https://www.fool.com/retirement/2024/05/27/heres-how-many-millionaires-there-are-in-america/

The Federal Reserve surveys American households every three years to catalog everything related to their finances and various demographic details. The most recent data come from the end of 2022, and the results may be surprising.

• Even after adjusting for inflation, the percentage of households with a net worth of at least seven figures (in 2022 dollars) zoomed higher from 2019 to 2022 after remaining relatively stable for the previous 18 years.

• By far the two biggest sources of wealth for most millionaires, though, are investments, particularly in retirement accounts, and their primary residence.

• The average millionaire has about $810,000 saved across retirement accounts.

• If you look exclusively at millionaires worth between $1 million and $3 million, retirement savings average about $450,000.

• The average millionaire also has $743,000 in home equity.

• Those with net worths between $1 million and $3 million have about $503,000 of equity in their homes.

• Only about 17% of millionaires have any small business equity.

• Only 11% of households with a net worth between $1 million and $3 million have any business equity

• The median age of a millionaire household in America is 62.

• The median income for millionaire households is $215,000.

• For households with a net worth between $1 million and $3 million, the median income was $164,000.

• The biggest key to unlocking millionaire status appears to be consistently saving and investing for a long time.

• The average millionaire has a large balance in their retirement and brokerage accounts.