Overview

• The number of American millionaires has climbed nearly fifteen-fold since 1995 to roughly 23.8 million, making up about one in ten adults.
• Inflation has doubled the nominal threshold for millionairehood over three decades, effectively halving the real purchasing power of $1 million since 1995.
• The richest 10 percent of households control two-thirds of total US wealth, while Black and Hispanic families trail well behind white and Asian households.
• Most new millionaires reach seven-figure status through disciplined saving, homeownership and broad-market stock investing rather than high salaries or inheritances.
• Members of the FIRE movement, such as Indiana retiree Jason Breck, demonstrate how aggressive savings and frugal living can turn modest incomes into lasting million-dollar portfolios.