Who wants to be a millionaire? 1 in 10 Americans already is but the status loses its luster
But this summer, the 41-year-old hit a milestone that long felt out of reach: She became a millionaire.
A surging number of everyday Americans now boast a seven-figure net worth once the domain of celebrities and CEOs. But as the ranks of millionaires grow fatter, the significance of the status is shifting alongside perceptions of what it takes to be truly rich.
'Millionaire used to sound like Rich Uncle Pennybags in a top hat,' says Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, a wealth management firm in El Segundo, California. 'It's no longer a backstage pass to palatial estates and caviar bumps. It's the new mass-affluent middleweight class, financially secure but two zeros short of private-jet territory.'
Inflation, ballooning home values and a decades-long push into stock markets by average investors have lifted millions into millionairehood. A June report from Swiss bank UBS found about one-tenth of American adults are members of the seven-digit club, with 1,000 freshly minted millionaires added daily last year.
Thirty years ago, the IRS counted 1.6 million Americans with a net worth of $1 million or more. UBS — using data from the United Nations, World Bank, International Monetary Fund and central banks of countries around the globe — put the number at 23.8 million in the U.S. last year, a nearly 15-fold increase.
The expanding ranks of millionaires come as the gulf between rich and poor widens. The richest 10% of Americans hold two-thirds of household wealth, according to the Federal Reserve, averaging $8.1 million each. The bottom 50% hold 3% of wealth, with an average of just $60,000 to their names.
Federal Reserve data also shows there are differences by race. Asian people outpace white people in the U.S. in median wealth, while Black and Hispanic people trail in their net worth.
Barley was working as a journalist when her newspaper ended its pension program and she got a lump-sum payout of about $5,000. A colleague convinced her to invest it in a retirement account, and ever since, she's stashed away whatever she could. The investments dipped at first during the Great Recession but eventually started growing. In time, she came to find catharsis in amassing savings, going home and checking her account balances when she had a tough day at work.
Last month, after one such day, she realized the moment had come.
'Did you know that we're millionaires?' she asked her husband.
'Good job, honey,' Barley says he replied, unfazed.
It brought no immediate change. Like many millionaires, much of her wealth is in long-term investments and her home, not easy-to-access cash. She still lives in her modest Orlando, Florida, house, socks away half her paycheck, fills the napkin holder with takeout napkins and lines trash cans with grocery bags.
Still, Barley says it feels powerful to cross a threshold she never imagined reaching as a child.
'But it's not as glamorous as the ideas in your head,' she says.
All wealth is relative. To thousandaires, $1 million is the stuff of dreams. To billionaires, it's a rounding error. Either way, it takes twice as much cash today to match the buying power of 30 years ago.
A net worth of $1 million in 1995 is equivalent to about $2.1 million today, according to the U.S. Bureau of Labor Statistics.
A seven-figure net worth is, to some, as outdated a yardstick as a six-figure salary. Nonetheless, 'millionaire' is peppered in everything from politics to popular music as shorthand for rich.
'It's a nice round number but it's a point in a longer journey,' says Dan Uden, a 41-year-old from Providence, Rhode Island, who works in information technology and who hit the million-dollar mark last month. 'It definitely gives you some room to breathe.'
No other country comes close to the U.S. in the sheer number of millionaires, though relative to population, UBS found Switzerland and Luxembourg had higher rates.
Kenneth Carow, a finance professor at Indiana University's Kelley School of Business, says commonalities emerge among today's millionaires. The vast majority own stocks and a home. Most live below their means. They value education and teach financial responsibility to their children.
'The dream of becoming a millionaire,' Carow says, 'has become more obtainable.'
Jim Wang, 45, a software engineer-turned finance blogger from Fulton, Maryland, says even if hitting $1 million was essentially 'a non-event' for him and his wife, it still held weight for him as the son of immigrants who saved money by turning the heat off on winter nights.
The private jets he envisioned as a kid may not have materialized at the million-dollar threshold, but he still sees it as a marker that brings a certain level of security.
'It's possible, even with a regular job,' he says. 'You just have to be diligent and consistent.'
The resilience of financial markets and the ease of investing in broad-based, low-fee index funds has fueled the balances of many millionaires who don't earn massive salaries or inherit family fortunes.
