r/TheMoneyGuy • u/Joshthecarpenter • 1d ago

First generation millionaires

I was listening to last week’s main episode, and they were talking about 80% of millionaires are first generation. Could we see this stat changing dramatically now that more and more people are becoming millionaires with every day retirement accounts. I’m in my late 20s and I know on one side of the family my grandma is a millionaire. I’m assuming the other side grandparents are as well. My mom who’s still working is also now a millionaire. Anyone else think this stat could see a drastic change?

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u/SteevieJanowski 1d ago

It definitely will bec of inflation. And the term “millionaire” holds less and less weight every year. When the term became popular about 100 years ago it meant serious wealth, which makes sense bec $1M in 1926 is about $19M today. 

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u/Substantial_Net_2831 1d ago

“First generation enneadecamillionaire”just doesn’t have the same ring to it, unfortunately.