US millionaires are at a record high, but their buying power is half what it was 30 years ago | The IndependentNotifications can be managed in browser preferences.Jump to contentIndependentNext articleIndependent Bulletin homepageSocial PartnerWe are 8 logo (opens in a new tab)AllNewsSportCultureLifestyleGraig GraziosiTuesday 29 July 2025 23:53 BSTHow To Become a MillionaireThe traditional perception of a millionaire as someone with limitless wealth no longer holds true in the US, despite a record number of individuals reaching this status.There are now 23,931,000 millionaires in the US, an increase attributed to inflation, rising home values, and greater participation in the stock market.Financial experts indicate that a million dollars today provides financial security but is not a 'golden ticket' to extreme luxury, with its buying power significantly diminished compared to 30 years ago.Wealth distribution remains highly skewed, as the richest 10 percent of Americans control two-thirds of the nation's household wealth, while the bottom 50 percent hold only 3 percent.Many modern millionaires achieve their status through disciplined financial habits, such as living below their means, investing in stocks and property, and valuing financial responsibility over lavish spending.In fullBeing a millionaire in the US isn’t what is used to be: ‘It’s the new mass-affluent middleweight class’Thank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in