6.2% of Americans qualify as a millionaire, but exactly how do you qualify. It’s not as simple as one’s net worth which is total assets less total liabilities.
If you want to be a real honest to goodness millionaire, you have to have at least $1 million in investments not counting employer retirement plans, ownership in a business or your home(s). In other words, investments that can be quickly turned into cash.
One million sounds like a lot of dollars and it is, but it’s not what is used to be. In my high school yearbook back in 1961 I wrote my goal was to be a millionaire. To make that goal in 2019 dollars I would need $8,505,567.93 … I’m a high school failure. 😢