What is the new millionaire?

[midnightmoon05]

I remember growing up people used to say they want to be a millionaire. A million was a lot back then.

What would be a new million?

1 million

2 million

3 million

4 million

Updates

+1 y

Thank you all for sharing. I would say 2 million net worth is realistic in the US.
In your 20-30 up till retirement, you are still working to continue invest wisely and paying off your house before the age of 40-50. And the 2 million is working for you till you retire.
Retiring age (50 and up) of having 2 million net worth is efficient, by then you are debt free.
One must learn to be happy/content/satisfied with only having the basics. Otherwise we will be forever chasing for more and bigger.

Updates

+1 y

And that = sadness and disappointment.

[Anonymous]

$1,000,000 in 1970 has the same purchasing power as $7,753,600 today. So by 1970s standards you need $8 million to be a proper millionaire.

I mean being a millionaire in 2023 means you have cash& assets of maybe a $400,000 house, 2 cars maybe worth $80,000 together, a 2nd home you rent out at a value of $200,000, maybe $300,000 in stocks/shares/bonds, $300,000 401k, a holiday home at $300,000.

So not that big a deal, you aren't that wealthy. You can live a pretty good lifestyle but you aren't driving around in a bugatti.

Also whenever the media starts talking about how Kanye or Serena are the first black billionaires or how Kylie is the youngest billionaire remember that a billion dollars in 1970 is worth 7-8 billion dollars now in 2023.

[midnightmoon05]

2nd, 3rd parag. 👍 how long do you think it will take for a couple to reach that goal and what income?

[Opinion Owner]

A lifetime. To be a 2023 millionaire you'd have to have a high up profession like Doctor or accountant or have people working for you earning for you.

[midnightmoon05]

What income is realistic?

[Opinion Owner]

Most people are pulling in $30,000-50,000 a year. If a working couple with two incomes can get themselves on the property ladder and buy a house usually by age 50 they are set.

[midnightmoon05]

That sounds very doable.
I was always wondering why Americans are so far off from reality.

[Opinion Owner]

Fed a daily diet of celebrity nonsense promoting lifestyles. Everyone thinks they can make money being an influencer.
https://youtu.be/lSMuWUS1fyw?si=qU1tDgUya_DKh2R1

[midnightmoon05]

Indeed..
I don’t watch TV or the news. Yes I get it.

[molonski2]

Thats pretty much what I was basing my numbers on..
Good summary.

[lightbulb27]

you are keen... yes a million mean't you could live without working and free of the system. I think that was like 1960's.

if calculate inflation from 1960...

looking at around $10 million.

https://www.usinflationcalculator.com/

Think about how much $ has to be in the bank gaining interest at a safe rate, with assets paid off... to survive now. Probably need around $10-$15 a month? At 5% rate, that's $3 million at 5% return.

Govt printing press... inflation... and no end in sight... enjoy the ride:)!

Jesus... take the wheel!:)

[Anonymous]

I say 1.2million. I know most people are probably going to say more. But most people are very unrealistic. At a very reachable 6% annual return on 1.2 million is 72k a year. Studies have been done on how much money it takes to be happy. And it was determined that no measurable happiness came after about 75k a year.

So my vote is 1.2 million.

[midnightmoon05]

I just got up and read what everyone wrote.
Agree with you 💯

In the US, it’s not hard to get to this place. But majority are failing miserably for the obvious reason.

[GoodGuyBreakingBad]

4 Million

[exitseven]

Yes, a million will not allow you to never work again At least 5 million if you are a young person to be considered really rich. I fancy house where I live is in the 2 to 3 million dollar range. I live in a nice but not fancy house and it vis worth over a million

[midnightmoon05]

Never work? That’s not how I envision those who have a net worth of $5m and up.
It’s those who can’t save $500. That are not working.

[exitseven]

If you are looking at a 40 or 50 year retirement you will need 5 mil to be able to live good that long. The world is a crazy place and long term nobody knows abou the economy.

[Unit1]

A million was a very big sum back in 200X. One kebab was sold for 2 EUR back then and today i pay 7 EUR for one kebab. That's 3.5x price increase, so therefore having a million today ( meaning how much a million used to be 20 years ago) with the current value of money would be like 4 million today.

[lightbulb27]

We have to pay for all the bad decisions, bailouts, and theft before us.

[Unit1]

@lightbulb27 The rich know something we don't. They pay less if any taxes or find loopholes. It's financial literacy.

The best thing about being rich is you are not restricted to these lawmakers and politicians and you can bend the rules if not entirely avoid them.

[midnightmoon05]

You get to pay the top lawyers to work for you. 😊

[lightbulb27]

yes but I think you are describing the super rich. The millionaires I know, at least low end ones... do what stupid people do... work good paying jobs, and pay taxes out of their ears. They scream as the $100,000+ checks leave their hands to the govt. You are right, it's about knowing the rules, like any game. They super rich make the rules, not us.

[Unit1]

@lightbulb27 The super rich bend or avoid the rules wherever possible. Midnightmoon is right on this one. Plus top accountants or (proper) financial advisors, that can manage to hide the wealth of the rich like it did with the Bill Gates Foundation.

There is a difference between the rich and the wealthy. The one's you described are the rich. I use it mostly interchangeably.

[Nik1hil]

Re adjust 20 Millions.. Something..

But today world is not just about money..

It's also about attention and influence..

20 million net worth and around influence over 1 Million active people.. And attention from 100k people..

[molonski2]

None of the above in my view.

I'm a millionaire ( big deal ) and I dont feel remotely wealthy , more of a battler ,

If I had 5 mill in assets ( minimum ) I would be rich , but I'd be okey..

In answer to your question I reckon its 10 mill AUD ( for me ) , so 5 mil plus US just to be okey , safe and sound , not easy.

[Anonymous]

The concept of a "millionaire" refers to someone whose net worth or assets are valued at one million units of currency, such as dollars. While being a millionaire used to be a significant financial milestone, inflation and changing economic factors have made it less of a benchmark for financial success today. People still aspire to accumulate wealth, but the definition of financial success has evolved over time, with some aspiring to be billionaires or achieve other financial goals.

[rigmarole]

Based on inflation figures. $4 million today is about equivalent to $1 million in 1980. So today being a millionaire is basically owning a home, furnishing it, owning a car and maybe a small used boat and a dog.

[rigmarole]

Welcome to the era of the middle class millionaire. It's roman currency debasement...

[Lliam]

At least $10 million based on the post WWII dollar and at least $15 million based on the 1920 dollar.
$37 million based on the 1890 dollar.

[Dargil]

From 1960, $8 million now. From 1990, about #2.5 million.

[roy_ricky09]

A billion

[midnightmoon05]

thats not realistic

[Fireguy17]

5 million

[AngryCarl2]

100 million

[AngryCarl2]

Total inflation over the last 60 years was 2000%. Don't let the banksters fool you.

[AngryCarl2]

*UK inflation. Not many countries had it that bad, some had it worse.