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- Every May 20
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Be a Millionaire Day arrives every May 20, inspiring us to envision a life of financial abundance and indulge in experiences that make us feel rich. Whether it’s a small luxury or a grand dream, this day encourages a millionaire mindset. Treat yourself to something special, plan your financial future, and celebrate your aspirations!
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History of Be a Millionaire Day
Being a millionaire isn’t just about the money, you need to talk the talk and walk the walk. That’s the millionaire lifestyle, baby! That being said, the word ‘millionaire’ was coined in French in 1719 as a term for observers in the Mississippi Bubble who earned millions of French livres weeks before the bubble burst.
The concept of a millionaire appeared in print for the first time in 1786 when Thomas Jefferson wrote about the French as “The poorest laborer stood on equal ground with the wealthiest Millionary.” Over the next few years, the word ‘millionaire’ was used to refer to the wealthy and those towards whom luxury brands were targeted. What’s interesting, however, is that even though ‘millionaire’ is a label for the wealthy, only 0.15% of the total population falls in this bracket. Nonetheless, nowadays being a millionaire is increasingly becoming a more attainable goal and it is losing its relevance as a definition of exclusive wealth, especially in Western societies.
Still, there are currently only approximately 46.8 million millionaires in the world and becoming a millionaire remains a financial goal for many. Reaching that goal is not easy and it still holds a level of mystique. But hey, with shows like “Who Wants To Be A Millionaire?” that debuted in 1999, anything is possible!
Be a Millionaire Day timeline
The success of John Law’s Mississippi Company leads him to become the first millionaire.
The American oil magnate John D. Rockefeller becomes the world's first confirmed U.S. dollar billionaire.
“Who Wants to Be a Millionaire” premieres on the TV channel ABC.
According to the 2014 Global Wealth Report, there were nearly 16 million millionaire households in the U.S. in 2013.
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Traditions
Traditions for the day are to think like a millionaire, act like a millionaire, and hustle and plan to be a millionaire! Today is one day when people live extravagantly like a millionaire would, and spend money on activities and things that they normally wouldn’t. That fancy lobster dish served at the poshest restaurant in town? Go for it! A relaxing day at the spa? No problem!
Keeping up with a millionaire lifestyle requires hustling and planning finances, however. People are also reminded to look into investment plans and map out their expenses and other spending habits. And if the millionaire lifestyle is not for you, tune in to reruns of “Who Wants To Be A Millionaire” and “Celebrity Homes” and celebrate the day vicariously through their lives.
National Be a Millionaire Day By Numbers
675,000 – the number of new millionaires added from 2018 to 2019 in the United States.
18.6 million – the total number of millionaires in the U.S.
705 – the number of billionaires in the United States.
293,992 – the number of millionaire households in New Jersey.
76% – the percentage of U.S. millionaires who are white or Caucasian.
8,865 – the number of UHNW millionaires in New York.
$1.4 million – the worth of the average real estate portfolio owned by U.S. millennial millionaires.
44% – the percentage of the millennial millionaires concentrated in California, U.S.
47% – the percentage of the world’s wealth controlled by the top 1% UHNW individuals.
Be a Millionaire Day FAQs
When is Be a Millionaire Day?
In 2027, Be a Millionaire Day is observed on Thursday, May 20. This annual observance encourages everyone to embrace a mindset of abundance and work towards their financial goals.
How many millionaires are there in the U.S.?
The number of millionaires in the U.S. is projected to grow, with estimates suggesting over 25 million by 2027. This reflects ongoing wealth creation and investment opportunities.
What is the average net worth of an American millionaire?
While figures can vary, the median net worth for millionaires is often cited as a more representative measure, typically around $1.5 million. This figure excludes primary residences for some calculations.
What are common traits of millionaires?
Research suggests millionaires often exhibit patience, a willingness to take calculated risks, and a commitment to living below their means. They tend to be self-starters who actively manage their finances.
Be a Millionaire Day Activities
Make a list of steps
Do you need to take some classes? Do you need to take a look at your retirement portfolio? What could you do now to set yourself up for success later? Don't start off with something hard; think of simple steps that will pay off (pun intended) later.
Take a class
Learning the ins and outs of 401Ks, IRAs, and investment strategies now may help get you moving toward your first million.
Use helpful apps
Everyone knows that once you have a million dollars you will have to know how to manage all that cash! Start now by downloading an app that tracks all your bank accounts so that you can easily keep track of your money. Getting practice will help you when you have millions to manage.
5 Priceless Facts About Millionaires
Not all of it is inherited
Only 20% of millionaires inherited their wealth. According to the book “The Millionaire Next Door,” 80% of millionaires earned their cash on their own.
Millionaires go bankrupt, too!
The average millionaire goes bankrupt at least 3.5 times.
One out of every 854 people is a millionaire
As unachievable as it seems, being a millionaire isn’t that rare.
A new millionaire is born every 58 hours
This reiterates the fact that becoming a millionaire is attainable.
Half of all millionaires are self-employed
It is never too late to take things into your own hands and begin hustling like you want to and start your own business to maybe become a millionaire!
Why We Love Be a Millionaire Day
Have any plans?
When millionaires are asked about how they achieved their financial goals, they tend to have certain, sometimes surprising actions in common. Maybe it's practicing frugality, saving regularly, or planning for their financial futures. All of these habits focus on what’s really important to you (which is different for everyone), and that means being very clear on what you actually want. This focus is the key to long-term planning
It's good to have goals
Proper goal setting can help make larger, intimidating aspirations smaller and more achievable by acting like stepping stones. When you set goals, you fuel your ambition and ensure that your life is geared towards getting the most out of every moment.
One step at a time
Any holiday that encourages people to get moving toward goals is a great one! Take the steps towards becoming a millionaire: get financial advice, find extra sources of income, save, live within your means, and commit to becoming a millionaire.
