This is the age you’re most likely to become a millionaire | Gentleman's Journal | Gentleman's Journal (2024)
Words: Gentleman's Journal
When we’re young, we all dream that later life will see us succeed, flourish and become rich. Some of us – we’re looking at you, Zuckerberg – achieve this a little faster than others, but new data has just revealed at what age you’re most likely to become a millionaire.
The average age of a first time millionaires is 37, it has been found. In data released by Betway Insider, the average age of a first time billionaire is also revealed: and is a little higher at 51.
So, if you’re not quite there yet, what can you do to make your first million? It was found that the quickest way to get into the two – and even three comma club is by utilising and revolutionising technology. Just look at Jeff Bezos or Elon Musk – both titans of tech.
This is reflected in the findings. Even though only two thirds of the world’s richest individuals have a degree, the most common course favoured by millionaires is engineering. And the University most likely to make you a billionaire? Surprisingly, Harvard.
So, if you’re after a bigger bank balance and you’ve not yet hit 37, then invest in tech, get inventing and maybe head back to uni to grab yourself a useful degree in engineering. And if you’re older than 37? Don’t worry, you can still make it to £1 billion before 51.
Like the Gentleman’s Journal? Why not join the Clubhouse, a special kind of private club where members receive offers and experiences from hand-picked, premium brands. You will also receive invites to exclusive events, the quarterly print magazine delivered directly to your door and your own membership card.
Millionaires — those who have a net worth of at least $1 million —are, perhaps not surprisingly, on the older end. They're predominantly 55 and older; just 2.4% are under the age of 35.
Meet the typical millionaire: College-educated people in their 50s and 60s who own a home and lots of stocks. Over 12% of American families, or over 16 million, are millionaires, per the WSJ.
How Many Millionaires Are in the U.S.? Do you know how many millionaires there are across the country? According to a recent study, almost 24.5 million millionaires live in the U.S. today. To put that into perspective, that's more people than the entire population of Florida!
Additionally, statistics show that the top 2% of the United States population has a net worth of about $2.4 million. On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million. Therefore, about 2% of the population possesses enough wealth to meet the current definition of being rich.
Real estate investment has long been a cornerstone of financial success, with approximately 90% of millionaires attributing their wealth in part to real estate holdings. In this article, we delve into the reasons why real estate is a preferred vehicle for creating millionaires and how you can leverage its potential.
While having a net worth of about $2.2 million is seen as the benchmark for being rich in America, it's essential to remember that wealth is a subjective concept. Healthy financial habits and personal perspectives on money are crucial in defining and achieving wealth.
Unsurprisingly, New York City has the most millionaires. It's followed by the Bay Area and LA. But a "millionaire remix" means more wealthy people are heading to Austin and West Palm Beach.
“Only 31% averaged $100,000 a year over the course of their career,” the study found, “and one-third never made six figures in any single working year of their career.” Just look at the story of former custodian Ronald Read for a perfect example.
Despite only about 0.1% of Americans making over a million dollars a year, it seems like the number is much higher. If you want to get rich, you might as well focus on joining industries that pay very well.
Only 5% of millionaires are under 40. Only 1% are 30 or younger. The average age of all millionaires is 62. Don't forget this on your way to financial freedom.
Introduction: My name is Arline Emard IV, I am a cheerful, gorgeous, colorful, joyous, excited, super, inquisitive person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
