If you’ve dreamed of becoming a millionaire, you’re not alone. To many, hitting this financial milestone signals you’ve “made it.” With assets valued at seven figures, you can wave goodbye to many of the financial stressors that nagged at you when you had less.
However, with inflation eroding the value of the dollar with each passing year, being a millionaire doesn’t mean what it used to. As a result, there are more millionaires today than there used to be, and becoming one might be more within your reach.
Read on to learn more about how many millionaires there are in the U.S. today and ways you can grow your net worth to become a millionaire too.
The term “millionaire” can have a range of different meanings depending on who you ask. Some people may define a millionaire as someone who earns a seven-figure income each year. But the most widely accepted definition is someone with a net worth of at least $1 million.
That said, within the world of millionaires, there’s an incredibly broad range of wealth. For instance, having a net worth of $1 million may not even be enough to retire, depending on how much you spend each year. But having a net worth of $10 million or $100 million affords you a completely different lifestyle — one in which you largely don’t need to worry about financial security.
According to Swiss bank USB’s 2025 Global Wealth Report, there were 23,831,000 millionaires in the United States in 2024. Compared to other countries, this is by far the largest number of millionaires, comprising nearly 40% of millionaires worldwide.
The number of millionaires is also growing in many parts of the world, including the United States. Though the number of millionaires is growing at a much faster rate in countries such as India and China, the U.S. still had 1.5% more millionaires compared to the previous year’s Global Wealth Report. In other words, the U.S. gained roughly 379,000 millionaires in a single year, which translates to over a thousand new millionaires each day.
However, it’s important to note that wealth isn’t equally distributed among different races in America. According to U.S. Census Bureau data, 1 in 5 households with a white householder had a net worth of at least $1 million. For households with a Black householder, that ratio falls to 1 in 20.
No two millionaires are the same, but many share common behaviors that have helped them achieve this financial milestone. If you want to become a millionaire, too, consider adopting some of the following habits millionaires use to make money:
The more time you have on your side, the easier it is to become a millionaire. That’s because compound interest allows your investments to grow exponentially over time. The earlier you start investing, the less you need to put away to reach millionaire status.
Read more: The number one way Americans are becoming millionaires
It sounds simple, but reducing how much you spend each month is one of the simplest ways to accelerate your path to becoming a millionaire. The less you spend, the more you can invest.
So, cut discretionary spending that doesn’t add a lot of value to your life, and see if you can negotiate or find better deals on essential expenses, such as your phone plan or rent.
Read more: Bill negotiation guide: How to secure lower rates and save money without cutting services
While expenses are one side of the cash flow equation, income is the other. If you’ve cut all you can from your spending, brainstorm ways to earn more — either by negotiating a raise or adding income streams through side hustles or gig work.
Read more: How to make more money with a side gig: 6 tips for success
Millionaires are often cautious with debt because they understand how interest charges can snowball. By saving up an emergency fund and paying for discretionary expenses out of pocket, you can avoid expensive loans and credit card bills, putting more cash toward your nest egg.
Read more: Do millionaires use credit cards?
Certain accounts offer tax incentives to make your retirement contributions go further. For example, traditional IRAs and 401(k)s let you contribute pre-tax income, meaning you don’t pay taxes on the money you put in until you make withdrawals in retirement. Roth IRAs and Roth 401(k)s offer the reverse: You pay taxes on contributions now, but withdrawals are tax-free.
Read more: Do millionaires keep their money in checking accounts?
You don’t need to understand everything about personal finance to become a millionaire. But if you need help reaching your financial goals, you can always hire a pro. A good financial advisor can help you prioritize your goals and chart a path to reach them.
Most millionaires don’t achieve a seven-figure net worth by accident. Instead, they think long-term. They understand that their financial habits now will have major consequences in the future, and they invest, save, and plan accordingly.
While achieving millionaire status may feel far-fetched, having a seven-figure net worth might be more common — and attainable — than you realize. With a long-term vision, consistent saving and investing, and other good financial habits, you’ll be on track to a better financial future, millionaire or not.
Read more: How do millionaires make their money?
