Millionaire used to sound like Rich Uncle Pennybags in a top hat
“Who wants to be a millionaire? …MILLIONAIRES multiply across the US, but most find it’s not all mansions and champagne” — this The Associated Press story by Matt Sedensky gained ginormous traction this week across Orange County Register, NBC Los Angeles, Boston Globe Media, Boston Herald, Toronto Sun, The Seattle Times, The Washington Post, ABC News, NBC New York, El Diario NY, Fortune, KUTV 2News / KMYU, The Hartford Courant, Yahoo Finance, The Globe and Mail, Barchart, Daily Camera, MSN, National Post, Fast Company, AOL, Chattanooga Times Free Press, BNN Bloomberg, Vancouver Is Awesome, Indianapolis Business Journal, ynet, Qatar Tribune Newspaper, WCNC Charlotte, Newsday Media Group, Stuff (New Zealand), Spectrum News, AOL, Las Vegas Sun, and many more.
QUOTED EXCERPTS
“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.”
ADDITIONAL THOUGHTS
Being a “millionaire” in 2025 is closer to being platinum on Delta—nice, but half the cabin’s already boarding. Roughly 22–25 million Americans now clear the seven-figure net-worth line, about 9% of adults, which means the U.S. has more millionaires than the entire population of Florida. The résumé of the typical millionaire is tellingly blue-sky, not blue-blood, as three rocket boosters have helped people attain what used to be stratospheric levels; home-equity increases, the longest 401(k) bullmarket in history, and inflation. It’s less about stock options, more about compounding and staying married to your savings rate💡
Millionaire used to sound like Rich Uncle Pennybags in a top hat. 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.
Adjust for inflation and $1 million in 1985 equals about $3 million today, thanks to a consumer price index (CPI) that’s tripled. That reality shows up in Charles Schwab’s 2025 Modern Wealth Survey where Americans say they need $839K just to feel comfortable and $2.3 million to feel wealthy. In coastal ZIP codes where a starter home runs seven figures, locals quietly push the “feel-rich” bar to $5 million, the price of admission to HBO’s Succession tier of quiet luxury🥂
⚖️“Millionaire” still sparks a dopamine hit, much like hitting level-one in Fortnite. Celebrate the first comma, but remember it’s a checkpoint, and there are many other factors relevant to happiness and a satisfied life.
NOTE: Photos are a mix of AI generated Rich Uncle Pennybags yacht fueled party lifestyle and stills from the 1984 video and dance hit, “(How to Be A) Millionaire” by the English pop band ABC—worth a listen🎶
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Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Past performance is not indicative of future results. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-25-192
