20% of US population are millionaires !!!

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prettybogle
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20% of US population are millionaires !!!

Post by prettybogle » Sat Mar 17, 2018 1:54 pm

A friend of us in his late 30’s is a newly minted millionaire as of this weekend. He threw a party to us yesterday and shared a surprising ‘fact’ that millionaire is no longer a big thing like it used to be and also 20% of US population are already millionaires. Is this really true ? I am very very surprised as 1 million is still a lot of money for us.

abner kravitz
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Re: 20% of US population are millionaires !!!

Post by abner kravitz » Sat Mar 17, 2018 1:58 pm

I saw a recent article that said 1 out of 20 is a millionaire.

invst65
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Re: 20% of US population are millionaires !!!

Post by invst65 » Sat Mar 17, 2018 2:01 pm

No way. Last figures I could find are 10.1 millionaire households or about 8.3%.

Would be willing to bet the vast majority of those are retirees.

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CyclingDuo
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Re: 20% of US population are millionaires !!!

Post by CyclingDuo » Sat Mar 17, 2018 2:01 pm

prettybogle wrote:
Sat Mar 17, 2018 1:54 pm
A friend of us in his late 30’s is a newly minted millionaire as of this weekend. He threw a party to us yesterday and shared a surprising ‘fact’ that millionaire is no longer a big thing like it used to be and also 20% of US population are already millionaires. Is this really true ? I am very very surprised as 1 million is still a lot of money for us.
The question should include an answer to clarify if we are talking about individuals, or households.

I believe it is hovering around 11-12 million in the US based on data presented at the end of 2016 and again in 2017 for households. That's out of 126.22 million households, or rather 325.7 million individuals population base.

Latest estimate is around 14.8 million households (based on net worth):

https://dqydj.com/how-many-millionaires ... s-america/

That's 11.7% of households.

Bogleheads are probably more interested in the portfolios/cash of $1M or more rather than net worth.
Last edited by CyclingDuo on Sat Mar 17, 2018 2:11 pm, edited 1 time in total.
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jayk238
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Re: 20% of US population are millionaires !!!

Post by jayk238 » Sat Mar 17, 2018 2:10 pm

CyclingDuo wrote:
Sat Mar 17, 2018 2:01 pm
prettybogle wrote:
Sat Mar 17, 2018 1:54 pm
A friend of us in his late 30’s is a newly minted millionaire as of this weekend. He threw a party to us yesterday and shared a surprising ‘fact’ that millionaire is no longer a big thing like it used to be and also 20% of US population are already millionaires. Is this really true ? I am very very surprised as 1 million is still a lot of money for us.
The question should answer are we talking about individuals, or households?

I believe it is hovering around 11-12 million in the US based on data presented at the end of 2016 and again in 2017. That's out of 325.7 million population base.

Latest estimate is around 14.8 million households (based on net worth):

https://dqydj.com/how-many-millionaires ... s-america/
This includes the house as well. I dont like home equity as a predictor of net worth.

CppCoder
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Re: 20% of US population are millionaires !!!

Post by CppCoder » Sat Mar 17, 2018 2:16 pm

abner kravitz wrote:
Sat Mar 17, 2018 1:58 pm
I saw a recent article that said 1 out of 20 is a millionaire.
Maybe OP's friend saw the above statistic, is amazingly bad in math, and thought 1/20 was 20%. Math skills like those would make reaching millionaire status in one's 30s a truly astonishing feat. Of course, if his math skills are this bad, maybe he also doesn't know how many zeros are supposed to follow the one to make a million. :twisted:

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randomizer
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Re: 20% of US population are millionaires !!!

Post by randomizer » Sat Mar 17, 2018 2:17 pm

prettybogle wrote:
Sat Mar 17, 2018 1:54 pm
A friend of us in his late 30’s is a newly minted millionaire as of this weekend. He threw a party to us yesterday and shared a surprising ‘fact’ that millionaire is no longer a big thing like it used to be and also 20% of US population are already millionaires. Is this really true ? I am very very surprised as 1 million is still a lot of money for us.
Amazing to think somebody would throw a party for something like this. Will they also hold an I event if the market crashes and they go below $1m again?
75:25 — HODL the course!

Bacchus01
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Re: 20% of US population are millionaires !!!

Post by Bacchus01 » Sat Mar 17, 2018 2:18 pm

jayk238 wrote:
Sat Mar 17, 2018 2:10 pm
CyclingDuo wrote:
Sat Mar 17, 2018 2:01 pm
prettybogle wrote:
Sat Mar 17, 2018 1:54 pm
A friend of us in his late 30’s is a newly minted millionaire as of this weekend. He threw a party to us yesterday and shared a surprising ‘fact’ that millionaire is no longer a big thing like it used to be and also 20% of US population are already millionaires. Is this really true ? I am very very surprised as 1 million is still a lot of money for us.
The question should answer are we talking about individuals, or households?

