That’s nothing, nearly **all** Iranians are millionaires (in rial).
BrilliantAbroad458 on
People don’t consider physical assets, potential assets (inheritance, life insurance) as part of their wealth, just whatever is in their checking accounts and *maybe* stocks/investments. This skews a lot of upper middle class folks about the reality of their situation.
Broad-Part9448 on
I’ve seen other stats that says it’s 1/10
Luckcu13 on
That’s a lot of food for the commies
MadnessMantraLove on
So housing values are out of control
attempt_number_3 on
And if Powell wasn’t such a chicken, all Americans could have been millionaires.
VatnikLobotomy on
~~Sell your house to an individual, not a financial entity. Downsize and live out your days in peace. Retire and begin collecting benefits and distributions on your accounts.~~
Fuck you I have 9 bathrooms and I work in payroll at age 68, no you can’t have my job – my entire existence is financially masturbatory reeeeeeee
ale_93113 on
With housing prices being what they are, it’s quite easier to be a “technical millionaire” but also be squarely into thr middle class bracket, not even the upper middle class
Many old couples who have had huge appreciation of their homes that have a middle class lifestyle are technically millionaires, their fortune exists in hypotheticals
midwestern2afault on
Can’t say I’m that surprised. If you look at the median home price these days, that gets a lot of retirees at least 30-50% of the way there, assuming they have a paid off home. Add in a somewhat decent nest egg, plus miscellaneous assets and boom, you’re there.
Hell, I’m almost halfway there at 32 and I make good but not mind blowing money. Just contributed consistently to my 401k and benefited from stock and real estate appreciation.
A million bucks in assets definitely still means you’re well off but it’s not really an eyebrow raising sum these days or an indication of lavish wealth. That ship sailed a long time ago.
pr1ap15m on
only problem is a million dollars isn’t a lot in Murica anymore.
that’s only one home and one yacht
jebuizy on
Housing is of course a big answer but the huge increases in equities and an aging professional population is another part of it. Any late career American who has saved a flat 10k per year, with no inflation adjustment, in the s&p500 in their 401k for 25 years is a millionaire by doing absolutely nothing else.
SnakeXJones on
I know 15 people and all of them are broke AF like me
DMNCS on
The latest Survey of Consumer Finances (gold standard longitudinal survey by the Federal Reserve) says about 20% of households are millionaires. This seems way off from that.
I believe this is saying individuals, but 1 out of 15 is ~7%. That seems way too low. Maybe they exclude home equity? Or they are dividing household net worth by number of individuals in a household?
Either way, I think it makes way more sense to look at households for this (and the Fed agrees!).
twovectors on
With pension, house and savings I am too. I suspect lots of people aged 40+ with property in expensive places are, but they may also be struggling day to day as they may not have much liquid.
Given pension pots and property values I am maybe surprised it is not more than 1 in 15
elkoubi on
My family of four’s annual income is set to be around $166K in 2025, not counting some marginal money from bonuses. We live in a moderate cost of living are (Central Ohio suburb) and have about $200K in equity in our home, largely due to 50% appreciation in the four years since we bought(!!). We have about $460K in retirement investments, where we continue to slowly squirrel away (but are not anywhere near maxing out) and about $15K in non-mortgage, low-interest debt for an HVAC system we had to put in this summer (about to get higher since we need a second car). All in all, our net worth is just under $700K and growing steadily. In short, I am the poster child for the families growing towards this goal.
I don’t feel like I’m struggling at all, but I sympathize with people earning less with no hope of buying a home in this climate. I understand their frustration. I know what sub I’m in, but yes, we need more housing. It will solve just about everything.
I also am fully aware that I’m a cancer diagnosis away from bankruptcy, and that is fucking scary.
So while I feel the article is accurate, I also feel that even a soon-to-be millionaire like me is a lot closer to the man begging on the street than I am to the uber wealthy.
YaGetSkeeted0n on
That little burger with the AR and the pickup
Yeah buddy, that’s his own hair
That little burger got his own suburban tract house
That little burger he’s a millionaire!
POI4433 on
It always irks me that these stats don’t adjust for household size. My partner and I both have net worth of $500k-$999k, so neither of us is a millionaire. If we got married we would both be millionaires.
Thurkin on
*Equityionnaire*
thebigmanhastherock on
As everyone else is saying, it’s home values. I grew up in the Bay Area literally everyone who still owns a home around where I lived in my formerly middle class neighborhood in the 80s/90s is a millionaire due to the value of their home. Lots of them are retired school teachers/truck drivers/nurses/trades. Most bought their home for under 100k. Their neighbors are now doctors, investment bankers, and tech people. That’s how it goes over there. I moved away and am definitely not a millionaire, but it’s very likely I will be a “millionaire” at some point due to assets. Also a millionaire isn’t what it used to be.
Falling_Doc on
I read the article, the US lost some millionaires, but its still has 22 million of then
angrylawnguy on
I’m not even a thousandaire. Damn.
jokemon on
one factor that fits into this is probably how much houses are valued at now.
