Amassing a seven-figure net worth used to be an aspirational goal that most Americans could dream about but were unlikely to ever actually achieve.
But in recent years, more Americans than ever before have officially reached millionaire status. Now, many classify themselves as “mini-millionaires.”
What Is a Mini-Millionaire?
Many of those enjoying a net worth that has reached seven figures for the first time might be so-called mini-millionaires.
Robert Frick, corporate economist at Navy Federal Credit Union, says that category would include households making low six figures but steadily building wealth, primarily through retirement savings and home appreciation.
“It’s an important threshold because it’s a level above fighting to make ends meet, and is the road to building a portfolio that will not only provide for a secure retirement, but can be drawn on to help kids through college, and other important expenses,” Frick says.
“While the surge in inflation affects mini-millionaires, it hasn’t set them back as it has lower-income Americans, and even many middle-income Americans,” he adds.
American Families’ Average Net Worth
The most recent Survey of Consumer Finances, published by the…
