Meet the typical millionaire: They're over 55, have a house worth nearly 7 figures, and are probably moving to Scottsdale (2024)

FAQs

Meet the typical millionaire: They're over 55, have a house worth nearly 7 figures, and are probably moving to Scottsdale? ›

Meet the typical millionaire: They're over 55, have a house worth nearly 7 figures, and are probably moving to Scottsdale. America's millionaires are older, college-educated, and white. They have some pretty valuable houses and stock holdings.

Scottsdale is one of the country's fastest-growing cities in terms of wealth. There are 243,000 residents — about 14,600 of them are millionaires, and five are billionaires, AZ Central reported in March.

Most millionaires in the US are 60-79 years old.

Another 23% of Americans with a net worth of $1 million or more are 50-59, with a small percentage of millionaires being 40 or younger.

A millionaire is somebody with a net worth of at least $1 million. It's a simple math formula based on your net worth. When what you own (your assets) minus what you owe (your liabilities) equals more than a million dollars, you're a millionaire.

they're first-generation wealthy; most millionaires earn their wealth instead of inheriting it. they're well-educated; 80% have college degrees and more than 35% have advanced degrees. they save more than 15% of their money. they live well below their means, driving American-made cars and living in relatively modest ...

Silverleaf at DC Ranch

Covering 4,000 acres, DC Ranch is the premier master-planned community in town, and Silverleaf is its most prestigious neighborhood. Like the city in which it is located, Silverleaf offers an abundance of amenities set against a backdrop of a dramatic desert landscape.

Larger lots, bigger homes, and lower taxes aren't the only reasons the wealthy are ditching their big-city lifestyles for Scottsdale. Tech workers, entrepreneurs, and retirees are also moving to the area for business opportunities, pristine golf courses, warm weather, and inspiring landscapes.

A general rule of thumb is that your net worth in your 50s should be around four to five times your annual salary, said Jeff Rose, CFP and founder of Good Financial Cents. For instance, he said that if someone's earning $60,000 annually, their net worth might ideally be in the ballpark of $240,000 to $300,000.

A middle-age Millionaires' Row: Average 50-something now has net worth over $1 million. Sometime around age 50, the average American can now expect a household net worth exceeding $1 million. How did so many 50-somethings become millionaires? Household wealth swelled at a record pace during the pandemic.

In the US about 110,000 people are worth $50 million or more or 0.03%.

What net worth is upper class? ›

With that in mind, a net worth of $604,900 would put you in the upper 25% of American households and having $1 million or more should make you firmly a member of the upper class. Of course, it's important to remember that net worth is calculated by adding up your assets and then subtracting your liabilities.

You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.

Back then, only Connecticut and Washington, D.C., had a 5% top-earning threshold of $500,000. Five years later, that's up to 11 U.S. states and D.C.: Washington, California, Massachusetts, Hawaii, Virginia, Colorado, New York, New Jersey, Illinois, Maryland and Connecticut.

Upper class is people with titles and peerages. Middle class millionaire usually refers to people on the American class system who are people that work the upper end of normal jobs and through moving up the housing ladder, investments and savings reach above a million dollars in assets.

They are modest in how they dress, the cars they drive, and even where they choose to live. The only way you would know they are millionaires is if you saw their bank balance and some even would have multiple accounts to not draw attention to themselves. Those are your quiet millionaires.

Scottsdale is one of the most well-known cities in the state, thanks to its amazing golf courses and resorts. With a median household income of $91,042, it is our third wealthiest city in Arizona. The average home price in Scottsdale is $871,609, with real estate selling for as high as $21.8 million.

Scottsdale, Arizona

Over 14,500 millionaires, 63 centi-millionaires and five billionaires call Scottsdale home. Henley and Partners say the Valley of the Sun is also luring tech entrepreneurs from California.

Notable celebrities like former Poison lead singer Bret Michaels, former Phoenix Suns power forward Charles Barkley, “The Big Unit” Randy Johnson, and former Arizona Cardinals QB Kurt Warner own homes in Scottsdale.

New York has almost 350,000 millionaires, which is the most of any city and up 48% from a decade ago, according to a global ranking of the wealthiest cities by Henley & Partners, an immigration consultancy.