The Rise of the “Average” Millionaire, And Why It’s Not What It Used to Be

Written By Michele Gargiulo

Once upon a time, a millionaire was mythical.

They were the subject of game shows, rap lyrics, glossy finance magazines, and whispered envy. A millionaire was someone who had “made it.” A financial unicorn. A class of their own.

But now?

Millionaires are…average.

Literally.

As of 2025, the average net worth for an American household has crossed the $1 million mark.

That doesn’t mean everyone feels rich. Or acts rich. Or even knows they’ve crossed that invisible line.

But it does mean something deeper is shifting in our economy, our culture, and our definition of wealth.

Let’s peel this back…what does it mean to be a millionaire now, in a world where “rich” has quietly become ordinary?

From Aspirational to Accessible

In 1999, Who Wants to Be a Millionaire? topped television charts. It was aspirational. Flashy. Tantalizing.

Being a millionaire then meant:

  • Homeownership (maybe multiple)

  • Early retirement

  • Fancy vacations

  • College paid in full for your kids

  • And a lot of social capital

Now, in 2025, being a millionaire might mean:

  • You own a house…with a mortgage

  • You have a decent 401(k)…that you can’t touch

  • You’re still working…hard

  • You feel behind…not ahead

Why? Because a million dollars doesn’t go as far as it used to.

The Inflation Effect

To understand this shift, let’s look at the math.

One million dollars in 1990 = about $2.3 million today.
One million dollars in 2000 = about $1.8 million today.

In other words, being a millionaire today is like being a mid-level professional a generation ago. It’s respectable, but no longer rare.

What used to signal wealth now signals financial survival…especially in high-cost cities.

Why the “Millionaire Class” Is Exploding

According to Credit Suisse and Knight Frank reports, the number of millionaires globally has more than doubled since 2010.

In the U.S. alone:

  • There are over 22 million millionaires as of 2024

  • That’s nearly 1 in 10 adults

  • Many are "paper millionaires"…their wealth tied up in homes, retirement accounts, or small business equity

So what’s fueling the rise?

  • Inflated real estate values (especially post-2020)

  • Stock market gains (especially for those who held long-term)

  • Entrepreneurship and side hustles

  • Tech booms and crypto surges (even with dips, the ecosystem minted wealth)

  • Inheritance (as Boomers begin to pass down assets)

But Here’s the Catch: Net Worth ≠ Liquidity

Most new millionaires don’t feel like millionaires because:

  • Their wealth is locked in assets

  • They’re still paying off debt

  • They’re still working full-time

  • Their expenses have ballooned

You can have a million-dollar net worth and still:

  • Worry about healthcare costs

  • Send your kid to public school out of necessity

  • Skip vacations

  • Feel stretched every month

Wealth now comes with asterisks.

What the Millionaire Label Used to Mean

In the early 2000s, being a millionaire came with:

  • Status

  • Exclusivity

  • Glamour

  • Admiration

It meant freedom.

Now, the word “millionaire” feels…diluted.

It’s not that a million dollars isn’t a lot, it is! It’s just no longer a guarantee of freedom in a world of $6 gas, $5,000 deductibles, and $8 oat milk lattes.

So Who Feels Rich?

Feeling rich is now more about:

  • How much time you control

  • How little stress you carry

  • Whether your money buys flexibility, not just things

For some, that’s $3 million. For others, it’s $100K in the right town with no debt and a simple life.

We’re in a new era of value-based wealth.

And being a millionaire is part of that, but no longer the finish line.

The Social Rebrand of the Millionaire

There’s also been a tone shift.

Remember the “Cash Money Millionaires”? The bling, the cars, the bravado?

Now it’s about:

  • Minimalist wealth

  • FI/RE (Financial Independence, Retire Early)

  • Stealth wealth

  • Quiet luxury

  • Tech bros in Allbirds, not Rolexes

Millionaire status is no longer broadcasted. It’s managed. Optimized. Tax-sheltered. Sometimes hidden altogether.

The rich are getting quieter, and the average millionaire is just trying to stay ahead of inflation.

The New Questions We’re Asking

So now the goalpost moves again. People ask:

  • Is a million dollars enough to retire?

  • How many income streams should I have?

  • Should I build a brand or buy a rental property?

  • Can I still be free if I never reach seven figures?

These questions reflect a society less obsessed with labels, and more focused on lifestyle.

People don’t just want money. They want:

  • Security

  • Meaningful work

  • Free time

  • Health

  • Autonomy

A million dollars might help with that. But it’s no longer the dream. It’s just a checkpoint.

So, Is Being a Millionaire Still Worth It?

Short answer: Yes.
Long answer: Yes, but not in the way it used to be.

Being a millionaire gives you:

  • Financial flexibility

  • Safety net cushioning

  • Leverage

  • Access

But if your lifestyle costs $200K/year and you’re burnt out at your six-figure job, your million won’t feel like wealth.

If your lifestyle is sustainable, joyful, and balanced at $40K/year…you might feel freer with $100K than someone with $10M and no time.

The Future of Millionaire Thinking

As the label loses its mystique, we get to redefine it.

We get to say:

  • A million isn’t about status. It’s about optionality.

  • It’s not about accumulation. It’s about what it allows you to stop doing.

  • It’s not about being impressive. It’s about being intentionally free.

The next generation of millionaires will look different:

  • More diverse

  • More digital

  • More values-aligned

  • Less concerned with being seen, and more concerned with being well

And that? That’s a kind of wealth the old millionaire class never knew how to measure.

Related Reads:

Michele Gargiulo http://michelegargiulo.com
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