I read a news story recently that reminded me that I hate when I hear, “a million dollars is not what it used to be.” Well duh! But come on it is still a lot of money, and it is hard to save and frugal yourself to a Million Dollars.
Increase in Millionaire Households in America in 2010
The article, “More Americans Can Call Themselves Millionaires” highlights how more people are millionaires today and how the number is growing.
- The number of U.S. households with a net worth of at least $1 million, not including primary residence, increased 16 percent to 7.8 million in 2009, according to the group’s press release.
- The number of households with a net worth of at least $5 million, known as Ultra High Net Worth households, surged 17 percent to 980,000 in 2009.
- The broader affluent population, with a net worth of at least $500,000, also increased in 2009. This population increased by 12 percent to 12.7 million.
I am going to ignore the recent run up in the market (68% from the low in March 2009) and the devestating affect of the housing market on net worths of millions of people (just because it doesn’t include primary residence doesn’t mean it doesn’t include investment property).
But what I can’t ignore is if we look at the numbers a bit differently, if we have 100,000,000 households (2000 Census information, I am sure we have much more today), and only 8,000,000 have more than $1,000,000 in net worth (not including primary residence) doesn’t that mean $1,000,000 is still a lot since the other 92,000,000 households, or 92%, don’t have it?
I know it has to do with inflation and purchasing power, but I think the ratio 8:92 still makes $1,000,000 a really good goal, at least to start with. It is my goal to be above that top 7.8% and even in to that top .98% stratosphere (I mean the blog is named My Journey to Millions) and as anyone reading my blog is well aware, I am not looking for everyone to be equal. But when people say a $1,000,000 is not what it used to be it kinda makes me annoyed thinking hey buddy are you in the top 8%, yet?
Is this a weird feeling? I am being too *gasp* sensitive? Am I downplaying inflation and purchasing power?
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