| However, thanks to sinking stock and bond markets from 2021-2022 - a great buying opportunity as I pointed out here repeatedly - the total millionaires decreased by 1.8 million over the period. Senators Bernie Sanders and Elizabeth Warren will be excited to learn that when total wealth falls so does economic inequality. All you need for Americans to become less unequal is for the most affluent to become poorer. (Of course, those Senators would prefer that the federal government forcibly confiscate wealth of those who earned it and give it to those who didn't in order to win the affection - and, of course, the votes - of the recipients.) However, the drop in total millionaires was the only downbeat note in a report that will surprise the many Americans who believe they know something about how millionaires become rich. Let's start with the basic facts... - More than 22.7 million Americans have a net worth of $1 million or more.
- China, Japan, Germany, Britain and France, added together, have fewer millionaires than the U.S.
- Nearly 80% of millionaires did not receive any inheritance from their family or relatives. (And only 3% received an inheritance of $1 million or more.)
- Eight out of 10 millionaires come from low-income families.
- The majority did not become wealthy due to six-figure wages. Only 31% had a $100,000 income at some time in their careers. One-third never made $100,000 at any point in their career.
- How did they get there? Ninety-three percent of millionaires polled by Ramsey Solutions report that they became rich by working hard, investing and avoiding debt. (Basic but effective.)
- Most millionaires did not start and do not own their own business. Overwhelmingly, they simply invested in equities and real estate.
- Yet the average American millionaire owns only one property, their home. (Only 8.5% of millionaires in the U.S. own four properties or more.)
Here are a few more interesting facts. The average wealth per American adult is $84,718. While a million dollars is a substantial sum of money, it is not enough to make you a "one-percenter." You need a minimum net worth of $11 million to get into the top 1% of Americans by wealth. And most Americans feel that you need more than a million dollars to be "rich." The 2023 Charles Schwab Modern Wealth Survey found that Americans view a net worth of $2.2 million as the minimum to be considered wealthy. A net worth of $560,000 is required to feel "financially comfortable." These statistics reveal something that I've talked about here for a long time. Anyone with average intelligence can become wealthy. The principles of wealth creation are well known. Yet most Americans don't know them. You don't have to be the founder of a computer company in your garage. You don't have to play third base for the Yankees. You don't have to make a million-selling rap album. Those folks are outliers. The vast majority of American millionaires worked, saved, invested and compounded their money for years, and often decades. To build a seven- or eight-figure net worth, all that's necessary is to maximize your income, live beneath your means, and invest your money wisely. The first two are up to you. The Oxford Club specializes in the third. But it builds confidence and optimism to learn that 22.7 million Americans have already reached the goal. And to know that the path is open to us all. Good investing, Alex | 
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