America Is Minting Lots of Cash-Strapped Millionaires
Millionaire households are on the rise, but much of their wealth is in hard-to-reach assets
Illustration: Steph Davidson
At the height of the Gilded Age, there were 4,047 millionaires in the US, according to an 18-month investigation by the long-gone New-York Tribune, which listed each by name in a special edition published in 1892.
Today the number of millionaire households is more than 24 million, or almost one in five US households, according to a Bloomberg analysis of government survey data through 2023. Fully a third of those modern millionaires have been minted since 2017, as home values and the stock market surged.