There are now more millionaires than ever, or more simply put, there are millions of millionaires. The number of households that earn at least $1 million has grown exponentially over the last several years. It is estimated that in 2025, there are nearly 25 million millionaires in the U.S. alone.
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The modern average millionaire probably has several sources of income including earned, passive, rental and business profits. So, who are these people making up the millionaire class? Here’s a closer look.
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A Profile of the Average Millionaire
Though baby boomers hold a majority of the wealth in the U.S., the average millionaire is now, more often than not, a 50-year-old Gen Xer. While boomers long made up the largest portion of the millionaire population, Gen X has taken over a good percentage of the wealthy population.
This is in large part due to the “Great Wealth Transfer” Gen X is experiencing. Economists predict that by 2033, they will inherit a large portion of the wealth being passed down by boomers. The estimated inheritance is billions of dollars overall which will result in a substantial boost in wealth for Gen X.
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Where Millionaires Live in the United States
Millionaires tend to congregate in a few cities across the U.S. — so if you live in one of these places, there may actually be a millionaire next door.
The cities with the most millionaires are as follows:
New York: 340,000
San Francisco (Bay Area): 285,000
Los Angeles: 205,000
Chicago: 124,000
Houston: 99,000
Jobs With the Most Millionaires
If you aspire to millionaire status, you’ll need a top-paying job. Some of the most common occupations of millionaires are often chief executives, judges, lawyers and physicians.
Other millionaire-making careers include software developer, engineer, manager, athlete, data scientist, statistician, insurance sales agent and inspector. It’s good to know you have options if you want to be the millionaire as opposed to living next to one.
Gabrielle Olya contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: Millionaires Next Door: What the Average Wealthy Person Looks Like in 2025