Among them is a burgeoning community of younger millionaires born out of the movement known as FIRE, for Financial Independence Retire Early.
Jason Breck, 48, of Fishers, Indiana, embraced FIRE and reached the million-dollar mark nine years ago. He promptly quit his job in automotive marketing, where he generally earned around $60,000 a year but managed to stow away around 70% of his pay.
Now, Breck and his wife spend several months a year traveling. Despite being retired, they continue to grow their balance by sticking to a tight budget and keeping expenses to $1,500 a month when they're in the U.S and a few hundred dollars more when they travel.
Hitting their goal hasn't translated to luxury. There is no lawn crew to cut the grass, no Netflix or Amazon Prime, no Uber Eats. They fly economy. They drive a 2005 Toyota.
'It's not a golden ticket like it was in the past,' Breck says. 'For us, a million dollars buys us freedom and peace of mind. We're not yacht rich, but for us, we're time rich.'
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11 minutes ago
Rural US high schools are offering more college-level classes, but college can still be a tough sell
PERRY, N.Y. -- As a student in western New York's rural Wyoming County, Briar Townes honed an artistic streak that he hopes to make a living from one day. In high school, he clicked with a college-level drawing and painting class. But despite the college credits he earned, college isn't part of his plan. Since graduating from high school in June, he has been overseeing an art camp at the county's Arts Council. If that doesn't turn into a permanent job, there is work at Creative Food Ingredients, known as the 'cookie factory' for the way it makes the town smell like baking cookies, or at local factories like American Classic Outfitters, which designs and sews athletic uniforms. 'My stress is picking an option, not finding an option,' he said. Even though rural students graduate from high school at higher rates than their peers in cities and suburbs, fewer of them go on to college. Many rural school districts, including the one in Perry that Townes attends, have begun offering college-level courses and working to remove academic and financial obstacles to higher education, with some success. But college doesn't hold the same appeal for students in rural areas where they often would need to travel farther for school, parents have less college experience themselves, and some of the loudest political voices are skeptical of the need for higher education. College enrollment for rural students has remained largely flat in recent years, despite the district-level efforts and stepped-up recruitment by many universities. About 55% of rural U.S. high school students who graduated in 2023 enrolled in college, according to National Clearinghouse Research Center data. That's compared to 64% of suburban graduates and 59% of urban graduates. College can make a huge difference in earning potential. An American man with a bachelor's degree earns an estimated $900,000 more over his lifetime than a peer with a high school diploma, research by the Social Security Administration has found. For women, the difference is about $630,000. A lack of a college degree is no obstacle to opportunity in places such as Wyoming County, where people like to say there are more cows than people. The dairy farms, potato fields and maple sugar houses are a source of identity and jobs for the county just east of Buffalo. 'College has never really been, I don't know, a necessity or problem in my family,' said Townes, the middle of three children whose father has a tattoo shop in Perry. At Perry High School, Superintendent Daryl McLaughlin said the district takes cues from students like Townes, their families and the community, supplementing college offerings with programs geared toward career and technical fields such as the building trades. He said he is as happy to provide reference checks for employers and the military as he is to write recommendations for college applications. 'We're letting our students know these institutions, whether it is a college or whether employers, they're competing for you,' he said. 'Our job is now setting them up for success so that they can take the greatest advantage of that competition, ultimately, to improve their quality of life.' Still, college enrollment in the district has exceeded the national average in recent years, going from 60% of the class of 2022's 55 graduates to 67% of 2024's and 56% of 2025's graduates. The district points to a decision to direct federal pandemic relief money toward covering tuition for students in its Accelerated College Enrollment program — a partnership with Genesee Community College. When the federal money ran out, the district paid to keep it going. 'This is a program that's been in our community for quite some time, and it's a program our community supports,' McLaughlin said. About 15% of rural U.S. high school students were enrolled in college classes in January 2025 through such dual enrollment arrangements, a slightly lower rate than urban and suburban students, an Education Department survey found. Rural access to dual enrollment is a growing area of focus as advocates seek to close gaps in access to higher education. The College in High School Alliance this year announced funding for seven states to develop policy to expand programs for rural students. Around the country, many students feel jaded by the high costs of college tuition. And Americans are increasingly skeptical about the value of college, polls have shown, with Republicans, the dominant party in rural America, losing confidence in higher education at higher rates than Democrats. 