this post was submitted on 30 Oct 2024
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United States | News & Politics
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I think nearly 10% of the US population is millionaires (by wealth, not income) and the percentage is even more if you take home equity into account.
Say what you will about the country, but there isn't a prosperity problem, only a rampant inequality problem.
Millionare in assets is vastly different than $1 million per year in income. It's pretty much a requirement to have $1 million in assets to be able to retire lately and assuming years of compounding growth in the market this is pretty easily attainable by retirement for most (I know this is a big assumption but our whole economy is built on it).
"Millionaire in assets" is even less impressive when you factor in someone's home value. Like, Zillow keeps telling me my condo is worth $350k. I guess I am worth that on paper, but it's not liquid or "walking around" money.
Unless your mortgage is totally paid off you aren't necessarily worth that much on paper.