There are nine million Millionaires in the United States and they make an average of $154,614 a year.
There are over nine million Millionaire households in the United States today, and the ones that are making the most money on an annual basis are the youngest ones.
Spectrem’s Millionaire Corner study Using Social Media and Mobile Technology in Financial Decisions shows that only 1 percent of the Millionaires are under the age of 36, but it also shows that the youngest age group is making an average income of $270,968, the highest average income of any age segment.
The average income of all Millionaires is $154,614, so those youngsters are approaching twice the average.
Forty-three percent of Millionaires are over the age of 64, and 42 percent are between the ages of 55-64. However, among the oldest Millionaires, the average income is $125,253, and among the 55-64 age group the average income is $158,804.
As age increases, income decreases. From the top of $270,968 among the youngest Millionaires, those between the ages of 36 and 44 make $227,926, and those aged 45 to 54 make $216,754.
Only 5 percent of all Millionaires are under the age of 45. Eleven percent are between the ages of 45 and 54.
While income decreases as age increases, average net worth is highest among the older Millionaires. Among those 65 and over, the average net worth is $2,438,000 and among those aged 55 to 64 it is slightly higher at $2,477,000. For the most part, average net worth falls as age decreases, down to the average Millionaire income for those under the age of 36 at $2,162,000.
The average net worth for Millionaires aged 36 to 44 is actually slightly below the 35 and under crowd at $2,152,000.
Fifty-four percent of all Millionaires are retired, 10 percent are semi-retired and 36 percent are still working full-time.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.