According to a recent report, the United States added 736,000 new millionaires last year, bringing the total number of Americans with this level of wealth to a record 8.7 million.
Consulting firm Capgemini, in its “2026 Global Wealth Report” released on Thursday, stated that millionaire wealth is measured by investable assets and does not include primary residences, collectibles, consumer goods, or durable goods. The company informed CBS News that the number of millionaires in the United States has reached its highest point since Capgemini began tracking wealth trends 30 years ago.
As of the end of 2025, the number of high-net-worth individuals globally (those with investable assets of $1 million or more) increased by 2 million to reach 25.3 million, with over a third residing in the United States. The total wealth held by these individuals grew by 8.7% year-on-year to $98.3 trillion. This marks a rapid growth in both the number and wealth of high-net-worth individuals in the United States since 2021.
The stock market was a major driver behind the surge in the number of millionaires. The S&P 500 index and the Nasdaq Composite index rose by around 18% and 21% respectively last year. Capgemini noted that wealthy Americans also increased their stock allocations by about 5 percentage points last year, from 22% to 27% of their investment portfolios, further boosting their wealth.
Furthermore, investors are eagerly anticipating a series of upcoming mega Initial Public Offerings (IPOs) this year, which are expected to stir market excitement.
For instance, Elon Musk’s SpaceX, the space exploration technology company of the world’s richest person, and IPOs from other emerging tech giants are projected to break listing records. SpaceX has revealed plans to issue 555,555,555 shares at a price of $135 per share, raising $75 billion.
Although Capgemini did not collect demographic data, other research provided insights into wealthy Americans.
According to data from financial services group Empower, the typical new millionaire is a Gen Xer or Baby Boomer, with most of their wealth locked in retirement investments. Americans typically cross the millionaire threshold in their 50s or 60s, with those in their 60s averaging $1.2 million in retirement assets.
Empower found that millionaires share some common behavioral traits. Firstly, 95% of them own their own homes, compared to around 66% of the general U.S. population.
While Capgemini excluded primary residences in its analysis, previous studies have shown a close correlation between homeownership and wealth. According to the Federal Reserve’s latest “Consumer Finances Survey,” in 2022, the average net worth of homeowners was $1.5 million, compared to $154,000 for renters.
Nevertheless, attaining millionaire status may no longer carry the same social prestige it did a decade or two ago. Empower found that today’s Americans believe they need an average of $5.3 million in wealth to be considered financially successful.