Being A Millionaire Isn’t What It Used to Be

Because of inflation, being a millionaire is not really very impressive anymore.  For example, to be a millionaire in 1957 would require over $7,000,000 in today’s dollars.

This phenomena has made the status of millionaire reachable by a tremendous number of people.

According to Being a millionaire just isn’t the same these days, CNN.com, March 21, 2007:

According to research from Merrill Lynch & Co. and the consulting firm Capgemini, some 2.9 million people in the United States and Canada have net worths of $1 million.

This article explains that “[n]ot that long ago, the word “millionaire” conjured up visions of chauffeured limousines and extravagant shopping trips and elegant yachts. These days, a millionaire is more likely to be the guy or gal next door who saved carefully.”

Special thanks to Prof. Joel C. Dobris of the University of California-Davis for bringing this development to my attention.