At some point, most people ask themselves how millionaires arrive at their high net worth.
Statistically, most don’t arrive there automatically or from inheritance. Most arrive through hard work, consistent investments, and a diversity of both investment and income streams.
Maybe your mother told you that we shouldn’t be idolizing other people’s wealth, but in reality there are several important yet simple points that most people could benefit from in the lifestyle of millionaires.
Contrary to popular belief, most don’t drive Teslas and eat caviar. Hartford12 released the following data, which contains several important nuggets of wisdom about surprising facts and timeless habits revealing how millionaires build and keep their wealth.
| 1 | There are millions of millionaires – That’s not just a figure of speech—there are 25.4 million millionaires in the US, making up about 9.7% of the population. Globally, the number climbs to 57.3 million, with 41% living in the US, 10.9% in China, and 4.7% in Japan.1 A millionaire is someone with a net worth (assets minus liabilities) of $1 million or more. |
| 2 | 17% is the magic number – According to Fidelity, the average 401(k) millionaire has been investing for 25 years and contributes 17.6% of their income annually (excluding employer match).2 Diligently investing over decades is a time-tested approach to working toward your long-term financial goals. (FIGURE 1). |
| 3 | Good things come to those who wait – Millionaire status isn’t usually an overnight success story. Two-thirds are between 60–79 years old, and 23% are 50–59. The takeaway? Wealth is often the result of decades of saving, investing, and career growth.3 |
| 4 | The millionaire next door – Forget the flashy cars and designer labels. Most millionaires are surprisingly low-key. They live in modest homes, drive used cars and prioritize financial freedom over flexing. Most track their expenses and stick to a budget.4 |
| 5 | The inherited wealth myth – Born rich? Think again. The vast majority of millionaires (79%) didn’t inherit a dime. They built their wealth through discipline, saving, and smart investing—not trust funds.5 |
| 6 | The Ivy League myth? – Elite degrees aren’t a prerequisite for wealth. While many millionaires are college graduates, 62% graduated from public state schools and only 8% went to a prestigious private school.5 Financial literacy and good money habits matter far more. |
| 7 | Who are the 1%? – To join the top 1% of US wage earners, an individual would need to earn at least $450,100 a year; the amount climbs to $659,050 for households.6 Many get there by owning regional businesses—think auto dealerships, dental practices, and beverage distributors.7 |
| 8 | It can pay to think small – Approximately 17.1% of households with a net worth between $1 million and $3 million have equity in a small business.8 But it rarely happens fast—the average age of a successful entrepreneur is 42, and most build wealth through reinvesting profits over time, not overnight success.9 |
| 9 | A million dollars isn’t what it used to be – Back in the ‘80s, a million bucks meant private jets and champagne dreams (remember “Lifestyles of the Rich and Famous?”). Today, thanks to inflation, you’d need more than $3.1 million to match the buying power of $1 million in 1985.10 |
| 10 | What can I do for you? – Millionaires aren’t just about making money—they’re also big on giving back. 91% donated to charity last year, and 51% volunteered or fundraised. Donor-advised funds are a favorite tool for their philanthropy.11 |
Looking over these characteristics, some simple observations and conclusions can be noted:
- Investing – the sooner the better. That is dramatically evidenced if you start earlier in life – this is one of the most important lessons you could pass on to your children and grandchildren. Investing earlier in life could mean that it may take less money to meet more of your goals at an earlier age.13
- If you are starting to invest later in life, then it is important to have the right plan in place while you invest. Your plan may show you what the critical factors are, including maximizing your savings rate, investing more aggressively within your risk tolerance, and working with a financial planner to help guide you to achieving your goals.
Sources:
- World Population Review, “Millionaires by Country 2026.”
- Yahoo Finance, “Robust Returns and Steady Saving Yield Record Number of 401(k) Millionaires,” 9/13/25.
- Millennial Money, Millionaire Statistics for 2026.
- The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, Thomas J. Stanley and William D. Danko.
- Ramsey Solutions, “The National Study of Millionaires,” 10/3/24.
- Investopedia, “What Is the Average Net Worth of the Top 1%?” 1/27/26.
- The Wall Street Journal, “Meet the ‘Stealthy Wealthy’ Who Make Their Money the Boring Way,” 5/28/25.
- Federal Reserve 2022 Survey of Consumer Finances. Most recent data available.
- DemandSage, “50 Entrepreneurship Statistics 2026,” 12/30/25.
- Bureau of Labor Statistics CPI Inflation Calculator value of $1 million in March 1986 vs. March 2026.
- Investopedia, “Donor-Advised Funds: Benefits and Drawbacks,” 2/11/25.
- 10 Things You Should Know About Millionaires
- Fidelity: Hitting $1 Million, www.fidelity.com/learning-center/personal-finance/making-1-million-dollars, 12/18/2025 Important Risks: Investing involves risk, including the possible loss of principal.
This information should not be considered investment advice or a recommendation to buy/sell any security or tax advice. In addition, it does not take into account the specific investment objectives, tax, and financial condition of any specific person. Investors should consult with their own financial professional for additional information.