America’s number of “ultra-wealthy” households—those whose occupants earn an annual $1 million or more—has quadrupled in five years, according to the data-research team at Point2Home.
Between 2017 and 2022, 100,000 new households reported such earnings, raising the total number of households that earned a yearly seven-figure salary to 136,697—that is a jump of 446%, based on Point2Home’s analysis of U.S. Census data.
“It appears that ultra-wealthy homeowners are one of the fastest growing income brackets in the country,” the researchers report.
The more common “wealthy owner households”—meaning households that earn $150,000 or more—grew by nine million between 2017 and 2022, a 72% increase.
Most heads of “ultra wealthy” households are between the ages of 44-59.
There is a new leader in town
“Baby Boomers were in the lead in 2017,” researchers said, “but they’re losing ground to Generation X.”
Some four in 10 millionaire homeowners are Gen Xers, compared to three in 10 Baby Boomers and two in 10 Millennials.
The “average” ultra wealthy homeowner, according to the report, is age 50, and, together with their family, owns a 10-room, five-bedroom home estimated at approximately $1.8 million. Odds are that they’re a chief executive or physician with three cars in the garage.
During the five-year study period, the number of occupants in ultra wealthy households also rose more than four times.
“Not all who live in a millionaire owner-occupied household are millionaire homeowners—Gen Z adults still living with their parents come to mind,” note the Point2 authors.
Household composition
While data show that Gen Z millionaire owners represent 10% of all high-earning owners in the U.S., this high share is almost entirely attributable to young people still living with their (millionaire) owner parents, according to Point2Home.
“That said, the financial and social advantages of being part of a household in the 99th percentile are undeniable.”
Other income brackets also show improvement over the five-year study, researchers said.
“It’s not just the niche group of millionaire owners that’s rising: Due to growing incomes, the number of households in other high-income brackets is also going up,” they noted, “while the segment of families who earn less than $75,000 is falling.”
Most ultra-wealthy homeowners live in coastal hubs including New York, San Francisco, Los Angeles, and Boston. In the New York metro alone, research shows no fewer than 26,561 households have an income of at least $1 million per year.
For more information on the rise of the wealthy American household, visit point2homes.com.
