Being a millionaire in the US isn’t what is used to be: ‘It’s the new mass-affluent middleweight class’
US millionaires are at a record high, but their buying power is half what it was 30 years ago
- The traditional perception of a millionaire as someone with limitless wealth no longer holds true in the US, despite a record number of individuals reaching this status.
- There are now 23,931,000 millionaires in the US, an increase attributed to inflation, rising home values, and greater participation in the stock market.
- Financial experts indicate that a million dollars today provides financial security but is not a 'golden ticket' to extreme luxury, with its buying power significantly diminished compared to 30 years ago.
- Wealth distribution remains highly skewed, as the richest 10 percent of Americans control two-thirds of the nation's household wealth, while the bottom 50 percent hold only 3 percent.
- Many modern millionaires achieve their status through disciplined financial habits, such as living below their means, investing in stocks and property, and valuing financial responsibility over lavish spending.