Updated: Sep 28, 2020
As I talk with more and more people about money and how to build wealth, I realize how lost everyone is. Now I'm no super genius when it comes to money, but I do know a few things. One of those is that if you want to be good with money (build wealth), then you need to study money. You need to study how it works. You need to learn how to make, manage, and multiply your money if you want to become a millionaire. And, it's not as hard as it may seem. Check out some of these statistics.
Over 11 million households in America that are millionaire households (Over 10% of American households)
40% of all the millionaires in the world, live in the United States (the US is only 4.4% of the global population)
80% of American millionaires are first-generation millionaires
The reality is, if you're going to become a millionaire, America is the place to do it. The odds are stacked in your favor in America. What do I mean? Check out this simple statistical comparison and you'll see.
Number of millionaires in the United States: 18.5 million (40% of all millionaires in the world)
Population of the United States: 331 million (4.2% of the world population)
This means that the US has 10x more millionaires that it should based on population. The number 2 country with the most millionaires is China with 4.4 million.
When it comes to millionaires by race, the United States takes an astonishing lead in the black community.
76% of US millionaires were white or Caucasian. Black American's make up 8% and Asian millionaires accounted for 8%. Hispanic community captured 7% of the total millionaire population in the US.
Now some people will say that the black community only having 8% of the total millionaire population is bad or wrong, but that's only part of the story. When you look at the big picture, it's actually quite amazing.
When you look at the global picture for the black community, America is the place to be, by the stats.
Black American population: 47.8 million people
Number of black American millionaires: 1.5 million (8% of total millionaires in US)
% of the black community that are millionaires 3.75%
By comparison to the top 19 countries in Africa,
120,900 millionaires Total
885,000,000 total population of top 19 African countries
% of the population that are millionaires .014%
These numbers show that the number of millionaires in the United States black population is 224x greater than the top 19 African countries.
Your Land of Opportunity
If you haven't gotten the picture yet, here it is. America is the greatest land of opportunity in the world and quite possibly in all of history. The United States is currently sitting in a place where quite literally anyone can become millionaires. Yes. It's true.
Each year, we are seeing hundreds of thousands of people becoming millionaires through investing, real estate, and other means. If you haven't already made the millionaire choice and created your millionaire plan, I hope this article has inspired you to do so. Too many people sit around making excuses on why they aren't millionaires. It's time to stop the excuses and start with the actions.