The top one percent of wealthy people on Earth hold half of the world’s finances. Most people are at least curious how these billionaire and millionaire statistics can be true.
Although no amount of rich people facts can guarantee a spot in the 7 figure club, it can be a great inspiration for those who need it.
These are 68 facts about the wealthy and influential, and what sets their lives apart from the rest of us.
Millionaire’s Wealth Creation Statistics
Although many assume all wealthy people are born with a silver spoon in their mouth, that’s not necessarily true for all of them! Some come from more humble beginnings, when setting out to make their fortune.
- It’s often a long game, with 80% of millionaires not making their first million until they turn 50. (RichHabits)
- The average amount of time put into working that results in this amount of wealth is around 32 years: it’s not instant. (BusinessInsider)
- Most aren’t born privileged; 78% of millionaires came from lower class or low-income families. (US Trust)
- 30% started their careers without debt by paying for college out of pocket. (Thomas Stanley)
- When asked how they gained their wealth, 72% of millionaires claim smart investing is what earned their money. (Spectrem)
- Unfortunately, gender still seems to play a role in wealth since 86% of millionaires and billionaires are men. (GCU)
- Many billionaires claim their drive is what matters, with over 50% stating they were obsessed with the idea of wealth and it’s what drove them where they are. (RichHabits)
- 82% of millionaires say that they believe saving money and building savings is one of the main ways to succeed. (Fidelity)
- To dispel any popular myths that all millionaires have generational wealth, 79% claim they’ve never received an inheritance. (Dave Ramsey)
- This is a huge difference from just 20 years ago when only 49% of millionaires stated that they made their wealth. (Forbes)
- Those who gained wealth can be very young, with the youngest billionaire only 18 when he inherited 50% of his father’s drug store business: which amounts to 3.8 billion dollars. (Forbes)
Rich People’s Health Statistics
Money can’t protect you from everything, and many say it doesn’t cause happiness. So how are wealthier people doing? These facts delve into their psyche and physical health.
- 76% of wealthy people work out at least four days a week to stay healthy. (Entrepreneur)
- 67% of rich people watch less than an hour of television a day to avoid distracting them from what matters in life. (Thomas Corley)
- Rich people live 8% to 10% longer than the average lifespan. (NYT)
- 88% of millionaires claim they read every single day to keep their minds sharp. (RichHabits)
- 63% of millionaires claim they spend less than an hour a day surfing the internet. (Thomas Corley)
- 43% of millionaires claim their stress levels sit above the national average. (Fidelity)
- 19% of millionaires have a health savings account to protect them if anything happens in the future. (Fidelity)
- Divorce is unfortunately common, with 20% of wealthy people having experienced it. (Michael Rosen)
- Most wealthy people stated they spend around the same amount of time in leisure as most people, totaling out at 45% to 47%. (SagePub)
- The wealthy pay more of their free time on active leisure like sports and travel, hitting 28% of it. (SagePub)
- Millionaires are much more satisfied and happy with their lives, with 95% ranking their comfort in life as highly satisfying. (SagePub)
Rich People’s Future Predictions Statistics
If you want to be sure your financial lead is a good one: it’s a great idea to get advice from someone who’s already succeeding.
These are the billionaire statistics for where they think future profits lay.
- If you’re unsure whether to trust what they claim will make money: over 86% of billionaires gained a huge amount of income in the last year. (Forbes)
- 81% of millionaires believe that the future of finances is still in stocks. (Spectrem)
- Pursue multiple streams of income; 65% of millionaires have at least three different income streams and believe this diversification is their key to success. (Thomas Corley)
- 63% of millionaires state they find joy in work and that if more people found work that they enjoyed, they’d be able to gain more money. (Fidelity)
- Many billionaires aim to invest at least 20% of their income into future capital-making plans. (CNBC)
- 12% of billionaires say investing in manufacturing could allow investors a slow but surefire growth of wealth. (Forbes)
- Although they spend a small percentage of their money on real estate: 90% of millionaires invest in real estate during their lives. (The College Investor)
Wealthy People’s Daily Activities Statistics
There’s an ongoing myth that all billionaires and millionaires start their mornings earlier and get more hours out of their day.
Although this isn’t true for all of them, some signs are pointing towards interesting lifestyle choices.
- Relationships matter to the wealthy, with only 3.4% identifying as single. (Spectrem)
- That same study shows that over 85% of billionaires are currently married. (Spectrem)
- Although relationships matter: 86% of wealthy people work over 50 hour work weeks. (RichHabits)
- They care about work and life balance, though, with 74% saying they’ve reached a happy medium between the two. (Spectrem)
- Most owe less than 33% of their current mortgages if they have one. (Thomas Stanley)
- Living close to business matters: 44% of millionaires in the USA live in California. (SpendMeNot)
- It’s good that they have their wealth to fall back on in this state since it’s 13% more expensive than the national average. (Kiplinger)
- Only 2% of millionaires or billionaires have major connections to charities to reduce their taxes. (Fidelity)
- Fiscal responsibility matters, with 87% of millionaires stating they spent the prior recession learning how to spend more intelligently. (Harris Group)
Wealthy People’s Money Management Statistics
When you’ve made over a million dollars in your life (or billion for some!), it’s a good idea to know how you’re going to protect that money.
