8 million. Also, their garage houses around 3 cars and chances are that they're a chief executive or physician.
Although Baby Boomers used to boast the largest share of ultra-wealthy owners, younger generations are catching up and even overtaking them. Gen X currently leads the hyper-exclusive club with a share of 37.4%. Baby Boomers grew to around 93,000, representing 28.9% of all millionaire owners in the country, while the 63,000 Millennial millionaires (up from a measly 9,000 in 2017) make up 19.7% of all ultra-high earners.
