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Millionaire Ranks Hit New High
The Wall Street Journal Online
By Robert Frank

Fueled by Investment Gains, Growth
In Number of Households Is Highest Since 1998

The number of millionaires in the U.S. increased to a record last year, boosted by gains in stocks and global financial markets, according to two new studies.

The number of U.S. households with a net worth of $1 million or more rose 21% in 2004, according to a survey released yesterday by Spectrem Group, a wealth-research firm in Chicago. It is the largest increase since 1998, according to the study, which was based on data from more than 450 qualified respondents. There now are 7.5 million millionaire households in the U.S., breaking the record set in 1999 of 7.1 million. The study excluded the value of primary residences, but included second homes and other real estate.
Ref. https://biz.yahoo.com/weekend/millionaire_1.html

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I'm not a millionaire, yet. I have my finances set up to pay myself first, and to make it automatic so that I never see the money I am investing. This allows me to earn money and continually put money into investments without me having to intervene and do anything. This, with a minimal return, will make me a millionaire by the time I'm sixty five.

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At 65 will your investment that makes you a millionaire then be worth the same as a millionaire now though? The problem with long term investment with the way the world is now is global conflict. Something that I am 'scared' of seeing happen is the fall of the US Dollar due to a possible war or invasion.

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I wish!

First of all, I'm not from the US. That's why I can't even think of becoming a millionaire (just for now ) ... considering also the economic status of my country.
On the other hand, I don't think that the fact that there are more millionaires in US necessary means that your country is doing better ... I would rather ask how many people live under the limit of poverty.

Offtopic but, I want to congratulate you konquererz for thinking in such a long term.

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I am not on a plan to ever become a millionaire, at the moment. I certainly need to get onto that track, though.

RaulDrake does bring up an excellent point. It doesn't mean anywhere near as much to be a millionaire now as it did 50 years ago.

However, on the other hand, RaulDrake missed a very important point. The poverty line is a moving target. Basically, there is a percentage of the population that is considered under the poverty line. As income has increased in the US, the poverty line has risen as well. Right now, for example, the poverty line for a family of 4 (two children under 18), is a little over $15,000.

Now, how does that relate to other countries? Isn't $15,000 a very nice living in many countries?

Poverty is a problem in the US, but nothing compared to such places as Zimbabwe, Cuba, or Vietnam. Very, VERY many of the people who live under the poverty level own cars, have at least one television, and enjoy many luxuries that are unknown elsewhere.

So, the number of "millionaires" in the US is representative of the fact that the entire country is generally in very good shape. Only about 12% of the population is below the poverty line.

So, the VAST majority of the people in the US are very well off. If only 1% are millionaires, then there are 2.5 million millionaires. So according to the article, about 3% are millionaires.

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No, I'm not a millionaire, nor am I on track to be one. I'm doing the best I can with what I have, but I don't trust the stock market *at all* and do not/will not have any investments in stocks (I see it as gambling), as I also believe that the "big drop" is coming some time soon.

I expect to have to work for the rest of my natural life in order to survive.

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I wish I was a millionaire. But I have an investment property that should help me build enough equity to buy a family home when the time is right. I plan on using the property market to make my millions over a long time.

I think everyone has made valid points about wealth being relative to where you live.

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Being a millionaire today certainly doesn't mean the same thing in terms of free spending power as it did when I was a child. It will mean even less when I am at retirement age.

I am not, nor do I expect ever to be, a millionaire. I agree with FarSeer about the stock market. I, too, see it as gambling. I may never be weathly, but I also don't intend to risk what little I do have on the hope of striking it rich.