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this post was submitted on 29 Jun 2023
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Millionaires are definitely still well off but just to make a point: the average value of a US house is $450k. Add to this a $250k retirement fund and you're already up to 0.7M in net worth.
Does the average person in America also own an average house? Without knowing the statistics I think what you describe there might fit for upper middle class.
And there’s still quite a way to go before millionaire.
It definitely is upper middle income and I'm not trying to imply otherwise. It's just crazy to me that millionaires are so much closer to the average American than billionaires and corporations as far as income goes.