The Rise of the “Average” Millionaire, And Why It’s Not What It Used to Be
Once upon a time, a millionaire was mythical. I remember being a kid and thinking I would grow up and find my way in this world and make myself…a millionaire.
There were literal game shows, rap lyrics, glossy finance magazines, and whispered about in envy anywhere they went. A millionaire was someone who had “made it.” A financial unicorn in a class of their own, ready to ride in on their white horse and in their private jet.
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 (or anyone) 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 that makes me want to pause and look into it a little more. 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 all the television charts. It was aspirational, flashy, tantalizing and addictive.
Being a millionaire back then meant homeownership (maybe multiple), early retirement, fancy vacations, college paid in full for your kids, caviar and lobster whenever you went out to eat (if you didn’t have a shellfish allergy at least), and a lot of social capital.
Now, in 2025, being a millionaire could mean you own a house…with a mortgage. You might have a decent 401(k)…that you can’t touch and you’re still working hard, like harder than you thought you would. And you feel behind, not ahead.
A million dollars doesn’t go as far as it used to, so until we get ourselves a time machine, we’re stuck in this reality moving forward.
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. My inner child just died a little bit as I wrote this, so I’ll excuse you if you want to scroll away before you go any further now.
What used to signal wealth now signals financial survival, especially in high-cost cities.
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 every 10 adults if you’re into math or statistics. Many of them are "paper millionaires" who have their wealth tied up in homes, retirement accounts, or small business equity.
Inflated real estate values (especially post-2020) as doing their part to inflate the rise. Stock market gains (especially for those who held long-term) are also partially to blame. Entrepreneurship and side hustles have never been so prevalent in the world as they are today (sadly, I’m tired of working so many side jobs on top of my main job).
Tech booms and crypto surges (even with dips, the ecosystem minted wealth) have also done their fair share of inflating these numbers nicely.
And lastly, inheritance plays a part as Boomers begin to pass down assets. Which is sad and won’t ever happen to me, because my parents will live forever.
Net Worth ≠ Liquidity
Most new millionaires don’t feel like millionaires because their wealth is locked in assets, they’re still paying off debt, still working full-time, or their expenses have ballooned out.
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 (especially if you’re working all the time), and feel stretched every month.
Wealth now comes with asterisks.
In the early 2000s, being a millionaire came with status and exclusivity. There was glamour and admiration from your peers and people younger than you looked up to you.
It meant freedom.
Now, the word “millionaire” feels…diluted. It’s not that a million dollars isn’t a lot, it absolutely is (says the person who doesn’t have a million dollars yet)! It’s just no longer a guarantee of freedom in a world of $6 gas, $5,000 deductibles, and $8 oat milk lattes. Last time I went to the grocery store it cost me $300. Granted, my husband being a bodybuilder and pro-wrestler doesn’t help that at all.
So Who Feels Rich?
Feeling rich is now more about how much time you control, how little stress you carry, and whether your money buys flexibility, not just things. This is why I personally have such a drive for entrepreneurship. I would happily work 7 days a week if I was working on my own thing (I do work 7 days a week on my own thing in case you were wondering).
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.
There’s also been a crazy tone shift thanks to social media (the ruiner of all our peace). Remember the “Cash Money Millionaires”? The bling, the cars, the bravado and all the flash on Instagram? Now it’s starting to be more about minimalist wealth (yeah, because not everyone has the crazy money to throw around) and FI/RE (Financial Independence, Retire Early). My personal favorite term is stealth wealth which is what I one day aspire to have. Quiet luxury is growing and tech bros in Allbirds, not Rolexes are making more of an appearance.
Millionaire status is no longer broadcasted, it’s managed then optimized, tax-sheltered, and sometimes hidden altogether. The rich are getting quieter (also to prevent falling victim to hacking and theft), and the average millionaire is just trying to stay ahead of inflation.
So now the goalpost moves again…just when I thought I knew what my goal even was. People are asking is a million dollars enough to retire? Is just one income streams enough anymore? Should I build a brand or buy a rental property? Can I still be free if I never reach seven figures?
These questions are starting to reflect a society less obsessed with labels, and more focused on lifestyle. And maybe one that’s starting to burn out faster than Icarus.
People don’t just want money though, this was never about the money itself. They want security, meaningful work, free time, health, and 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?
Umm, yes. If you have the option of a million dollars, you should probably still take it.
But it’s also not worth it in the way it used to be.
Being a millionaire might give you financial flexibility, a safety net cushioning, some leverage, and 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 even a little bit.
If your lifestyle is sustainable, joyful, and balanced at $40K/year…you might feel freer with $100K than someone with $10M and no time.
As the label loses its mystique, we get the opportunity to redefine it. My therapist tells me it’s better to say negative things are just “opportunities” for greatness in the future…sure.
We get to say now that a million dollars isn’t about status, it’s about optionality. It’s about what it allows you to stop doing and start doing instead. It’s also not about being impressive (okay, maybe a little), it’s about being intentionally free.
The next generation of millionaires will look more diverse, more digital, more values-aligned, and less concerned with being seen, and more concerned with being well. That’s a kind of wealth the old millionaire class never knew how to measure.
