You can be a millionaire

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Brenda P. Wenning

The term “millionaire” has lost much of its luster. In the 1950s and 1960s, being a millionaire implied a level of wealth and exclusivity that few could hope to achieve.

But due to economic growth and inflation, becoming a millionaire has gradually become more achievable. By the time “The Millionaire Next Door” was published — 25 years ago — achieving a net worth of $1 million was a realistic aspiration.

Brenda P. Wenning

Today, according to The Global Wealth Report, the United States is home to 18.6 million millionaires, which is 3% of the population and 7.6% of the adult population. The U.S. represents just 4.25% of the world’s population, but it’s home to about 40% of all millionaires.

The good news is that American innovation and a capitalist economy have made the United States the wealthiest country in history. The bad news is that, thanks to inflation, $1 million is a modest amount of wealth. Depending on your lifestyle, it may not be enough to support your retirement.

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