Redefining rich—the geographic dimension of the affluent

Thanks to a booming stock market, strong real estate values and a resilient dollar, every day in 2024 an estimated 1,000 Americans achieved a net worth—defined as the total value of assets minus debts—of $1 million. This surge pushed the number of millionaires in the U.S. to more than 23 million in 2025, or 40 percent of the global total.

But when it comes to being affluent, where you live can be just as important as what you earn and what you’re worth. In the wake of historically high inflation, significant geographic differences in the cost of living have emerged—reshaping the landscape of affluence across the country. Our analysis finds that these and other factors influence not only where the affluent live, but also how affluence is distributed across generations and how generational differences shape spending patterns. These insights suggest that adopting a more nuanced, localized, and age-aware approach can help issuers and merchants better compete for the evolving segment of affluent households.

vbei-economic-insight-affluent-spending-nov2025

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