Guess what percentage of families have more than $1 million? You may be shocked by the number of millionaires

Many people dream of joining the millionaires club and that dream has come true for many Americans.

According to the most recent data from the Federal Reserve for the end of 2022, the number of millionaire families in the US is increasing – and it’s not just inflation that makes the numbers look higher. Even adjusting for inflation, the percentage of households with a net worth of at least $1 million increased from 2019 to 2022, after remaining relatively stable for nearly two decades.

Don’t miss:

So how many millionaires are there out there? According to the Federal Reserve’s 2022 survey, approximately 18% of U.S. households had a net worth of at least seven figures. There are around 23.7 million millionaire families across the country. And with the strong performance of the stock market and real estate values since then, even more families are likely to join the ranks of millionaires in 2024.

While these numbers are exciting, they also provide some interesting insights into building this type of wealth. Millionaire families share certain characteristics that offer clues to increasing their net worth.

See also: I’m 62 years old and have saved $1.2 million. Is this enough to retire stress-free?

Common Traits and Characteristics of Millionaire Families

Most millionaires don’t fit the luxury-laden stereotype. Many built their wealth through disciplined savings and investing, often in employer-sponsored retirement accounts like 401(k)s. Approximately 70% of millionaires have accumulated their wealth this way and a surprising 73% have never had a credit card balance. Most also don’t earn much — most haven’t reached six-figure salaries during their careers.

According to MillennialMoney, most millionaires are between the ages of 60 and 79, which shows that it takes time for most people to accumulate wealth.

Trends: Studies show that 50% of consumers think financial advisors cost much more than they do — To debunk this, this company offers free correspondence and a free first call with the corresponding consultant.

Real estate also plays an important role, with primary residences contributing about 32% of a typical millionaire’s net worth. Millionaires also prioritize education, with more than 60% holding degrees from public universities and just 8% from Ivy League schools.

Another feature is the economy. Millionaires often live below their means and prioritize saving over spending. This discipline helps them grow their assets while avoiding lifestyle inflation – the temptation to spend more as income increases.

Many millionaires also have multiple streams of income. Whether through investments, side businesses or diversified career paths, they do not depend on a single source of income.

See also: Many are using this retirement income calculator to check if they are on pace – here’s a summary of what’s behind this formula.

What does this mean for you?

While these habits can serve as a roadmap, building wealth is not a one-size-fits-all process. If you’re aiming for millionaire status, consulting a financial advisor can help you devise a strategy that fits your lifestyle and goals. A professional can guide you in choosing investments that align with your risk tolerance and financial timeline — because, let’s face it, the road to a million is easier with some expert advice along the way.

Read next:

UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get the best trading ideas dailyplus unlimited access to cutting-edge tools and strategies to gain an advantage in the markets.

Get the latest stock analysis from Benzinga?

This article Guess what percentage of households have more than $1 million? You Might Be Shocked by the Number of Millionaires Originally appeared on Benzinga.com