The United States had 23,627,000 dollar millionaires as of 31 December 2025, according to UBS, which counts adults with net worth of USD 1 million or more. That figure represents over 40 per cent of the world's dollar millionaires and nearly 9 per cent of US adults.
Other organisations publish different counts because they measure different things. Capgemini, which counts only investable assets and excludes the main home, found 8,700,000 Americans with USD 1 million or more as of 31 December 2025. Henley & Partners, which counts liquid investable wealth and excludes property entirely, found about 6,041,000 US residents with USD 1 million or more as of 31 December 2024. The IRS counted 799,094 individual income tax returns reporting adjusted gross income of USD 1 million or more in tax year 2023, but that measures high income, not wealth.
Key figures
- 23,627,000 US dollar millionaires in the United States (UBS, net worth of USD 1 million or more) (as of 31 December 2025)
- 440,000 new US dollar millionaires in the United States in 2025, at least (UBS: "more than 440,000") (as of 31 December 2025)
- 1.9% rise in the number of US dollar millionaires in the United States in 2025 (UBS) (as of 31 December 2025)
- 9% of US adults are US dollar millionaires, approximately (UBS: "nearly 9%") (as of 31 December 2025)
- 696,277 average wealth per adult in the United States (UBS) (as of 31 December 2025)
- 8,700,000 Americans with USD 1 million or more in investable assets (Capgemini HNWIs) (as of 31 December 2025)
What this page measures
This page tracks how many millionaires live in the United States according to four different definitions: net worth (UBS), investable assets (Capgemini), liquid investable wealth (Henley & Partners) and high income (IRS). It also reports mean and median family net worth from the Federal Reserve's Survey of Consumer Finances and the US cities with the most millionaires. The counts cannot be added or averaged because each organisation measures something different.
The headline numbers
UBS counted 23,627,000 US dollar millionaires as of 31 December 2025, up 1.9 per cent from the previous year. The United States gained more than 440,000 new millionaires in 2025, almost half of the world's new millionaires that year. Average wealth per adult in the United States stood at USD 696,277 as of 31 December 2025, the second-highest in the UBS ranking after Switzerland.
Capgemini counted 8,700,000 Americans with USD 1 million or more in investable assets as of 31 December 2025. The United States added 736,000 new high-net-worth individuals in 2025, more than any other country.
Henley & Partners counted about 6,041,000 US residents with USD 1 million or more in liquid investable wealth as of 31 December 2024.
How many millionaires in the US? Estimates by definition
| Source | Definition | Count | As of |
|---|---|---|---|
| UBS Global Wealth Report 2026 | Adults with net worth of USD 1m+ (including property, minus debts) | 23,627,000 | End-2025 |
| Capgemini World Wealth Report 2026 | Investable assets of USD 1m+ (excluding main home) | 8,700,000 | End-2025 |
| Henley & Partners USA Wealth Report 2025 | Liquid investable wealth of USD 1m+ | 6,041,000 | End-2024 |
| IRS Statistics of Income | Tax returns with adjusted gross income of $1m+ (income, not wealth) | 799,094 | Tax year 2023 |
Source: UBS; Capgemini; Henley & Partners; IRS. Different definitions; do not add or average.
Why the counts differ
The four counts measure different things. UBS counts net worth, which includes financial assets plus property and other real assets, minus debts. Capgemini counts investable assets, which excludes the primary residence. Henley & Partners counts liquid investable wealth, which excludes property entirely. The IRS figure counts tax returns with adjusted gross income of USD 1 million or more, which measures high income in a single year, not accumulated wealth.
A person who owns a home worth about 696,000 with no mortgage and has about 216,000 in savings would appear in the UBS count but not in the Capgemini or Henley counts. A person who earned USD 1.2 million in 2023 but spent most of it would appear in the IRS count but might not appear in any wealth count. Because the definitions differ, the counts cannot be reconciled or combined.
High-income tax returns
The IRS counted 799,094 individual income tax returns reporting adjusted gross income of USD 1 million or more in tax year 2023. Of those, 368,931 returns reported income between USD 1 million and USD 1.5 million, whilst 30,382 returns reported income of USD 10 million or more.
US tax returns with adjusted gross income of $1 million or more, tax year 2023 (IRS)
| Adjusted gross income | Number of returns |
|---|---|
| $1,000,000 under $1,500,000 | 368,931 |
| $1,500,000 under $2,000,000 | 147,290 |
| $2,000,000 under $5,000,000 | 203,229 |
| $5,000,000 under $10,000,000 | 49,262 |
| $10,000,000 or more | 30,382 |
| $1,000,000 or more (total) | 799,094 |
Source: IRS Statistics of Income, Publication 1304, Table 1.1 (tax year 2023). Income, not wealth. Estimates based on samples.
