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There are 11 million millionaires in the US which is approx 3.3% of the population. Polls show that many more people expect to become millionaires real soon. In

There are 11 million millionaires in the US which is approx 3.3% of the population. Polls show that many more people expect to become millionaires real soon. In fact, 60% expect to become wealthy during their lifetimes. The optimism that one sees in the US is commendable but it reflects itself in the resistance to taxing the rich. After all, why would you vote to increase taxes if it is going to negatively affect you in a few years. In reality, very few actually become rich. Edit: link to a recent article on how many US persons expect to get rich/wealthy/millionaires ... https://www.cnbc.com/2019/05/13/how-much-money-americans-think-you-need-to-be-considered-wealthy.html https://www.cnbc.com/2019/05/13/how-much-money-americans-thi...

munk-a 6y ago
Ouf that survey is weak - being a millionaire in the US does not make one wealthy. A lot of people end up having more than 1mil in assets by the time they retire simply due to real estate, this isn't the case for everyone but being a millionaire doesn't mean you're not still somewhere around the midpoint of the middle class in terms of income.
- RajuVarghese 6y ago
  That's why I used separate terms, ie millionaire and wealthy. Being a millionaire requires that you have more than 1m as assets after taking into account your debts. That is easy but being wealthy is more subjective. Polls have shown that people consider 'being wealthy' if you have a wealthy lifestyle or in excess of USD x million. Currently x is about 2.6.