I know that regardless of how much I make, in my heart I will always be a prole, and that will never change because I lack the mannerisms and the connections said people. I grew up in a different world, and even if I were to spend every waking hour with them, things wouldn't change, and frankly I am not interested in it either.
If you didn't want to wait that long, traditional Irish law also allowed you to purchase an equivalent-to-lordly status for yourself. You held equal rank with actual lords, but there were two major downsides: (1) this was a tremendous ongoing expense, more than many actual lords could have afforded; and (2) unlike true lordship, your status was not hereditary.
In a Western country with mandatory pensions (such as Finland), a mid-income couple should have effective net worth over $1 million (excluding primary home) by the time they retire. They are just not counted as millionaires, because they have pensions instead of retirement savings. Had they been able to save for retirement instead of making pension contributions (which are mostly used to fund current pensions), their net worth would be twice as high.
A recent middle class retiree should be a millionaire. If most of them are not, there is probably something structural that prevents people from saving as much as they should.
By your math, the US millionaire couple about to retire is actually 'worth' 3 million.
Also, your numbers are misleading. The average lifetime payout numbers include Medicare benefits in addition to Social Security. You should also use estimated present-day values instead of lifetime payouts if you want to compare benefits to savings.
Median full-time income in the US in about $55k. A quick estimate for Social Security payments for someone retiring today at the nominal age with that income is $1580/month. That becomes ~$38k/year for a couple, which is ~$750k using the 5% rule. Median household net worth, including primary residence, is ~$250k at retirement age.
My estimate was based on a median income of ~$40k and pensions that pay ~60% of income. That would become almost $1M for a couple using the 5% rule, in addition to ~$200k household net worth at retirement age.
By these very rough estimates, the median recent retiree is worth 9 years' income in the US and 15 years' income in Finland. That supports the idea that there is a shortage of millionaires in the US.
Yes, that's the problem your parent comment is pointing out.
You're not trying to count them either. The value of a pension isn't the payouts it provides. It's what an identical financial structure would cost. A pension that pays out $1 million over 15 years is worth less than $1 million.
You appear to be correct on the original point that US social security payments are pretty comparable to Finnish pension payments. As of March this year, the average Finnish payment was 1784 euros and the average American payment was 1537 dollars.
https://en.m.wikipedia.org/wiki/List_of_countries_by_number_...
Income taxes are paid by the working class, while millionaires are rich because they own valuable assets which are often tax free if inherited in most of Europe (the rent seeking class). They didn't become millionaires because they paid 50% tax on their €50k/year 9-5 job, but because someone down their family tree lucked out economically decades/centuries ago and left them a nice inheritance of appreciating assets or businesses.
Wich is why most of Europe's millionaires come from wealthy old money families with inter-generational wealth that has been rolled over for centuries, often tax free.
The richest families in Europe are rich since at least 50 years, to hundreds of years.
The US is a lot more progressive than Europe here since it has inheritance taxes on wealth to prevent the formation of such feudal families, wile most for Western Europe has policies to protect the wealth of the old rich families.