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Probably not as much as you probably think. Most "millionaires" today are just boomers from working class backgrounds who bought a modest property back in the
by lupusreal 1y ago
Probably not as much as you probably think. Most "millionaires" today are just boomers from working class backgrounds who bought a modest property back in the 70s and now 50 years later all their illiquid assets, primarily their property, can be added up to one or two million.
- kiba 1y agoThose assets are typically not counted when counting millionaires, IIRC. Basically, your net worth is total asset minus your primary residence.
- Aurornis 1y ago> Basically, your net worth is total asset minus your primary residence. Net worth includes equity in your primary residence. That is the value of the property minus outstanding mortgage amount. There are some investment scenarios where net worth is calculated minus primary residence, but those are specialty cases that are explicitly called out.