This is how the wealthiest keep an eye on their finances.
- Gambling is a huge risk, and the wealthy recognize that. 74% of millionaires state that they haven’t spent a single dollar gambling in the last ten years. (Spectrem)
- 62% of wealthy people have a financial planner to help make the big decisions. (Fidelity)
- To ensure they have more to invest in, rich people set aside an average of 23% of their income. (Harris Group)
- They avoid extravagant vacations, with 80% spending less than $10,000 in the last year. (Spectrem)
- 46% state that they’re more concerned with never having debt than they are making more money. (Harris Group)
- Most claim they’re not big spenders, with over 50% stating that they’d rather set their money aside for later or invest. (Fidelity)
- The average millionaire doesn’t devote more than 60% of their income to their living expenses like housing or food. (Fidelity)
How to Build Wealth Statistics
Inflation drives down the worth of a dollar, which means that any money that’s not invested is money lost.
However, wealthy people understand the importance of using money to make money, which is how they approach this task.
- 74.71% of SEOs charge a monthly retainer fee for their clients. (Ahrefs)
- Only 20% of millionaires are retired; most continue to work to build their wealth. (Thomas Stanley)
- 35% claim their main goal in life is to hold onto their wealth and ensure it can be passed through their family, making them obsess over the numbers. (Fidelity)
- 37% of millionaires work full time, and this third take it further than the other 43% that step down to part-time or partial work once they reach this wealth. (Fidelity)
- Some have seen exponential growth through building up brand recognizability and aim to keep doing that. Elon Musk increased his wealth by 242% over the last year because of building strong brand recognition. (Forbes)
Wealthy People’s Investment Statistics
Where and how the wealthy keep their wealth can inform how much it builds over time.
This is the breakdown of the average rich person’s finances and how they keep their money.
- 10.6% of their wealth often stays in real estate investments, ranging from their own homes to investing in business properties and land. (Statista)
- This percentage may seem low, but most millionaires only own one home. Only a meager 8.6% of them own three or more properties. (Thomas Stanley)
- 10.8% of their wealth sits in assorted investments like cryptocurrency, small business loans, and other small risks. (Statista)
- 19.7% of their value is in the yearly income they get from their business or their position within a business. (Statista)
- 21% of most wealthy people’s finances sit in cash and cash equivalents, able to be spent. (Statista)
- 37.7% of their money sits inequity and the things they own. This could mean cars, technology, and other possessions in their lives. (Statista)
Money’s Impact on Rich People Statistics
Having an extraordinary amount of wealth can change how people treat you and how you view yourself.
But, beyond that, your relationship with capital can change how you view the world at large. This is what sticks out to wealthy people.
- Most millionaires don’t think of themselves as rich: more than 44% of millionaires consider themself middle class. (Statista)
- After making their millions, 90% state they care more about their health than their wealth. (Yahoo Finance)
- Many go into politics to support their wealth and protect their interests, with over 43% of the members of Congress currently being millionaires. (RichHabits)
- 10% state that their largest concern is learning how to give back and make changes in their communities. (Fidelity)
How Millionaires Got Rich Statistics
Beyond how they made their money, many millionaires and billionaires claim they’ve cracked the code on how to make more money and block out losses.
If you want in on those secrets, here are some they let slip out.
- Many will say to stick with it since 27% say they tried and failed to succeed before they finally made their big break. (RichHabits)
- It’s harder to make it than many think since the average millionaire goes bankrupt 3.5 times before they make it. (Thomas Stanley)
- 66% of billionaires are their own bosses and own their own companies so they can make the big decisions on their own. (Thomas Stanley)
- Family support and pressure are big for a lot of wealthy people; over 76% state that academic success was of high importance in their families. (Michael Rosen)
What Industries Did They Start Out In?
Everyone has to start somewhere! Although most billionaires never had to wait tables for a living, some of them have had incredible underdog stories that many find inspirational.
These are the industries that helped them gain a foothold.
- 84% of millionaires have a college degree and attribute part of their success to it. (Spectrem).
- This doesn’t mean that you have to have a degree to succeed! 14% of billionaires dropped out of college and still made their wealth. (GCU)
- 76% of millionaires come from some of the most technologically advanced cultures on Earth, ensuring they had access to tech jobs. (Credit-Suisse)
- 13% of billionaires started out in finances or investments. (Forbes)
Conclusion
Although each of these facts can be inspirational, and many offer fantastic insight on how to get your start in business: not everyone can reach the levels of wealth they have.
Take these facts, and apply them to your own life where you see fit, but remember to be realistic with your finances and make decisions that will help you succeed in the long run.
Erin is a business teacher and mother of three. When she’s not in the classroom or fulfilling her obligations as an A+ hockey and lacrosse mom, she’s working on her latest article.
