The U.S. accounts for the largest share of individuals with net worths of at least $1 million across the globe.
  • mctoasterson@reddthat.com
    15·
    2 days ago

    This is just another way of describing inflationary pressures, isn’t it?

    Many people I know may be “millionaires” by certain ways of calculating net worth, but it takes a lot more than $1M in assets to afford a lifestyle commensurate to what people envision when they hear the word “millionaire”…

    • partial_accumen@lemmy.world
      6·
      2 days ago

      but it takes a lot more than $1M in assets to afford a lifestyle commensurate to what people envision when they hear the word “millionaire”…

      Being “a millionaire” ain’t what it used to be. If you wanted to quit your job right now and just live off the dividends of your $1m, you could safely pull about $44k/year and never touch your $1m, meaning you’d never run out of money and always be able to take out $44k/year.

      On one hand: “thats awesome! Money forever!” True.

      On the other hand: $44k/year is equivalent to a job that pays $22/hour. Certainly not horrible, but that’s not livin’ large.

      Further, inflation will continue to eat away at the value of your money and you’re taking all your earning every year, so it will never grow. My guess is, 40 years from now $44k/year would be considered wages below the poverty line.

      Keep in mind, this is the path if you never want to touch your $1m. If you’re willing to “pick a date when you will run out of money” you can take larger withdraws greater than that $44k/year. This is the big challenge for retirees. You have to decide when you’re going to die so you don’t run out of money before that.

  • LupusBlackfur@lemmy.world
    10·
    2 days ago

    Pfft…

    Millionaires are a dime a dozen these days…

    Get over $500M, now you’re starting to get somewhere.

    🤡 🫏 🖕 💩

  • partial_accumen@lemmy.world
    5·
    2 days ago

    Likely the result of the last 2 years of gangbuster returns on the stock market.

    Lets say on Jan 1 of 2023 you had $633,362 invested in the boring S&P500. Without putting another penny invested it would look like this:

    • at the end of 2023 your investment was worth $799,872
    • at the end of 2024 your investment was worth $1,000,001
  • Quilotoa
    2·
    2 days ago

    So, over half of all new millionaires worldwide were in the U.S. Wow!