I suppose that those whose jobs are in high cost areas might have quite a lot of home equity, especially if they bought 20-30 years ago. If they have $500K in home equity, and are on SS to the tune of $18K/year, they would be a millionaire by this definition even with NO portfolio, no savings, and no pension.
Doesn't seem very rich, does it?
A million dollars is no excuse to react like a game show winner - - "Whoopee! Now I'll buy a yacht, a McMansion, and a Lear Jet". It just doesn't go that far. It also doesn't produce a huge income, especially these days.