Mean and median family net worth
The Federal Reserve's 2025 Survey of Consumer Finances, released 9 October 2026, found that mean US family net worth stood at USD 1,240,000 as of 31 December 2025. The median stood at USD 215,900 as of the same date. The mean is pulled up by the wealthiest families; it does not mean the typical family is a millionaire. The survey publishes mean and median figures but does not count how many families have net worth of USD 1 million or more.
US cities with the most millionaires
New York had 384,500 millionaires as of 31 December 2024, the most of any city in the world, according to Henley & Partners. The Bay Area, which Henley defines as San Francisco and Silicon Valley, had 342,400 millionaires, the second-most globally. Los Angeles had 220,600, ranking fifth in the world.
US cities with the most millionaires (Henley & Partners, 2025 edition)
| World rank | City | Millionaires |
|---|---|---|
| 1 | New York | 384,500 |
| 2 | Bay Area (San Francisco and Silicon Valley) | 342,400 |
| 5 | Los Angeles | 220,600 |
| 10 | Chicago | 127,100 |
| 32 | Miami | 38,800 |
| 41 | Washington DC | 28,900 |
Source: Henley & Partners with New World Wealth, World's Wealthiest Cities Report 2025. Henley lists 11 US cities in its global Top 50; the press release gives figures for these six. Liquid investable wealth of USD 1m+, end-2024 data published 8 April 2025.
What changed since the last update
This is the first edition of this page; the next refresh will show what has changed.
How we calculate this
This page draws on four sources that count millionaires using different definitions. UBS counts US adults with net worth (financial assets plus property and other real assets, minus debts) of at least USD 1 million at the end of 2025; it puts the US at 23.6 million, over 40 per cent of the world's dollar millionaires. Capgemini counts only investable assets, which exclude the main home, and finds 8.7 million US high-net-worth individuals as of the end of 2025. Henley & Partners counts liquid investable wealth, which excludes property, and found about 6,041,000 as of the end of 2024. The IRS figure counts tax returns with adjusted gross income of USD 1 million or more in tax year 2023, which measures high income, not wealth.
The Federal Reserve's 2025 Survey of Consumer Finances, released 9 October 2026, publishes mean and median family net worth but does not count millionaire families. Henley & Partners publishes city-level millionaire counts in its World's Wealthiest Cities Report; the 2025 edition, published 8 April 2025, uses end-2024 data. All figures are reported as published; this page does not add, average or reconcile counts based on different definitions.
Frequently asked questions
How many millionaires are there in the United States?
UBS counted 23,627,000 US dollar millionaires as of 31 December 2025, using a net worth definition that includes property minus debts. Capgemini counted 8,700,000 as of 31 December 2025, using investable assets that exclude the main home. Henley & Partners counted about 6,041,000 as of 31 December 2024, using liquid wealth that excludes property.
Why do the millionaire counts differ so much?
Each organisation measures something different. UBS counts net worth including property; Capgemini counts investable assets excluding the main home; Henley & Partners counts liquid wealth excluding all property. A homeowner with net worth above USD 1 million but only about 216,000 in liquid assets would appear in the UBS count but not the Henley count.
How many Americans earn over a million dollars a year?
The IRS counted 799,094 individual income tax returns reporting adjusted gross income of USD 1 million or more in tax year 2023. This measures high income in a single year, not accumulated wealth, so a person who earned USD 1.2 million in 2023 but spent most of it would appear in this count.
Which US city has the most millionaires?
New York had 384,500 millionaires as of 31 December 2024, according to Henley & Partners, the most of any city in the world. The Bay Area (San Francisco and Silicon Valley) had 342,400, and Los Angeles had 220,600. Henley counts liquid investable wealth of USD 1 million or more, excluding property.
What is the average net worth of a US family?
Mean US family net worth stood at USD 1,240,000 as of 31 December 2025, according to the Federal Reserve's Survey of Consumer Finances. The median stood at USD 215,900. The mean is pulled up by the wealthiest families; it does not mean the typical family is a millionaire.
Download the data
Download the tables as CSV (data as of 9 October 2026).
Related statistics
Sources
- UBS Global Wealth Report 2026 (full report, PDF)
- UBS media release: Global Wealth Report 2026 (30 June 2026)
- Financial Planning: US minted 1,200 millionaires a day in 2025 (UBS figures, 6 July 2026)
- Capgemini press release: World Wealth Report 2026 (4 June 2026)
- Henley & Partners USA Wealth Report 2025 (press release, 20 May 2025)
- Henley & Partners: The World's Wealthiest Cities in 2025 (press release, 8 April 2025)
- IRS SOI Table 1.1, All returns by size of AGI, tax year 2023 (XLS)
- Federal Reserve: 2025 Survey of Consumer Finances results (9 October 2026)
Updated 18 October 2026. This page is refreshed automatically when new data is published; figures carry the date they are true for. Figures checked against their sources on 18 October 2026. Permanent link: https://millionaire.news/how-many-millionaires-in-the-us/
Last verified: 2026-10-18
