Maybe, but I think two things contraindicate that. 1. The first is a difference in degree. Millionaires (even in 1990s) money do not necessarily have cultural

Maybe, but I think two things contraindicate that. 1. The first is a difference in degree. Millionaires (even in 1990s) money do not necessarily have cultural access to the kind of elite circles discussed in the article. Now, you might be right--I'm not going to no-true-scotsman the entire claim, as I have no way of deriving a particular asset value that makes access likely--but it does seem unlikely to me that "millionaire" has substantial overlap with the multiple-vacation-homes types of people attending the gathering in the article. Similarly, mobility fluctuates; the '90s were a time of both elevated economic prosperity and elevated opportunities to transition upward in economic class. Now not so much. 2. I think we can refute the statistical claim, that mobility is less scarce than I stated. That one we can verify with data--as others in this thread have pointed out, anecdotes are insufficient. Numerous analyses indicate that "upward mobility" (which, fair enough, is often a flawed measure) has decreased or remained stagnant since the '70s. Additionally, elite classes have widened the asset-value gap that needs to be crossed by someone looking to join those classes via wealth alone. In short: zip to millionaire might not be relevant to the claim; even if so, it happens less frequently (per capita if not absolutely) now; when it does happen it is less likely to imbue the kind of cultural status/class change that I mentioned due to the increased economic "distance" that the people in that status/class have accumulated in the last decades.