What Does It Really Mean to Have Money? Inside America's 735 Billionaires and Millions of Millionaires

How Many Millionaires Actually Live in America?

You’d be shocked to discover that one of your neighbors might be sitting on a seven-figure net worth. America is home to nearly 22 million millionaires—roughly 40% of the world’s total. Yet despite this staggering number, billionaires remain extraordinarily rare. As of 2023, only 735 billionaires exist in the U.S., a figure comparable to a single high school graduating class.

But here’s the twist: even with mountains of cash, America’s wealthiest aren’t immune to the same money worries that plague the rest of us—just on a much grander scale.

The Billionaire Pecking Order

Let’s talk about who sits at the top of America’s wealth hierarchy. Elon Musk dominates the rankings with a net worth touching $251 billion, maintaining his position despite recent financial and business turbulence. To put this in perspective, Musk possesses $90 billion more than Jeff Bezos, the Amazon founder who rounds out the second spot.

The ultra-wealthy club extends beyond just these two titans:

• Larry Ellison (Oracle founder): $158 billion
• Warren Buffett: $121 billion
• Bill Gates: $111 billion
• Mark Zuckerberg: $106 billion

Meanwhile, the broader millionaire class includes entertainment and cultural figures—from Dwayne “The Rock” Johnson ($800 million) to Dolly Parton ($650 million) to J.Lo ($400 million). These individuals represent the face of wealth that Americans see splashed across social media and celebrity gossip columns.

The Combined Wealth Question

The nation’s 400 richest individuals command a combined net worth exceeding $4 trillion. That’s a number with so many zeros it becomes difficult to visualize. Yet accumulated wealth, no matter the size, doesn’t shield people from the erosion caused by inflation and rising costs—a reality that even high net-worth clients discover.

One wealth management firm recounts the story of a retired, affluent client who wanted to send their grandson to the same Florida prep school where their son studied decades earlier. The shock? Tuition had quadrupled in 25 years. Even billionaires feel the pinch.

The Hidden Struggles of Being Extremely Wealthy

Inheritance and Generational Value Clashes

Consider the peculiar problem of inheriting extraordinary sums. Children born into dynastic wealth often grapple with complex emotions about whether they’ve earned their fortune. According to wealth management experts, value systems shift dramatically across generations—what made parents wealthy may feel misaligned with their children’s moral compass.

This generational disconnect requires sophisticated financial planning. Wealth advisors must construct inheritance strategies and charitable giving programs that allow newly wealthy heirs to deploy capital in ways that satisfy both their financial security and ethical boundaries.

The “Subtract and Divide” Reality Check

Wealthy families frequently assume their luxurious lifestyle will perpetuate indefinitely. Then comes the parent’s death, and the harsh math of estate distribution arrives.

When a parent passes and leaves three children, the process works like this: subtract estate taxes from the total inheritance, then divide the remainder by three. Suddenly, each heir possesses significantly less than anticipated. The lifestyle they once considered permanent now requires disciplined investing and spending to maintain.

This mathematical reality explains why some ultra-wealthy families deteriorate from “shirtsleeves to shirtsleeves”—riches to rags—within just a few generations. The Law of Subtract and Divide is brutally indiscriminate.

Tax Efficiency as a Daily Obsession

Here’s something most people never contemplate: the ultra-wealthy think about taxes differently than ordinary investors. While average investors worry about tax season once annually, billionaires and mega-millionaires wage a perpetual battle against tax liability.

Someone might generate enormous returns from their technology venture, but their real concern isn’t gross income—it’s what remains after taxes. For residents in high-tax states, the combined tax burden on ordinary income and short-term capital gains can exceed 50%. This means a 10% investment return effectively yields only 5% after taxes.

This reality fundamentally reshapes investment strategy. Rather than buying and selling frequently, ultra-wealthy investors hunt for positions they may never liquidate, since realizing gains triggers punitive tax consequences. Their portfolio becomes a long-term holdings museum rather than a trading floor.

Redefining Wealth on Your Own Terms

The cascade of challenges facing billionaires and millionaires raises an important question: Is vast accumulation worth the complexity?

This brings us back to what “wealth” actually means. The concept isn’t a fixed number tied to net worth—it’s deeply personal. Perhaps your vision of wealth involves funding a decade-long world travel adventure in retirement. Or maybe it’s establishing a charitable foundation that distributes tax-free donations to causes you champion. Some people define wealth as owning a home to pass to their children, creating multi-generational stability.

A financial advisor can help construct a personalized plan that aligns your assets with your genuine priorities. This might involve structuring retirement accounts for tax-efficient charitable giving, or designing an investment portfolio that generates the specific income stream you need for your lifestyle goals.

The essential insight: true wealth isn’t determined by billionaire status or millionaire club membership. It’s the alignment between your financial resources and your most important life objectives. When you’ve accumulated enough to pursue what genuinely matters to you—whether that’s supporting family, exploring the world, or building a legacy—you’ve already achieved wealth.

The billionaires worrying about taxes and inheritance divisions might actually envy that clarity.