SouthernWorldwide.com – The United States has seen a record increase in the number of millionaires, with 736,000 new individuals reaching this wealth bracket last year. This brings the total number of American millionaires to an unprecedented 8.7 million, according to a recent report.
Capgemini’s World Wealth Report 2026 defines millionaires based on their investable assets, excluding primary residences, collectibles, consumables, and consumer durable goods. This marks the highest number of U.S. millionaires since Capgemini began tracking wealth trends three decades ago.
A significant factor behind this surge is the performance of the stock market. Both the S&P 500 and the Nasdaq Composite Index experienced substantial gains last year, rising approximately 18% and 21% respectively. Wealthy Americans also increased their allocation to equities, boosting their portfolios by about 5 percentage points to 27% of their total investments.
The rise in millionaires also highlights a growing economic disparity in the U.S. While high-income households are reporting increased confidence, many lower-income Americans are struggling with the rising cost of living. This divergence is noted by Apollo chief economist Torsten Slok.
Slok suggests that lower-income households are concerned about factors like rising gas prices, while higher-income households are more focused on the appreciation of their stock investments. This contrast in concerns influences their overall financial outlook.
For those whose stock portfolios and 401(k)s are growing, like those invested in the S&P 500 which is up 10.6% this year, it’s easier to feel financially secure. However, a significant portion of Americans, roughly half, lack access to retirement plans. This leaves them vulnerable to economic pressures such as high gas prices and inflation without the benefit of growing investment wealth.
While Capgemini’s report does not provide demographic details for U.S. millionaires, other research offers insights into this group. The typical newly wealthy American is often a Baby Boomer or Gen Xer, with a substantial portion of their assets held in retirement accounts.
Financial services group Empower indicates that individuals commonly reach millionaire status in their 50s or 60s. Those in their 60s, for instance, are reported to hold an average of $1.2 million in retirement assets.
Empower’s research also points to common behavioral traits among millionaires. A striking 95% of millionaires own their homes, compared to about 66% of the general U.S. population.
Although primary residences are excluded from Capgemini’s millionaire calculation, past studies show a strong correlation between homeownership and wealth accumulation. According to the Federal Reserve’s Survey of Consumer Finances from 2022, homeowners had an average net worth of $1.5 million, significantly higher than the $154,000 average for renters.
Interestingly, the status of being a millionaire may not hold the same prestige it once did. Empower’s findings suggest that Americans now believe an average of $5.3 million is needed to be considered “financially successful,” indicating a shifting perception of wealth.
