Millionaire Under 30: Prevalence by Fed SCF Data (2022)

Few individuals under 30 are millionaires, according to the Federal Reserve’s Survey of Consumer Finances (2022). About 1.4% of households headed by someone 18–29 are millionaires ($1 million net worth or more), translating to fewer than 200,000 such households. Among those 18–24, the share is less than 1%, and for 25–29 it is about 2%. Median net worth for 18–24 is $10,222 and $112,104 average; for 25–29, it is $31,470 and $120,183, respectively. A significant portion of these households have negative net worth. Millionaires are more likely to have inherited wealth, and “millionaire” can mean different things—paper wealth, illiquid assets, or volatile crypto—than durable, spendable wealth. The median age of a U.S. millionaire household is 62, with 25% in their 50s and over 27% in their 60s.