Being a Millionaire, Not What it Used To Be

Everyone wants to be a millionaire, right? To join the ranks of that exclusive club, whose members have proved to the world that they have made it. Well, maybe not so exclusive. According to CNN.com the number of millionaires in the world has grown to over 10 million! And the worldwide number of super-rich, those with more than 30 million dollars in assets, has grown to over 100,000.

Most of the new millionaires are coming from countries with fast emerging economies, India, China and Brazil. But the United States is still home to the highest number of millionaires.

But of course, a million dollars isn’t what it used to be. Thanks to inflation, a million dollars today is only equal to $783,000 in 1998 dollars, and a pitiful $568,000 in 1988 dollars.

It is interesting to look at where the millionaires are putting their money today. For the most part they are not investing in Forex, Real Estate, or other fast money schemes. With today’s economy millionairs are putting 40% of their assets in those “save and boring” investments, money market funds, bonds, and preferred stocks.

Would you like to join the millionaire club? You are most likely to get there not by winning the lottery or finding the perfect get rich quick scheme. The best way to get there, make saving a priority, spend less than you earn, own your home, and avoid consumer debt.

9 thoughts on “Being a Millionaire, Not What it Used To Be”

  1. I love the end of your post. So many people buying lottery to get rich. If you start calculating your chances to win, it’s not worth waiting your entire life. The majority of the people buying lottery keep running after a dream that will never come.

  2. There will be a lot of millionaires made in the next few years whilst riding the backs of the regular working class who can’t afford to keep their houses for very much longer.

    Soon those with money will step in and buy up all the low priced real estate and sell it to the next generation of working class citizens.

    Cactii’s last blog post..Programming for the iPhone 2

  3. Most people think of millionaires as people who live the highend lifestyle that they want to emulate but the fact is most millionaires got there because they know how to live within their means. Coveting thy neighbors property gets a lot of people in trouble with overspending, and thus not achieving this status.

    Peter Answers’s last blog post..Do You Know Peter Answers?

  4. That’s OK, I’ll take the “pitiful $568,000” (year-round swimming pool, month-long vacation in Hawaii, pay off the mortgage, remodel and expand the kitchen/entrance/upstairs bedroom) and still have change to spare!

    David Leonhardt.

    David Leonhardt’s last blog post..Google Cache Gets Style

  5. Those are indeed admirable goals – saving, spending less than you earn, owning your home, avoiding consumer debt. However, the world is full of wonderful opportunities to generate more revenue – not just spend your life living cautiously.

    I’ve lived life both ways, and I can tell you from experience that generating a decent income is a lot more fun! :)

    Allan Gardyne’s last blog post..12 things I’ve learned in 12 years online

  6. Being a millionare is definitely NOT what it used to be. Back in the day, it was a big deal to be a millionare. Now you can literally meet a millionare on your shopping trip to the grocery store.

    For me, the biggest impact has been seen on the housing market. A home that used to be worth 1 million dollars can now be bought for half of that.

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