While America can be defined by its working class who are suffering from stagnant wages and lost jobs, it's also home to an unprecedented amount of wealth. As of 2016, more than eight million households have financial assets worth over $1 million - not even including their homes or luxury goods. Between 2010 and 2015, Boston Consulting Group found 2.4 million Americans become millionaires, and another 3.1 million are expected to reach that status by 2020.
At that rate, 1,700 Americans will become millionaires every day.
The growth in this wealth can be found by analyzing the different sectors of the middle class, from lower-middle class, the mere middle class, and the upper-middle class. The upper-middle class has been ballooning since the 1970s, while the other parts of the middle-class shrink.
Being a millionaire isn’t what it used to be. A net worth of $1 million has the same buying power today that $341,000 did in 1980 and that $45,000 did 100 years ago, according to Bureau of Labor Statistics data. If you’re making six figures and saving regularly, you should eventually end up with a million dollars or more in your investment accounts. (You’d better, since you’ll need to save that much to have any hope of maintaining your lifestyle in retirement.)
These upper-middle-class millionaires are far more privileged than 90 percent of the country, but they rarely feel rich. They still need to borrow for a child’s college education, with the average, four-year, private-college tuition now at $33,480 a year, according to the College Board. And as they get older, they need to worry about long-term-care expenses: A private room in a nursing room now costs $7,700 a month, according to Genworth Financial. This means that a long-term illness such as Alzheimer’s can bankrupt all but the wealthiest people.