How Many Americans REALLY Have $1 Million or More?

About this video

• Video Title: How Many Americans REALLY Have $1 Million or More?
• Channel: Holy Schmidt!
• Speakers: Jeff Schmidt
• Duration: 00:10:06

Overview

This video, hosted by Jeff Schmidt, explores the definition of a millionaire and analyzes data from the UBS Global Wealth Report to determine how many adults in the United States have a net worth of $1 million or more. It also discusses average wealth, differentiating between mean and median, and emphasizes the importance of focusing on individual financial progress rather than comparisons to averages.

Key takeaways

• Defining a Millionaire: A millionaire is defined as an individual with a net worth of $1 million or more, which includes assets like cash, stocks, bonds, real estate (including homes), and collectibles, after accounting for debt. Billionaires are included in this calculation.
• Data Methodology: The analysis uses data from the June 2025 UBS Global Wealth Report, reflecting data from the year ended December 2024. The figures are per adult individual, not per household, and exclude children with inherited wealth. The value of a person's home is included in their net worth.
• Prevalence of Millionaires: As of December 2024, 23.8 million adults in the US (approximately 1 in 10) had a net worth of $1 million or more.
• Mean vs. Median Wealth: The mean net worth per adult is $620,654, but this figure is significantly skewed upwards by a small number of billionaires. The median net worth, representing the midpoint of the wealth distribution, is $124,041, offering a more representative figure for the "typical" adult.
• Importance of Personal Finance: The video stresses that individual financial situations are unique and that comparing oneself to averages can be misleading or demotivating. It encourages viewers to focus on their own financial goals and take action to improve their situation.