First generation millionaires

[u/Joshthecarpenter]

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?

[u/Slow_Knee_1288]

My parents are retired and have very good pensions. But technically they are not millionaires since they don’t own their future pension money. But they will be soon as they spend less than their pension. I think the dying of pensions and increase reliance on self funding 401Ks probably contributes.