This count is at a record high thanks to a bull market in stocks, bonds, and real estate.
According to Spectrem Group’s Market Insights Report 2017, in 2016, there were 9.4 million individuals with net worth between $1 million and $5 million, 1.3 million individuals with net worth between $5 million and $25 million, and 156,000 households (not individuals) with more than $25 million in net worth, the report says.
In other words, there are roughly 11 million millionaires in America.
Putting everything together, the Fed data says Asians have the highest odds for becoming millionaires, which I find odd since Asians are a minority that represent roughly 5% of the American population.
Asians still face discrimination just like Hispanics and Blacks.
Or, you can lose it all and spend the rest of your remaining years wondering what were you thinking.
Once you have the cash you can promptly fly to Macau, bet it on black and turn it into million!
Makes sense since high paying jobs often require higher levels of education e.g.
lawyer, doctor, executive management, and scientist. The chart says that for Asians with a Bachelors degree, the probability of millionaire status is roughly 17%.
You’d think that by the time you get to the Master’s level for education that the people and institutions you hang around with would provide very similar financial and career opportunities for all types.