Plain English What does it mean to be a ‘millionaire’?
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Feb 16, 2026 They unpack how the image of a millionaire has shifted from lavish elites to ordinary suburban life. They explain what counts as net worth and how to calculate it. They trace the term’s history and show why $1M is more attainable now due to inflation, housing, and investments. They compare past purchasing power and profile who modern millionaires typically are.
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Millionaire Is Less Exclusive Today
- The average American household now has a net worth of about $1.06 million, so 'millionaire' is less exclusive than before.
- Many millionaires live ordinary lives, mowing their own lawns and driving economical cars.
How To Calculate Net Worth
- Calculate net worth by adding assets and subtracting liabilities to see if you reach $1 million.
- Include bank accounts, investments, real estate, business equity, valuables, and debts like mortgages and loans.
Economic Changes Democratized Wealth
- Inflation, wider stock ownership, and retirement plans made seven-figure net worths achievable for many disciplined savers.
- Millionaires no longer need to be industrial magnates or heirs to reach a seven-figure net worth.