Housing assets have turned many people into millionares.
BiscuitoftheCrux on
Why yes, “wealth” is indeed a borderline meaningless concept.
MohatmoGandy on
So now instead of being in the bottom 99%, I’m in the bottom 93%. Progress!
24 Comments
That’s nothing, nearly **all** Iranians are millionaires (in rial).
People don’t consider physical assets, potential assets (inheritance, life insurance) as part of their wealth, just whatever is in their checking accounts and *maybe* stocks/investments. This skews a lot of upper middle class folks about the reality of their situation.
I’ve seen other stats that says it’s 1/10
That’s a lot of food for the commies
So housing values are out of control
And if Powell wasn’t such a chicken, all Americans could have been millionaires.
~~Sell your house to an individual, not a financial entity. Downsize and live out your days in peace. Retire and begin collecting benefits and distributions on your accounts.~~
Fuck you I have 9 bathrooms and I work in payroll at age 68, no you can’t have my job – my entire existence is financially masturbatory reeeeeeee
With housing prices being what they are, it’s quite easier to be a “technical millionaire” but also be squarely into thr middle class bracket, not even the upper middle class
Many old couples who have had huge appreciation of their homes that have a middle class lifestyle are technically millionaires, their fortune exists in hypotheticals
Can’t say I’m that surprised. If you look at the median home price these days, that gets a lot of retirees at least 30-50% of the way there, assuming they have a paid off home. Add in a somewhat decent nest egg, plus miscellaneous assets and boom, you’re there.
Hell, I’m almost halfway there at 32 and I make good but not mind blowing money. Just contributed consistently to my 401k and benefited from stock and real estate appreciation.
A million bucks in assets definitely still means you’re well off but it’s not really an eyebrow raising sum these days or an indication of lavish wealth. That ship sailed a long time ago.
only problem is a million dollars isn’t a lot in Murica anymore.
that’s only one home and one yacht
Housing is of course a big answer but the huge increases in equities and an aging professional population is another part of it. Any late career American who has saved a flat 10k per year, with no inflation adjustment, in the s&p500 in their 401k for 25 years is a millionaire by doing absolutely nothing else.
I know 15 people and all of them are broke AF like me
The latest Survey of Consumer Finances (gold standard longitudinal survey by the Federal Reserve) says about 20% of households are millionaires. This seems way off from that.
I believe this is saying individuals, but 1 out of 15 is ~7%. That seems way too low. Maybe they exclude home equity? Or they are dividing household net worth by number of individuals in a household?
Either way, I think it makes way more sense to look at households for this (and the Fed agrees!).
With pension, house and savings I am too. I suspect lots of people aged 40+ with property in expensive places are, but they may also be struggling day to day as they may not have much liquid.
Given pension pots and property values I am maybe surprised it is not more than 1 in 15
My family of four’s annual income is set to be around $166K in 2025, not counting some marginal money from bonuses. We live in a moderate cost of living are (Central Ohio suburb) and have about $200K in equity in our home, largely due to 50% appreciation in the four years since we bought(!!). We have about $460K in retirement investments, where we continue to slowly squirrel away (but are not anywhere near maxing out) and about $15K in non-mortgage, low-interest debt for an HVAC system we had to put in this summer (about to get higher since we need a second car). All in all, our net worth is just under $700K and growing steadily. In short, I am the poster child for the families growing towards this goal.
I don’t feel like I’m struggling at all, but I sympathize with people earning less with no hope of buying a home in this climate. I understand their frustration. I know what sub I’m in, but yes, we need more housing. It will solve just about everything.
I also am fully aware that I’m a cancer diagnosis away from bankruptcy, and that is fucking scary.
So while I feel the article is accurate, I also feel that even a soon-to-be millionaire like me is a lot closer to the man begging on the street than I am to the uber wealthy.
That little burger with the AR and the pickup
Yeah buddy, that’s his own hair
That little burger got his own suburban tract house
That little burger he’s a millionaire!
It always irks me that these stats don’t adjust for household size. My partner and I both have net worth of $500k-$999k, so neither of us is a millionaire. If we got married we would both be millionaires.
*Equityionnaire*
As everyone else is saying, it’s home values. I grew up in the Bay Area literally everyone who still owns a home around where I lived in my formerly middle class neighborhood in the 80s/90s is a millionaire due to the value of their home. Lots of them are retired school teachers/truck drivers/nurses/trades. Most bought their home for under 100k. Their neighbors are now doctors, investment bankers, and tech people. That’s how it goes over there. I moved away and am definitely not a millionaire, but it’s very likely I will be a “millionaire” at some point due to assets. Also a millionaire isn’t what it used to be.
I read the article, the US lost some millionaires, but its still has 22 million of then
I’m not even a thousandaire. Damn.
one factor that fits into this is probably how much houses are valued at now.
Housing assets have turned many people into millionares.
Why yes, “wealth” is indeed a borderline meaningless concept.
So now instead of being in the bottom 99%, I’m in the bottom 93%. Progress!