Historical Number of Millionaires

There were estimated to be only about 20 millionaires in 1840 in the USA and around 4,000-5,000 by 1900. Globally, the figure was likely in the low tens of thousands at most, as Europe (e.g., Britain had about 4,500 millionaires by 1914) and other regions lagged behind.

This scarcity reflects a smaller global economy and fewer opportunities for wealth accumulation beyond inheritance or early industrial fortunes (Rockefellers, Carnegies).

Early 20th Century (1900-1950), the numbers grew slowly.

By 1916, U.S. tax records show about 7,000 millionaires. Post-WWII, global figures remained low due to wars and depressions.

Late 20th Century, explosive growth began. In 2000, there were 14.7-20 million millionaires worldwide.

By 2022-2024, the global number of millionaires hit 58-60 million, representing about 1.5% of the world's adult population.

Projections for 2025 suggest over 80 million, per UBS estimates. The U.S. dominates with ~22-24 million (38-41% of the global total).

The global GDP was ~$200-300 billion (in 2011 intl. dollars) around 1900 and is over $100 trillion today.

When Millionaire Counts Were Comparable to Today's Count of Billionaires

Today's global billionaire count is around 2,900-3,028 (as of 2025, per Forbes and UBS).

The number of millionaires around 1900-1910 were in the low thousands to perhaps as much as 10,000-20,000 (mostly in the U.S. and Europe).

A $1 million fortune in 1900 equates to about $38.6 million today (using U.S. CPI data) in 2013dollars.com

However, this understates the relative exclusivity because the global economy was much smaller (~100x smaller than today).

Adjusted for both inflation and economic growth (e.g., via per capita GDP multipliers), a 1900 millionaire's wealth might feel like $500 million to $1 billion+ today in purchasing power and societal status. For instance, global per capita GDP was ~$1,100-2,200 (in 2011 intl. dollars) in 1900 vs. ~$14,000 today—a 7-13x increase.