Being a millionaire has long been a middle-class aspiration and a signifier of someone who has “made it” and enjoys an unparalleled lifestyle.

Yet the title may be losing a bit of its luster as more and more people enter the seven-figure club. Add to that historic levels of inflation, and a million dollars is starting to look less like a fortune and more like a sizable cash reserve.

Last November, famed investor and Cardone Capital CEO Grant Cardone said that single-digit millionaires were “not wealthy… (but) worried.”

The celebrity entrepreneur clarified his point, “Millionaires are basically middle-class people who are worried about money.”

What does it mean to be a millionaire nowadays? Financial advisors share their input on what reaching the millionaire milestone means, and look at investing assets and tax strategies leveraged by the wealthy.

American millionaires are becoming a dime a dozen. According to Credit Suisse’s latest global wealth report, the United States gained 2.5 million in 2022 alone, with around 10% of the population now millionaires.

Redefining Millionaire

While the number of wealthy people is increasing, the value of their fortune is decreasing. Inflation is currently at around 6% in the US.

Although that is a step down from the historic peak of 2022, prices are still near multi-decade highs, eroding the spending power of all Americans. If the 2020s become an era of sustained high inflation, as many experts believe is possible, it could alter what it means to be a millionaire forever.

TOP Dollar Investor

Swipe Up For The Rest of the Article