How Many Investors Are Truly Accredited in 2025

New SEC research points to about 12.6% of U.S. adults qualifying as accredited in 2025, roughly 33.6 million people. If retirement accounts are excluded from net worth, that share may drop to around 9.4% or about 25.1 million adults, a big swing for anyone planning a 506(c) raise.

Why this research matters

The study looks at accredited status at the individual level, not households. That makes the findings useful for sizing a real addressable market, shaping investor messaging, and setting verification expectations.

The dataset at a glance

In January 2024, 7,500 people were invited, and 6,392 completed a nationally weighted survey. Questions mapped to the main ways individuals can qualify, which keeps documentation aligned with the 506(c) process:

• Personal income
• Household income
• Certain professional licenses
• Household net worth (assets minus liabilities)

How big is the accredited pool

• Accredited adults: ~12.6%
• If retirement assets are excluded: ~9.4%
• Dominant path: Net worth (more common than income or licenses)

Treat the 12.6% figure as a practical ceiling for broad outreach under 506(c). Planning for the smaller number is wiser if policy or regulatory rules limit the use of retirement assets.

Why net worth drives most verifications

Net worth is the main path because wealth accumulates over time, even when annual income is variable. Clear, plain-language instructions help investors document assets and liabilities without confusion. Simple checklists and one or two examples reduce back-and-forth and speed completion.

Sensitivity check on retirement assets

The authors tested a stricter scenario that excludes retirement accounts from net worth:

• Overall eligibility falls from 12.6% to 9.4%
• The share qualifying via net worth drops from 9.7% to 6.3%

Forecasts are sturdier when teams carry both with-retirement and without-retirement cases. This is especially relevant where SDIRAs or solo 401(k)s are common.

Individuals vs. households

This study measures people, not households. Earlier staff work estimated a higher share of qualifying households (e.g., ~18.5% in 2022). Switching between person-level and household-level figures without adjusting will inflate targets and distort conversion math.

Who these investors are (and aren’t)

Compared with non-accredited peers, accredited investors tend to be:

• Higher-income earners in professional or executive roles
• Well-educated with advanced degrees or specialized training
• Later-career or retired, with decades of savings behind them
• Self-employed or business owners with accumulated assets

Ownership today vs. demand tomorrow

• Current ownership of private-market securities among accredited investors is low (about 4.3%)
• Interest is higher (about 14.4%)

There’s a clear gap between curiosity and allocation. Clear education, timing verification at the right moment, and removing unnecessary steps help close it.

What this means for a 506(c) funnel

• Understand the total addressable market (TAM) of accredited investors
• Customize marketing by qualifications methods, such as net worth, income, or professional licenses.
• Handle sensitive documents carefully to reduce liability and keep evidence consistent

Metrics that matter

Four simple signals can help you understand your investor base and conversion rates:

• Qualified-lead rate
• Start-to-finish conversion of verification
• Days to verification letter
• Reinvestment rate for returning investors

Know when a returning investor needs a fresh determination by monitoring material change over the five-year window.

Conclusion

The title’s question has a straightforward answer. Roughly one in eight adults may qualify today, and that could fall to about one in eleven without retirement assets. Net worth is the primary route to eligibility, and more people are interested than invested. Build your funnel and scenarios around these facts to turn interest into verified, compliant investments.

*Source: SEC Research

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