'Whenever you have this narrative that 'college is bad, college is bad, these professors are going to indoctrinate you,' it's hard,' said Andrew Koricich, executive director of the Alliance for Research on Regional Colleges at Appalachian State University in North Carolina. 'You have to figure out, how do you crack through that information ecosphere and say, actually, people with a bachelor's degree, on average, earn 65% more than people with a high school diploma only?' In much of rural America, about 21% of people over the age of 25 have a bachelor's degree, compared to about 36% of adults in other areas, according to a government analysis of U.S. Census findings. In rural Putnam County, Florida, about 14% of adults have a bachelor's degree. That doesn't stop principal Joe Theobold from setting and meeting an annual goal of 100% college admission for students at Q.I. Roberts Jr.-Sr. High School. Paper mills and power plants provide opportunities for a middle class life in the county, where the cost of living is low. But Theobold tells students the goal of higher education 'is to go off and learn more about not only the world, but also about yourself.' 'You don't want to be 17 years old, determining what you're going to do for the rest of your life,' he said. Families choose the magnet school because of its focus on higher education, even though most of the district's parents never went to a college. Many students visit college campuses through Camp Osprey, a University of North Florida program that helps students experience college dorms and dining halls. In upstate New York, high school junior Devon Wells grew up on his family farm in Perry but doesn't see his future there. He's considering a career in welding, or as an electrical line worker in South Carolina, where he heard the pay might be double what he would make at home. None of his plans require college, he said. 'I grew up on a farm, so that's all hands-on work. That's really all I know and would want to do,' Devon said. Neither his nor Townes' parents have pushed one way or the other, they said. 'I remember them talking to me like, `Hey, would you want to go to college?' I remember telling them, 'not really,'' Townes said. He would have listened if a college recruiter reached out, he said, but wouldn't be willing to move very far.
Hamilton Spectator
39 minutes ago
- Hamilton Spectator
Rural US high schools are offering more college-level classes, but college can still be a tough sell
PERRY, N.Y. (AP) — As a student in western New York's rural Wyoming County, Briar Townes honed an artistic streak that he hopes to make a living from one day. In high school, he clicked with a college-level drawing and painting class. But despite the college credits he earned, college isn't part of his plan. Since graduating from high school in June, he has been overseeing an art camp at the county's Arts Council. If that doesn't turn into a permanent job, there is work at Creative Food Ingredients, known as the 'cookie factory' for the way it makes the town smell like baking cookies, or at local factories like American Classic Outfitters, which designs and sews athletic uniforms. 'My stress is picking an option, not finding an option,' he said. Even though rural students graduate from high school at higher rates than their peers in cities and suburbs, fewer of them go on to college. Many rural school districts, including the one in Perry that Townes attends, have begun offering college-level courses and working to remove academic and financial obstacles to higher education, with some success. But college doesn't hold the same appeal for students in rural areas where they often would need to travel farther for school, parents have less college experience themselves, and some of the loudest political voices are skeptical of the need for higher education. College enrollment for rural students has remained largely flat in recent years, despite the district-level efforts and stepped-up recruitment by many universities. About 55% of rural U.S. high school students who graduated in 2023 enrolled in college, according to National Clearinghouse Research Center data. That's compared to 64% of suburban graduates and 59% of urban graduates. College can make a huge difference in earning potential. An American man with a bachelor's degree earns an estimated $900,000 more over his lifetime than a peer with a high school diploma, research by the Social Security Administration has found. For women, the difference is about $630,000. A school takes cues from families' hopes and goals A lack of a college degree is no obstacle to opportunity in places such as Wyoming County, where people like to say there are more cows than people. The dairy farms, potato fields and maple sugar houses are a source of identity and jobs for the county just east of Buffalo. 'College has never really been, I don't know, a necessity or problem in my family,' said Townes, the middle of three children whose father has a tattoo shop in Perry. At Perry High School, Superintendent Daryl McLaughlin said the district takes cues from students like Townes, their families and the community, supplementing college offerings with programs geared toward career and technical fields such as the building trades. He said he is as happy to provide reference checks for employers and the military as he is to write recommendations for college applications. 