this post was submitted on 24 Apr 2024
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Re millionaires: I think that it’s probably time to update your understanding of a millionaire in the US in 2024. See that retired couple in sweatpants at the grocery store? They could easily be millionaires. See that farmer looking guy in line at the drive through? Probably a millionaire. GM line worker closing in on retirement… millionaire
A very large chunk of Americans will end up being millionaires by the time they get into their 50s and 60s. It just doesn’t mean what it used to.
There is a BIG gap between billionaires and millionaires. Becoming a millionaire no longer requires being born rich or getting some special deal. Just getting lucky enough to have steady work for 4 decades.
What's the difference between a million dollars and a billion dollars?
About a billion dollars.
Household net worth by age Age of head of family Median net worth Average net worth Less than 35 $39,000 $183,500 35-44 $135,600 $549,600 45-54 $247,200 $975,800 55-64 $364,500 $1,566,900 65-74 $409,900 $1,794,600 75+ $335,600 $1,624,100
So not really the average or most. There is a huge chunk at the top bringing it up average is way different then median. Most people won't have enough wealth to be a millionaire. Most people in the USA will be lucky to earn 1-3 million in their lifetime but most of that gets spent on living as you can see by the table people are lucky if they own their home and have a bit leftover.