4 ms·

I'm not a socialist, but we also have to adjust for what being a "millionaire" is today.

• dharmab 5y ago
  I've seen alternate definitions proposed for millionaire including $1M in annual income rather than net worth.
• lghh 5y ago
  Why would you being a socialist or not make a difference here?
• WalterBright 5y ago
  The 1920's version of a millionaire is like a billionaire today.
  • owenversteeg 5y ago
    Not really: there were billionaires back then as well (the first billionaire was Rockefeller in 1916.) By the CPI, $1 in 1920 would be about $14 in 2021. Nominal (non-real) GDP was around $900 nominal per capita. So a millionaire then would be have one thousand times the per capita GDP. Per capita GDP in 2020 was $63k, so as a multiple of per-capita GDP a millionaire would have $63 million. So a 1920s millionaire is the equivalent of somewhere between $14M and $63M today.
    • deleted 5y ago
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