'We're letting our students know these institutions, whether it is a college or whether employers, they're competing for you,' he said. 'Our job is now setting them up for success so that they can take the greatest advantage of that competition, ultimately, to improve their quality of life.' Still, college enrollment in the district has exceeded the national average in recent years, going from 60% of the class of 2022's 55 graduates to 67% of 2024's and 56% of 2025's graduates. The district points to a decision to direct federal pandemic relief money toward covering tuition for students in its Accelerated College Enrollment program — a partnership with Genesee Community College. When the federal money ran out, the district paid to keep it going. 'This is a program that's been in our community for quite some time, and it's a program our community supports,' McLaughlin said. About 15% of rural U.S. high school students were enrolled in college classes in January 2025 through such dual enrollment arrangements, a slightly lower rate than urban and suburban students, an Education Department survey found. Rural access to dual enrollment is a growing area of focus as advocates seek to close gaps in access to higher education. The College in High School Alliance this year announced funding for seven states to develop policy to expand programs for rural students. Higher education's image problem is acute in rural America Around the country, many students feel jaded by the high costs of college tuition. And Americans are increasingly skeptical about the value of college, polls have shown, with Republicans, the dominant party in rural America, losing confidence in higher education at higher rates than Democrats. 'Whenever you have this narrative that 'college is bad, college is bad, these professors are going to indoctrinate you,' it's hard,' said Andrew Koricich, executive director of the Alliance for Research on Regional Colleges at Appalachian State University in North Carolina. 'You have to figure out, how do you crack through that information ecosphere and say, actually, people with a bachelor's degree, on average, earn 65% more than people with a high school diploma only?' In much of rural America, about 21% of people over the age of 25 have a bachelor's degree, compared to about 36% of adults in other areas, according to a government analysis of U.S. Census findings. Some rural educators don't hold back on promoting college In rural Putnam County, Florida, about 14% of adults have a bachelor's degree. That doesn't stop principal Joe Theobold from setting and meeting an annual goal of 100% college admission for students at Q.I. Roberts Jr.-Sr. High School. Paper mills and power plants provide opportunities for a middle class life in the county, where the cost of living is low. But Theobold tells students the goal of higher education 'is to go off and learn more about not only the world, but also about yourself.' 'You don't want to be 17 years old, determining what you're going to do for the rest of your life,' he said. Families choose the magnet school because of its focus on higher education, even though most of the district's parents never went to a college. Many students visit college campuses through Camp Osprey, a University of North Florida program that helps students experience college dorms and dining halls. In upstate New York, high school junior Devon Wells grew up on his family farm in Perry but doesn't see his future there. He's considering a career in welding, or as an electrical line worker in South Carolina, where he heard the pay might be double what he would make at home. None of his plans require college, he said. 'I grew up on a farm, so that's all hands-on work. That's really all I know and would want to do,' Devon said. Neither his nor Townes' parents have pushed one way or the other, they said. 'I remember them talking to me like, `Hey, would you want to go to college?' I remember telling them, 'not really,'' Townes said. He would have listened if a college recruiter reached out, he said, but wouldn't be willing to move very far. ___ The Associated Press' education coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at . Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. 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40 minutes ago
It's Trump's economy now. The latest financial numbers offer some warning signs
WASHINGTON -- For all of President Donald Trump's promises of an economic 'golden age,' a spate of weak indicators this week told a potentially worrisome story as the impacts of his policies are coming into focus. Job gains are dwindling. Inflation is ticking upward. Growth has slowed compared to last year. More than six months into his term, Trump's blitz of tariff hikes and his new tax and spending bill have remodeled America's trading, manufacturing, energy and tax systems to his own liking. He's eager to take credit for any wins that might occur and is hunting for someone else to blame if the financial situation starts to totter. But as of now, this is not the boom the Republican president promised, and his ability to blame his Democratic predecessor, Joe Biden, for any economic challenges has faded as the world economy hangs on his every word and social media post. When Friday's jobs report turned out to be decidedly bleak, Trump ignored the warnings in the data and fired the head of the agency that produces the monthly jobs figures. 