Having a household net worth of $1m puts you in the top 1% of people under 35. I think it would be reasonable to call that rich. But for people aged between 50 and 75 it only gets you into the top 20%. You might describe that as “comfortable” or “well off”, but it probably doesn't count as rich.
Are you considered rich if you have a million dollars?
How much money you need to be considered wealthy across the U.S.—it's over $2 million in most places. To be considered wealthy in the U.S., Americans say you need a net worth of $2.3 million in 2025 — but that number can be even higher depending on where you live.
Using figures from the U.S. Federal Reserve's Survey of Consumer Finances (updated to 2022 but released in 2025), only about 2.5% of all Americans actually have $1 million or more saved in their retirement accounts—a figure that might shock anyone used to seeing financial media and their depictions of average Americans ...
According to 2023 estimates from the Credit Suisse Global Wealth Report and other sources, approximately 23.7 million U.S. households, or about 18.04% of all households, have a net worth of $1 million or more.
Inheriting a million dollars or more can be a life-changing event and will come with its own set of stipulations. Whether you're already well-off or you find you've achieved millionaire status overnight, there will be some things you'll need to consider when receiving a large sum of money.
What happens if someone gives you a million dollars?
The federal gift tax is payable by the donor, not the recipient of the gift. You can give away up to $19,000 per person per year tax-free in 2025. You can gift up to $13.99 million as of 2025 if you combine the value of your gifts over $19,000 with the value of your estate. Some types of gifts are tax-free.
Net worth is the sum of your assets (such as your cash savings, investments, and value of your home) minus the sum of your debts. In other words, it's what you own minus what you owe.
The United States leads the pack with nearly 22 million modern millionaires, making up around 40% of the global count. This dominance is fueled by a diverse economy that thrives on innovation, technology, and finance.
Am I a millionaire if I have a million dollars in the bank?
What Is a Millionaire? A millionaire is somebody with a net worth of at least $1 million. It's a simple math formula based on your net worth. When what you own (your assets) minus what you owe (your liabilities) equals more than a million dollars, you're a millionaire.
If you retire at 60 with $1 million, a 4% withdrawal rule suggests $40,000 per year, not including Social Security. That could last 25 to 30 years, depending on investment performance, taxes, and inflation.
While it can seem daunting, hitting the million mark may be more within your reach than you think. Most millionaires in the U.S. are self-made. According to a Ramsay Solutions study of 10,000 millionaires, 79% didn't receive an inheritance and one-third never earned a six-figure salary in any one year of their career.
You might need $5 million to $10 million to qualify as having a very high net worth while it may take $30 million or more to be considered ultra-high net worth. That's how financial advisors typically view wealth.
That's the difference between being rich vs being wealthy — being rich means adding more zeros to your bank account. Being wealthy is about living your life with zero regrets, zero jealousy and focusing on what brings you joy and happiness.
Research shows that less than 1% of households have $3 million or more in retirement savings. While this amount is uncommon, those who consistently invest, save diligently and manage their spending can build significant retirement assets over time.
Jenner's wealth and its coverage in Forbes has been a source of controversy in the past. In 2019, the magazine estimated Jenner's net worth at US$1 billion and called her the world's youngest self-made billionaire at age 21, but the notion of Jenner being self-made has been controversial.
You can retire on $1 million dollars at any age. This amount can provide you with an income of around $40,000 per year, increasing with inflation, indefinitely – without the need to draw down in the capital amount – meaning you will still have $1 million (in today's dollars) in capital at the end.
Whether you can retire on $1 million depends on your lifestyle, location and other income sources. However, relatively few people reach this benchmark. In fact, less than 5% of Americans have $1 million saved for retirement, according to an Employee Benefits Research Institute analysis of Federal Reserve data.
As of 2024, the number of millionaires in the U.S. was around 23.8 million. That means roughly 1 in 15 people in the U.S. has a net worth of at least seven figures. This number includes not just tycoons but also people who have slowly built wealth through investing, homeownership, and disciplined saving.
Many people think $1 million is sufficient savings for retirement. How long $1 million will last depends on how much a retiree spends on housing, health care and other expenses. Retirement savings can be supplemented with other income, such as Social Security and pensions, to make them last longer.
In addition to the annual limit, the IRS allows you to give larger monetary gifts to family over your lifetime without paying taxes, but only up to a certain amount. This is called the lifetime gift exemption. In 2025, this amount is approximately $13.99 million per person. How does this exemption work?
As such the world's richest are literally giving it away. Here we list the world's most generous philanthropists (with their donations in dollars as they're mostly American) and the foundations they fund, just in case you want to get in touch.
