How Many Americans ACTUALLY Have $1 Million or More?

About this video

• Video Title: How Many Americans ACTUALLY Have $1 Million or More?
• Channel: See the Forest Through the Trees
• Speakers: [No speaker names provided in the transcript]
• Duration: 00:09:10

Overview

This video explores the reality of millionaire status in America, using data from the UBS Global Wealth Report. It clarifies what constitutes net worth, breaks down the number of adults who meet the $1 million threshold, and explains the significant difference between the mean and median wealth, highlighting wealth concentration at the top. The video also touches on the negative side of wealth distribution and advises viewers against comparing their financial situations to broad statistics.

Key takeaways

• Defining Millionaire Status: The video clarifies that "millionaire" status is based on net worth (assets minus debts), including home equity, and is calculated on an individual, adult-only basis.
• Prevalence of Millionaires: Approximately 10% of American adults, or about 23.8 million people, have a net worth of $1 million or more, a figure that is larger than often perceived but still a minority.
• Mean vs. Median Wealth: The mean wealth per adult in the US is significantly skewed by the ultra-wealthy ($620,654), while the median wealth ($124,041) provides a more realistic picture of the financial standing of the person in the middle.
• Wealth Concentration: A large portion of wealth is concentrated among a small percentage of the population, leading to a vast difference between the mean and median wealth.
• Negative Net Worth: Around 2% of American adults have a negative net worth, often due to significant debt like student loans or credit cards.
• Personal Financial Focus: Viewers are encouraged to focus on their individual financial progress rather than comparing themselves to national averages, as personal circumstances, goals, and timelines are unique.