Most American millionaires are first generation wealth creators. This means they’ve come from humble backgrounds and have become millionaires in a single generation. In contrast, many people from similar socioeconomic backgrounds never build even modest amounts of wealth. For example, only 19 percent of Americans have inherited money from their parents, relatives, or trust funds. And less than 20 percent of millionaires inherited ten percent or more. In addition, more than half of millionaires never received a single dollar in inheritance from a parent, spouse, or sibling. In addition, 91 percent of Millionaires have never inherited a family business.

Many millionaires are also committed to giving back to their communities. They volunteered five hours or more a month at local nonprofit organizations. Many even served on the board of directors for nonprofits in their communities. And the majority of millionaires voted regularly in local, state, and federal elections. In short, there are plenty of reasons to give back to your community and help others become wealthy. But first, you have to start by taking action.

The net worth of a millionaire is the total value of their assets minus their principal residence and lifestyle assets. For example, a household with net financial assets of $115,000 would have net investable assets, including a house and two cars worth $10,000 each. In other words, a millionaire would be able to invest $115,000 into the stock market.

In terms of number of millionaires, Maryland is the top state. New Jersey comes in second place. In fact, two-thirds of American millionaires were self-made, not inherited from their families. Moreover, nearly 80% of all millionaires came from low-income families and only two percent from high-income families. By the year 2025, the number of millionaires will increase to 84 million worldwide and the number of ultra-high net worth individuals will increase by sixty percent.

Andrew Carnegie once famously claimed that “millionaires are civilization’s backbone.” Although this assertion isn’t universally held, few would argue with it. However, there are certain challenges in retaining millionaires in a company. For one, they may not be happy in their jobs and might check out before their work is done. Moreover, these employees may be tempted to leave to pursue other opportunities, including competing enterprises and IPOs.

According to the U.S. Census Bureau, there are approximately 258 million adults in the U.S., and approximately 22 million people in the United States are millionaires. That’s one in eleven Americans, and the number fluctuates daily, but tends to increase over time. A millionaire is someone with a net worth of $1 million or more. The definition of a millionaire is often different for different countries, but generally speaking, the term “millionaire” refers to a person with a net worth of one million dollars or more.

The average age of a millionaire is 62 years old, and about 1% of these people are under 35 years old. Millionaire status requires hard work, financial discipline, and smart investments. Most investments don’t fully pay off until people reach their fifties or sixties.