A surging number of everyday Americans now boast a seven-figure net worth—once the domain of celebrities and CEOs. But as the ranks of millionaires grow, the significance of the status is shifting, alongside perceptions of what it takes to be truly rich, per the AP. "'Millionaire' used to sound like Rich Uncle Pennybags in a top hat," says Michael Ashley Schulman, chief investment officer at wealth management firm Running Point Capital Advisors. But "it's no longer a backstage pass to palatial estates and caviar bumps. It's the new mass-affluent middleweight class, financially secure but two zeros short of private-jet territory."
- Drivers: Inflation, ballooning home values, and a decades-long push into stock markets by average investors have made millions of millionaires. A June report from the UBS bank found about one-tenth of American adults are members of the seven-digit club, with 1,000 freshly minted millionaires added daily last year.
- Comparison: Thirty years ago, the IRS counted 1.6 million Americans with a net worth of $1 million or more. Using data from the UN, World Bank, IMF, and central banks of countries around the globe, UBS puts the number at 23.8 million in the US last year, a nearly 15-fold increase.