Millionaire Statistics by Age The world's 100 richest individuals earned their first $1 million at age 37, on average. The average millionaire is 57 years old.
But if you do want to be a young millionaire, it is possible. It will take a lot of hard work and sacrifice, but the rewards may be worth it for you. And even if you miss the goal of 25, I'd venture you'd be on a great track financially.
Getting to the top 1% net worth by age is a very impressive goal. But how much money do you need to get there? Overall, to have a top 1% net worth in 2022 requires having at least $10 million. $10 million is also the ideal net worth amount for retirement, based on my experience and the polling of thousands of others.
The top five careers for millionaires include engineer, accountant, teacher, management and attorney.
Scorpio and Virgo lead the way
Leos, Geminis and Cancerians come very close to the top contributing 9.3%, 9% and 8.8% to the list, respectively. The star sign of RIL's Mukesh Ambani who is the second richest India, is Aries and this star sign too made a major contribution of 8.7% to the overall wealth in the list.
In Australia, as elsewhere, a millionaire is someone who has more than $1 million. A multi-millionaire is defined as someone who owns ten million dollars or more in assets.
Australia had over 176 thousand millionaires in 2020, an increase in the number of millionaires from the previous year. This was estimated to grow to over 215 thousand millionaires in the country by 2025.
The reality is that achieving millionaire status is doable if you take proper steps to plan ahead. In fact, it's possible to reach the million-dollar mark by age 30. The secret of how to become a millionaire begins with understanding which financial habits can help you grow wealth.
How much money do you need to be considered rich? According to Schwab's 2022 Modern Wealth Survey (opens in new tab), Americans believe it takes an average net worth of $2.2 million to qualify a person as being wealthy. (Net worth is the sum of your assets minus your liabilities.)
By age 40, your goal is to have a net worth of two times your annual salary. So, if your salary edges up to $80,000 in your 30s, then by age 40 you should strive for a net worth of $160,000. Additionally, it's not just contributing to retirement that helps you build your net worth.
And yet another rule of thumb, one that I personally think is the top one to consider is that your net worth should be 1.5x your annual salary at age 30. That means if you make $100,000 a year at age 30, your net worth should be $150,000.
Roughly three out of 100 people in the U.S. are millionaires, but your chances of becoming a millionaire depend very much on your age, your race, and your education.
Alexandr Wang, the latest Silicon Valley wonder boy, is only 25 years old and has a net worth of more than a billion dollars.
Your 20s can be a great time to take on investment risk because you have a long time to make up for losses. Focusing on riskier assets, such as stocks, for long-term goals will likely make a lot of sense when you're in a position to start early.
The Association of Superannuation Funds of Australia (ASFA) retirement standard found that a couple looking to have a comfortable post-work lifestyle needs $66,725 a year, while those seeking a modest retirement need to spend $43,250 per year, assuming that the couple owns their own home.
Yes, you can retire at 45 with three million dollars. If you get an immediate annuity, you will receive $171,540 yearly for the rest of your life.
For the youngest generation, $428,474 is needed to classify yourself as rich. That's more than six times greater than the median personal income of $52,338, according to the Australian Bureau of Statistics.
The wealthiest 1 per cent of Australians held 21.8 per cent of the country's wealth in 2021, up from 19.6 per cent in 2007.
Wealthy Individuals within Australia are generally deemed to be those with net investible assets (NIA) over $1M (or net of over $2.5M including the family home) and earning more than $250,000 per annum. Having said this, the ATO categorise 'Wealthy Individuals' as those who control a net wealth of $5M or more.
To some extent it depends on fluidity of membership of the top 1% (which in Australia means earning a pretax income of at least A$246,000).
Household wealth inequality
The study found that household wealth in Australia is very unequally divided. The highest 10 per cent of households by wealth has an average of $6.1 million or 46 per cent of all wealth. The next 30 per cent has an average of $1.7 million or 38 per cent.