You are not alone

[imoldernu]

CNBC has your number.

10.4 Million

Record number of millionaires living in the US

 

[Senator]

The number of American households with assets of $1 million or more, not including their primary residence, increased 3 percent last year, from 10.1 million, according to Spectrem Group, a market research and consulting firm.

A million is not quite what it used to be... There are also a record number of people living in the USA.

It still seems like there should be more.

 

[Fedup]

For 2015, I believe 300,000 was added to the millionaire rank.


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[Car-Guy]

I've seen these numbers before. Scary since a million "ain't" what it was 30 (or even 20) years ago.

Just seems low to me.

 

[Big_Hitter]

must be why the $2.5M FIRE number is so popular

 

[Sittingduck]

I've seen these numbers before. Scary since a million "ain't" what it was 30 (or even 20) years ago.

Just seems low to me.

corollary to the Dunning-Kruger effect: highly skilled individuals may underestimate their relative competence and may erroneously assume that tasks which are easy for them are also easy for others.

 

[Hamlet]

There is nothing in the article that explains how that number was derived. So basically it is some consulting companies' WAG.

 

[Fedup]

It's much easier to say a millionaire vs a 2.5 millionaire. I'm sure everybody knows it's not worth as much as it used to be, but face it, it's still a nice number to have.


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[youbet]

There is nothing in the article that explains how that number was derived. So basically it is some consulting companies' WAG.

I thought the detail about how the number was arrived was pretty good. It's "households" not individuals and includes real estate including the primary residence.

Since it includes dual career couples, I'm surprised the number isn't higher. A mid-career couple with a paid for or mostly paid for house, two 401k's, a brokerage account, etc. Pretty soon you've got mom, dad and the kiddos being worth a million bux!

 

[Gone4Good]

A mid-career couple with a paid for or mostly paid for house, two 401k's, a brokerage account, etc. Pretty soon you've got mom, dad and the kiddos being worth a million bux!

That maybe sounds like a good description of folks here. But Joe & Jane Average? Nah. The average Joe & Jane need well above average incomes to amass any kind of savings or even think about paying down the mortgage. Most end up tapping that home equity for a new kitchen as soon as the number gets juicy enough.

Plenty of six figure income families have squat for assets.

It's the American Way!

 

[Gone4Good]

So 10.4MM out of 133MM households. That's about 8% of the population lives in a family with a net worth of $1MM or more.

But to break into the top 8% of household income your family needs to pull in about $170K per year.

Now how is it that 8% of households makes $170K or more annually and yet only 8% have assets worth at least $1MM?

 

[Hamlet]

I thought the detail about how the number was arrived was pretty good. It's "households" not individuals and includes real estate including the primary residence.

Since it includes dual career couples, I'm surprised the number isn't higher. A mid-career couple with a paid for or mostly paid for house, two 401k's, a brokerage account, etc. Pretty soon you've got mom, dad and the kiddos being worth a million bux!

But what was the source of the information?

 

[youbet]

But what was the source of the information?

Climbing stock markets and rising real estate values helped create nearly 500,000 new millionaires in the U.S. in 2014, according to a new report.

The study, from market research and consulting firm Spectrem Group, found that there are now 10.1 million households in the U.S. with $1 million or more in investable assets, excluding the value of their primary residence.

You have to click on a hyperlink to see the source.

 

[I was misinformed]

I've seen these numbers before. Scary since a million "ain't" what it was 30 (or even 20) years ago.

I roughly recall a quote from an O.Henry story (written circa 1900!) to the effect that "an ordinary millionaire is not a big deal in New York, a city where your bartender drives his own automobile to work".

 

[jazz4cash]

I thought the detail about how the number was arrived was pretty good. It's "households" not individuals and includes real estate including the primary residence.

No.....

The number of American households with assets of $1 million or more, not including their primary residence

 

[NYEXPAT]

I imagine a goodly number of us left years ago while the getting was good!

 

[youbet]

No.....

The number of American households with assets of $1 million or more, not including their primary residence

Thanks! My ancient, geezer eyes read "excluding" as "including." Darn!

Well, I guess that makes the achievement for American households all the more impressive!

 

[Gumby]

I've seen these numbers before. Scary since a million "ain't" what it was 30 (or even 20) years ago.

Just seems low to me.

And you can calculate what it ain't worth right here. http://www.bls.gov/cpi/cpid1601.pdf Look at Table 27.

If I compare the CPI at the time I graduated from college and started my working career in June 1981 (91.1) to January 2016 (231.061), I would need $2.54 million now to have the equivalent spending power of $1 million back then.

 

[JOHNNIE36]

CNBC has your number.

10.4 Million

Record number of millionaires living in the US

I have been wondering where you were. Sometime back people were asking about you as we had not seen any posts. Glad to see you are still with us. Welcome back.

 

[Andre1969]

And you can calculate what it ain't worth right here. http://www.bls.gov/cpi/cpid1601.pdf Look at Table 27.

If I compare the CPI at the time I graduated from college and started my working career in June 1981 (91.1) to January 2016 (231.061), I would need $2.54 million now to have the equivalent spending power of $1 million back then.

Even in more recent years, with low inflation, the time has taken its toll. Back around 1999, I figured a rough goal of $1M (in ~1999 dollars), plus a paid-in-full house, and I'd be ready to retire.

In today's dollars, that's roughly $1.4M, plus a paid-off house. However, I changed my goal to be a bit more flexible: $2M, regardless of the mortgage. Although I couldn't see myself ever having a mortgage of more than $300K or so. At least that's the estimate I got when I ran my current salary through a mortgage calculator.

 

[imoldernu]

I am alone

I have been wondering where you were. Sometime back people were asking about you as we had not seen any posts. Glad to see you are still with us. Welcome back.

Us "36ers" gotta stick together.

Re: the OP title...

sadly, I am alone...

 

[Car-Guy]

And you can calculate what it ain't worth right here. http://www.bls.gov/cpi/cpid1601.pdf Look at Table 27.

If I compare the CPI at the time I graduated from college and started my working career in June 1981 (91.1) to January 2016 (231.061), I would need $2.54 million now to have the equivalent spending power of $1 million back then.

Here's what I've used in the past for such comparisons. This might make it easier to figure.

CPI Inflation Calculator

For me (my timeframe), I'd need over 5m now to be equivalent to what a million could buy in the early 70's when I started working "full time" after graduation. Of course back then, not many people (in my crowd) ever thought they would be worth a million. These days, I often spend more (not inflation adjusted) on a car than I spent on my first "new" house.

 

[youbet]

If I compare the CPI at the time I graduated from college and started my working career................

Wait......... I thought we were still on the barter system when you graduated from college?