Millionaires Feel Poorer: US Millionaires Hold Record Wealth, But Most Are Cash-Strapped

Benzinga

U.S. millionaire households now exceed 24 million—one in five—driven by surging home and stock values. But advisers warn $1M no longer guarantees financial freedom as inflation and higher rates erode real wealth.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02The number of U.S. millionaire households has surged over 24 million, nearly one in five,

00:06according to Bloomberg's analysis of Census Bureau data through 2023.

00:10One third of these millionaires have emerged since 2017 as rising home and stock values

00:14lifted household wealth. Most millionaires have little accessible cash, but about two

00:18thirds of their wealth tied up in homes and retirement accounts, up eight points since

00:222017. Financial advisors warn that $1 million no longer ensures financial freedom as inflation,

00:27higher interest rates, and borrowing costs erode spending power.

00:31Visers say most modern millionaires can afford a comfortable life without the traditional

00:34trappings of wealth. Noting that the same luxury lifestyle that cost $1.4 million a decade ago

00:39now exceeds $2.1 million.

00:41For all things money, visit Benzinga.com.

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