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Tim Walz’s net worth is less than the average American’s
(fortune.com)
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this post was submitted on 09 Aug 2024
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1 in 15 Americans is a millionaire?
Presses X to doubt
Dual income homeowners with healthy retirement funds. The fucked up thing is 1 million dollars isn't that impressive anymore -- you can easily spend that in retirement living a middle class lifestyle in the USA. Particularly when you factor in age related medical expenses and elder care.
It's not like our retirement, healthcare, and elder care systems are catastrophically broken or anything.
Anyone who owns a detached home within 50 miles of an ocean is already at least 3/4 of the way there. Not surprising.
A millionaire doesn’t mean “Has $1 million in cash sitting in a checking account”. It just means your networth is at least $1 million. So like if you bought a shitty rundown starter home you’re half way there. A 401k you can touch for another 20-30 years could get you the rest of the way.
This kinda checks out. I know more than 15 people, and I know a few millionaires. You probably do too, just it's usually their wealth is in the form of a house.
There are some places where all you have to do to become a millionaire (at least on paper) is to live long enough in one place to pay off the mortgage.
Exploding property process will do that.
Average houses in most cities are at or over 1 million easy.
Not shocking for an older or retired working professional.
The last time I looked up the stats, around 2015, 10% of US households (not individuals) had $1M, and 1% of households had $10M. The symmetry made it very memorable.
According to the census bureau ( https://www.census.gov/content/dam/Census/library/publications/2023/demo/p70br-183.pdf ) entry into the top 10% now requires $1.6M, which means that substantially more than 1-in-10 are millionaires. They're mostly going to be married couples over 55.
It's kind of true, we've had a massive growth in the number of millionaires in the last 30 years in America.
Nearly all of them inherited. Social mobility is a joke.
But we provably DO have more millionaires now than at any point in human history.