'Important numbers like this must be fair and accurate, they can't be manipulated for political purposes,' Trump said on Truth Social, without offering evidence for his claim. 'The Economy is BOOMING.' It's possible that the disappointing numbers are growing pains from the rapid transformation caused by Trump and that stronger growth will return — or they may be a preview of even more disruption to come. Trump's aggressive use of tariffs, executive actions, spending cuts and tax code changes carries significant political risk if he is unable to deliver middle-class prosperity. The effects of his new tariffs are still several months away from rippling through the economy, right as many Trump allies in Congress will be campaigning in the midterm elections. 'Considering how early we are in his term, Trump's had an unusually big impact on the economy already,' said Alex Conant, a Republican strategist at Firehouse Strategies. 'The full inflationary impact of the tariffs won't be felt until 2026. Unfortunately for Republicans, that's also an election year.' The White House portrayed the blitz of trade frameworks leading up to Thursday's tariff announcement as proof of his negotiating prowess. The European Union, Japan, South Korea, the Philippines, Indonesia and other nations that the White House declined to name agreed that the U.S. could increase its tariffs on their goods without doing the same to American products. Trump simply set rates on other countries that lacked settlements. The costs of those tariffs — taxes paid on imports to the U.S. — will be most felt by many Americans in the form of higher prices, but to what extent remains uncertain. 'For the White House and their allies, a key part of managing the expectations and politics of the Trump economy is maintaining vigilance when it comes to public perceptions,' said Kevin Madden, a Republican strategist. Just 38% of adults approve of Trump's handling of the economy, according to a July poll by The Associated Press-NORC Center for Public Affairs. That's down from the end of Trump's first term when half of adults approved of his economic leadership. The White House paints a rosier image, seeing the economy emerging from a period of uncertainty after Trump's restructuring and repeating the economic gains seen in his first term before the pandemic struck. 'President Trump is implementing the very same policy mix of deregulation, fairer trade, and pro-growth tax cuts at an even bigger scale – as these policies take effect, the best is yet to come,' White House spokesman Kush Desai said. The economic numbers over the past week show the difficulties that Trump might face if the numbers continue on their current path: — Friday's jobs report showed that U.S. employers have shed 37,000 manufacturing jobs since Trump's tariff launch in April, undermining prior White House claims of a factory revival. — Net hiring has plummeted over the past three months with job gains of just 73,000 in July, 14,000 in June and 19,000 in May — a combined 258,000 jobs lower than previously indicated. On average last year, the economy added 168,000 jobs a month. — A Thursday inflation report showed that prices have risen 2.6% over the year that ended in June, an increase in the personal consumption expenditures price index from 2.2% in April. Prices of heavily imported items, such as appliances, furniture, and toys and games, jumped from May to June. — On Wednesday, a report on gross domestic product — the broadest measure of the U.S. economy — showed that it grew at an annual rate of less than 1.3% during the first half of the year, down sharply from 2.8% growth last year. 'The economy's just kind of slogging forward,' said Guy Berger, senior fellow at the Burning Glass Institute, which studies employment trends. 'Yes, the unemployment rate's not going up, but we're adding very few jobs. The economy's been growing very slowly. It just looks like a 'meh' economy is continuing.' Trump has sought to pin the blame for any economic troubles on Federal Reserve Chair Jerome Powell, saying the Fed should cut its benchmark interest rates even though doing so could generate more inflation. Trump has publicly backed two Fed governors, Christoper Waller and Michelle Bowman, for voting for rate cuts at Wednesday's meeting. But their logic is not what the president wants to hear: They were worried, in part, about a slowing job market. But this is a major economic gamble being undertaken by Trump and those pushing for lower rates under the belief that mortgages will also become more affordable as a result and boost homebuying activity. His tariff policy has changed repeatedly over the last six months, with the latest import tax numbers serving as a substitute for what the president announced in April, which provoked a stock market sell-off. It might not be a simple one-time adjustment as some Fed board members and Trump administration officials argue. Of course, Trump can't say no one warned him about the possible consequences of his economic policies. Biden, then the outgoing president, did just that in a speech last December at the Brookings Institution, saying the cost of the tariffs would eventually hit American workers and businesses. 'He seems determined to impose steep, universal tariffs on all imported goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer,' Biden said. 'I believe this approach is a major mistake.'
