There Are Over 1 Million New US Millionaires. Why You Aren’t One of Them?

Report: there are more than 1 million new millionaires in the US BCG
There are 1.1 new millionaires in the US according to a new report released by the Boston Consulting Group (BCG) through their Global Wealth Report. This raises the number of US millionaires to 7.1 million. This is fewer than the 9.63 million millionaire households reported earlier this year by the Spectrem Group. The discrepancy in total numbers of millionaires can be attributed to slight differences in the way each group calculates wealth. BCG calculates household wealth as assets which can be invested such as cash, deposits and securities, but not less liquid assets such as collectibles, business ownership, luxury goods or real estate. The Spectrem Group numbers also exclude real estate, ...

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5 Responses to There Are Over 1 Million New US Millionaires. Why You Aren’t One of Them?

  1. I can relate to this part “You have kids, and you have them too young”. Since, I married very young and at at 21 I already have a baby. Honestly, it’s really quite difficult, especially that my husband was still studying that time. But, gladly, we are slowly taking a baby steps towards our goals.

  2. Aldo @ MDN says:

    The first three bullet points applied to me. I spent more than I made, I tried to keep up with those pesky Joneses, and I failed to pay myself.

    I changed those habits and finally see the light. I won’t be a millionaire this year or even in the next five years, but I will some day. Tick – Tock.

  3. Nicola says:

    I think we would need to earn more to eventually make it – it’s not impossible but it’s definitely a way off!

  4. Great list. I have noticed that people have been wising up on the first 3 reasons mentioned. However, the remaining 7 wreak havoc on couples personal wealth with kids and divorce leading the charge. My wife and I made a decision to not have kids for the first 5 years of marriage. This decision has made all the difference in the world with regards to our personal wealth and happiness.

  5. S Arun says:

    I am currently not a millionaire because I just started my financial journey. I hope I will be in the new millionaire list in 10 years.

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