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US Millionaires
Posted on 1/25/20 at 8:25 pm
Posted on 1/25/20 at 8:25 pm
Just read an article from last March stating that 12.7% of the US adult population are millionaires. Does anyone else find this number lower than you would have guessed? I would have thought easily in the mid teens to mid 20’s percentage wise. I would have thought the percentage of wealthy adults (net worth of 2.4 mill) would have been well under 10%. I’m in my early 50’s and grew up poor to lower middle class and remember being wowed when someone was referred to as a millionaire. Doesn’t take a lot of assets to be valued at over a million (home, land, retirement accts, savings accts, checking accts, mattress and sofa funds LOL, businesses etc) these days. I am sure only assets that are outright owned (no mortgage/loan/lien assets) were considered but still would have thought it would have been higher.
19
Posted on 1/25/20 at 9:15 pm to DIGGY
quote:I would have guessed much lower actually.
Does anyone else find this number lower than you would have guessed?
quote:really?
I would have thought easily in the mid teens to mid 20’s
Posted on 1/25/20 at 9:26 pm to DIGGY
Probably depends on the social circles you walk in. There are large numbers that live day to day and that includes some with high income that just don’t care to save or buy things.
Posted on 1/25/20 at 9:35 pm to C
Not sure if it’s social media but let’s just say the “Jones’s” have way more money that growing up in 80’s and 90’s. Just look at what parents are spending these days on kids’ birthday parties and vacations. Growing up around private school kids most would have their birthday party at McDonald’s or Leo’s roller rink and vacation to Pensacola. Nowadays it’s $2500 on a birthday party and trips to 30A is now the norm.
Posted on 1/25/20 at 9:42 pm to castorinho
The upper age working class makes up 26% of the population. Figured with that and retirees the figure would be higher than 12.7%.
Posted on 1/25/20 at 10:24 pm to DIGGY
quote:
I would have thought easily in the mid teens to mid 20’s percentage wise.
You think 1 out of every 5 people you encounter have 1 million+ in networth? The frick?
Posted on 1/25/20 at 10:36 pm to JohnnyKilroy
Seriously lol. Regular articles out there about how 70% live paycheck to paycheck
Posted on 1/25/20 at 11:25 pm to JohnnyKilroy
5 out of 5 I encounter are millionaires. 1 out of 5 I don’t encounter I thought would be millionaires. Meaning 80% are not. Just thought it would be in the 15-20% range as a million is not that hard to accumulate.
Posted on 1/25/20 at 11:46 pm to DIGGY
Half of all Americans have less than a $1000 in savings. If 12.7% are millionaires that is likely due to home equity in major cities for a majority of that group.
Posted on 1/25/20 at 11:51 pm to DIGGY
lmao
Posted on 1/26/20 at 3:26 am to DIGGY
quote:
5 out of 5 I encounter are millionaires. 1 out of 5 I don’t encounter I thought would be millionaires. Meaning 80% are not. Just thought it would be in the 15-20% range as a million is not that hard to accumulate.
Posted on 1/26/20 at 3:49 am to DIGGY
I agree with you that it seems low but that’s still about 42 million people with at least million dollars. Pretty badass if you ask me
Posted on 1/26/20 at 5:24 am to JohnnyKilroy
quote:
You think 1 out of every 5 people you encounter have 1 million+ in networth? The frick?
Even with age demographics that's an absurd number to expect
Posted on 1/26/20 at 8:23 am to DIGGY
quote:I'd guess the OP is based on WealthEngine's 2019 U.S. Millionaire Report.
Just read an article from last March stating that 12.7%
That report is more infomercial than research. 12.7% seems high.
Most reliable sourcing pegs the US number at about half that level.
But it depends on the criterion I guess.
Posted on 1/26/20 at 8:26 am to DIGGY
In the 25 yrs of operating my firm and seeing the real numbers beneath the surface, I'd agree that this figure is close, if not extremely accurate. 10% of our population does 90% of the work. The rest coast and wait for a "windfall" inheritance (then proceed to spend it on bdays and 30A).
Posted on 1/26/20 at 8:36 am to BestBanker
quote:
spend it on bdays and 30A).
I still don’t understand why some of y'all on TD think 30A is some expensive vacation
It’s not at all and no different then any other beach you can stay at. Now the food trucks are expensive and are awful, you just stay away from them. And no, we don’t have a stickerPosted on 1/26/20 at 9:40 am to DIGGY
Damn, you must live in a bubble. People are poor, and struggling, all around you. Look harder.
Posted on 1/26/20 at 9:41 am to windshieldman
quote:
“A little sleep, a little slumber, A little folding of the hands to rest,” Then your poverty will come as a robber And your want like an armed man.
quote:
I still don’t understand why some of y'all on TD think 30A is some expensive vacation ? It’s not at all and no different then any other beach you can stay at
Metaphor much?
Don't be easily offended. 30A represents a lifestyle decision.
EVERYONE should take a rest and vacation.
And don't end your sentences with a preposition.Posted on 1/26/20 at 10:05 am to BestBanker
quote:
Metaphor much?
Don't be easily offended
I can assure you I wasn’t offended
Posted on 1/26/20 at 12:29 pm to DIGGY
quote:
5 out of 5 I encounter are millionaires. 1 out of 5 I don’t encounter I thought would be millionaires. Meaning 80% are not. Just thought it would be in the 15-20% range as a million is not that hard to accumulate.
You're a millionaire???
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