Millionaires multiply across the US, but most find it's not all mansions and champagne

[TheProle]

A surging number of everyday Americans now boast a seven-figure net worth once the domain of celebrities and CEOs. But as the ranks of millionaires grow fatter, the significance of the status is shifting alongside perceptions of what it takes to be truly rich.

“Millionaire used to sound like Rich Uncle Pennybags in a top hat,” says Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, a wealth management firm in El Segundo, California. “It’s no longer a backstage pass to palatial estates and caviar bumps. It’s the new mass-affluent middleweight class, financially secure but two zeros short of private-jet territory.”

Inflation, ballooning home values and a decades-long push into stock markets by average investors have lifted millions into millionairehood. A June report from Swiss bank UBS found about one-tenth of American adults are members of the seven-digit club, with 1,000 freshly minted millionaires added daily last year.

https://apnews.com/article/wealth-retirement-millionaire-stocks-homes-inflation-8bc8bf04552feac2625afd6752faa29e