US Millionaires Top 23.6 Million as Stock Market Growth Drives Record Asset Inflows
The United States created more than 440,000 millionaires in 2025, bringing the total number of individuals with a net worth of at least $1 million to over 23.6 million. Rising stock valuations served as the primary growth engine, pushing total household net worth up $12.8 trillion in the second quarter of 2026 to $195.9 trillion. Financial assets now represent nearly 79% of gross wealth across American households.
The expansion of investable assets has generated substantial business for financial services providers. BlackRock, Inc. (NYSE:BLK) reported $15.5 trillion in assets under management at the end of the third quarter, while Morgan Stanley (NYSE:MS) reached $10.5 trillion in client assets across its wealth and investment units. Brokerages also benefited from strong account growth, with The Charles Schwab Corporation (NYSE:SCHW) expanding total client assets to $13.33 trillion and Robinhood Markets, Inc. (NASDAQ:HOOD) reaching $384 billion in platform assets. Independent wealth advisor network LPL Financial Holdings Inc. (NASDAQ:LPLA) reported $2.60 trillion in total client assets.
Investors should monitor how shifting inflation dynamics, retirement savings trends, and asset allocation decisions affect future capital flows. Even as 401(k) millionaire accounts climbed to a record 769,000, median adult wealth has declined almost 20% after inflation since 2020. Market participants will be watching whether persistent equity market gains can maintain current asset deposit rates across retail brokerage and institutional wealth platforms.
Key points
- The U.S. added over 440,000 millionaires in 2025, lifting the country's total millionaire population to more than 23.6 million individuals.
- Financial assets now account for nearly 79% of U.S. gross wealth, supported by a $10.7 trillion quarterly gain in direct and indirect equity holdings.
- BlackRock reached $15.5 trillion in assets under management, while Morgan Stanley and Charles Schwab posted record client asset totals of $10.5 trillion and $13.33 trillion.
- Retirement accounts set new milestones, with 401(k) millionaires expanding to a record 769,000 in the second quarter of 2026.
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How we writeDisclaimerQuestions and answers
How many millionaires live in the United States?
The U.S. has more than 23.6 million individuals with a net worth of at least $1 million, after adding over 440,000 millionaires in 2025.
What percentage of U.S. wealth is held in financial assets?
Financial assets account for nearly 79% of gross wealth in the U.S., driven largely by investments in stocks and retirement funds.
How many 401(k) millionaires are there in the U.S.?
There were a record 769,000 401(k) millionaires in the second quarter of 2026, up from 595,000 a year earlier.