I believe it is hovering around 11-12 million in the US based on data presented at the end of 2016 and again in 2017. That's out of 325.7 million population base.

Latest estimate is around 14.8 million households (based on net worth):

https://dqydj.com/how-many-millionaires ... s-america/
This includes the house as well. I dont like home equity as a predictor of net worth.
True. But net worth, by definition, includes your home.

AerialP
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Re: 20% of US population are millionaires !!!

Post by AerialP » Sat Mar 17, 2018 2:21 pm

I would refer to that as "A Painting A Target On One's Self Party".

mchampse
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Re: 20% of US population are millionaires !!!

Post by mchampse » Sat Mar 17, 2018 2:23 pm

I live in California and know plenty of “millionaires” who basically bought their homes at least 10 years ago and carrying huge amounts of equity on paper.

GCD
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Re: 20% of US population are millionaires !!!

Post by GCD » Sat Mar 17, 2018 2:25 pm

CppCoder wrote:
Sat Mar 17, 2018 2:16 pm
abner kravitz wrote:
Sat Mar 17, 2018 1:58 pm
I saw a recent article that said 1 out of 20 is a millionaire.
Maybe OP's friend saw the above statistic, is amazingly bad in math, and thought 1/20 was 20%. Math skills like those would make reaching millionaire status in one's 30s a truly astonishing feat. Of course, if his math skills are this bad, maybe he also doesn't know how many zeros are supposed to follow the one to make a million. :twisted:
Even here I think I recall someone posting in the two comma club thread and then realizing he wasn't.

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iceport
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Re: 20% of US population are millionaires !!!

Post by iceport » Sat Mar 17, 2018 2:35 pm

According to this calculator, about 12% of households have a net worth of at least $1M if home equity is included. That drops to 9% of households if home equity is excluded. The data is from the latest 2016 Survey of Consumer Finances.

https://dqydj.com/net-worth-percentile- ... ed-states/
A $1,000,000.00 net worth was percentile 88% in 2016. This wealth percentile contained around 629,908 US Households and ranged from $976,916.27 to $1,022,259.02. We estimate around 15,117,804 households had $976,916.27 or more in wealth.
A $1,000,000.00 net worth ignoring primary home equity was percentile 91% in 2016. This wealth percentile contained around 629,908 US Households and ranged from $990,277.43 to $1,051,709.05. We estimate around 11,338,353 households had $990,277.43 or more in wealth.
Wealth has surely risen, on average, since 2016.
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furnace
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Re: 20% of US population are millionaires !!!

Post by furnace » Sat Mar 17, 2018 2:36 pm

It's sadly true. Today's million$ isn't worth much. You can't even retire on it. Hardly anyone is impressed with it. Many people don't bother to be jealous with those who have attained it. The USD is thoroughly debased by relentless inflation, and so the new standard of wealth is now $100m.

GCD
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Re: 20% of US population are millionaires !!!

Post by GCD » Sat Mar 17, 2018 2:42 pm

furnace wrote:
Sat Mar 17, 2018 2:36 pm
Today's million$ isn't worth much. You can't even retire on it. Hardly anyone is impressed with it... the new standard of wealth is now $100m.
LOL. Only on BH. :beer

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Koogie
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Re: 20% of US population are millionaires !!!

Post by Koogie » Sat Mar 17, 2018 2:47 pm

randomizer wrote:
Sat Mar 17, 2018 2:17 pm
Amazing to think somebody would throw a party for something like this. Will they also hold an I event if the market crashes and they go below $1m again?
Nothing in there to say they were invested in the market, I don't think. Maybe they reached a million dollars in CDs...

thangngo
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Re: 20% of US population are millionaires !!!

Post by thangngo » Sat Mar 17, 2018 2:56 pm

prettybogle wrote:
Sat Mar 17, 2018 1:54 pm
A friend of us in his late 30’s is a newly minted millionaire as of this weekend. He threw a party to us yesterday and shared a surprising ‘fact’ that millionaire is no longer a big thing like it used to be and also 20% of US population are already millionaires. Is this really true ? I am very very surprised as 1 million is still a lot of money for us.
A million dollar is not a big deal nowadays so why your friend threw a big party and flaunt his $1M mark? If he excludes his house, how much does he have? Can he stop working? It's likely that he'll have to work for the next 15-30 years to make ends meet, or to pay of his house, or both.

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prudent
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Re: 20% of US population are millionaires !!!

Post by prudent » Sat Mar 17, 2018 2:58 pm

Topic is locked (not personal, not actionable).

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