The 90% Real Estate Millionaire Claim? It's Actually BS

You’ve probably heard it a thousand times from some real estate “guru”: “90% of millionaires built their wealth through real estate.” Sounds legit, right? Catchy enough to make you want to dive into property flipping tomorrow.

Here’s the thing though—the numbers don’t add up.

Let’s Do The Math

The U.S. has roughly 23 million millionaires (~6.7% of the population). Solid foundation for our analysis. Now here’s where it gets interesting:

On homeownership:

• Only 2/3 of Americans own a home
• Of those, just 8.2% of homes are worth over $1 million
• Even if you gave away every million-dollar home for free, only 5.3% of the population would hit millionaire status through real estate alone

On property portfolios:

• Mere 5% of Americans own more than one property

Add it up? We’re nowhere near that mythical 90% figure. Not even close.

So Where Are Millionaires Actually Getting Their Money?

Employment. Whether they built their own business empire or climbed the corporate ladder, most millionaires got rich the old-fashioned way—by earning it.

Does this mean real estate is worthless? Nope. It’s a solid diversification play for a well-rounded portfolio. But treating it as the golden ticket to wealth? That’s fantasy peddled by people trying to sell you courses.

The Unsexy Truth

Becoming a millionaire isn’t about finding one magic asset class. It’s about:

• Sustained hard work
• Strategic investing across multiple vehicles
• Financial discipline (the boring stuff that actually works)

Real estate can be part of the equation. But it’s not the equation. Stop chasing shiny narratives. Build fundamentals instead.