there's over 20 million millionaires in the USA, that's like, what, 1 in 20?

rawgabbit 3 hours ago | parent | next [-]

I would wager a lot of "wealth" is in the value of the homes they live in. That is it is illiquid wealth they cannot use. When you factor in medical debt, their liquid wealth is a lot less rosy.

	▲	9rx 2 hours ago \| parent [-]
		> That is it is illiquid wealth they cannot use. Housing is actually quite liquid as it is incredibly easy to mortgage. More likely you are overestimating how much housing value is actually there. The majority of American homeowners have already tapped into that liquidity. Owning a house that is worth, say, $1MM on the open market doesn't necessarily mean that your net worth is $1MM.

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QuantumFunnel 3 hours ago | parent | prev [-]

A net worth millionaire nowadays is just a person who bought a single family home at least 10 years ago. A million bucks is not what it used to be.

	▲	matwood an hour ago \| parent \| next [-]
		Don't they usually take out the primary residence when doing the calculation? It still doesn't mean someone is completely liquid as I'm guessing many people have their money in tax deferred accounts they can't access until old age.
	▲	fl4regun 3 hours ago \| parent \| prev [-]
		I'm sorry a million dollars is still a huge amount of money for normal people, whether it comes from their home or otherwise.