U.S. Millionaire Count Jumps 15-Fold Since 1995 as 40s Everyday Millionaires Drive Growth via Market Access

The rise of "everyday millionaires" in their 40s—self-made individuals with seven-figure net worths who still describe themselves as financially modest—reflects shifting perceptions of wealth in an era of inflation, booming real estate, and democratized stock market access. Heidi Barley, 41, a Florida resident who once relied on food stamps and now lives in a modest home while her wealth grows through long-term investments, epitomizes this new class. Her journey from a $34,000 annual salary to a $1 million net worth underscores the role of disciplined saving, employer-sponsored investments, and market participation [1].

According to the 2025 UBS Global Wealth Report, the U.S. now has 23.8 million adults with a net worth of $1 million or more, a 15-fold increase since 1995. This growth is attributed to the "Great Wealth Transfer," rising home values, and the influx of average investors into low-fee index funds. However, the significance of this milestone has diminished. Michael Ashley Schulman, a wealth advisor, notes that the term "millionaire" no longer evokes images of opulence but instead describes a "mass-affluent middleweight class" with limited access to private jets or luxury lifestyles [1].

Many of these individuals, dubbed EMILLIs (Everyday Millionaires), share common traits: homeownership, stock market participation, and frugal habits. Dan Uden, a 41-year-old IT professional, calls the milestone a "point in a longer journey," emphasizing financial security over status [1]. Similarly, Jim Wang, a software engineer and finance blogger, attributes his success to diligence and consistency rather than high earnings. His family’s savings habits—rooted in immigrant frugality—highlight how modest incomes can accumulate substantial wealth through strategic planning [1].

The FIRE (Financial Independence, Retire Early) movement has also contributed to this trend. Jason Breck, 48, retired early after achieving a $1 million net worth despite earning around $60,000 annually. By saving 70% of his income and maintaining a strict budget, he now lives on $1,500 monthly, rejecting luxury in favor of "time wealth." His experience illustrates how market resilience and low-cost investing have enabled non-elite earners to reach financial milestones [1].

Yet, the expansion of the millionaire class coexists with stark wealth inequality. The top 10% of Americans hold two-thirds of household wealth, averaging $8.1 million, while the bottom 50% possess 3% of wealth, or $60,000 on average. Racial disparities persist, with Asian Americans outpacing white households in median wealth, while Black and Hispanic families lag behind [1].

For many EMILLIs, the $1 million threshold remains relative. Adjusted for inflation, $1 million today is worth half its 1995 counterpart, according to the U.S. Bureau of Labor Statistics. As Barley reflects, "It’s not as glamorous as the ideas in your head," capturing the reality that financial security often lacks the material trappings once associated with wealth.

Kenneth Carow, a finance professor, notes that modern millionaires prioritize education, financial literacy, and living below their means. While their net worth may qualify them as affluent, the broader economic context—including soaring housing costs and stagnant wages for lower-income groups—tempers their sense of prosperity. This aligns with UBS’s findings that the U.S. leads in absolute millionaire numbers, though Switzerland and Luxembourg have higher rates relative to population [1].

The stories of these 40-something millionaires challenge traditional notions of wealth. Their success stories, built on patience and prudence rather than inheritance or high salaries, suggest that financial independence is increasingly attainable for those who embrace long-term planning. Yet, as inequality widens, the line between affluence and privilege continues to blur.

[1] Source: [1] "Meet the 40-something self-made ‘everyday millionaires’ who say they still don’t feel rich" (https://fortune.com/2025/07/29/everyday-millionaires-millennials-40-something-dont-feel-rich-middle-class/)