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A comment on Charlie Munger: Turning $2M Into $2T. Parent comment

Re:Charlie Munger: Turning $2M Into $2T by xyzelement on Wednesday September 20, 2023 @02:53PM (#37588382)
// There are approximately 25M millionaires in the US.

Really? Population of the US is like 350M. Is 7% of US population millionaires? Like, one of out every 14 people out there? I guess that's believable but counter-intuitive.

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Re:Charlie Munger: Turning $2M Into $2T by GartzenDeHaes on Wednesday September 20, 2023 @02:59PM (#37588469)
One Million Dollars isn't exactly a lot of money anymore. Seems as if single family homes cost nearly a million in many larger cities.
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Re:Charlie Munger: Turning $2M Into $2T by missedthecue on Wednesday September 20, 2023 @03:11PM (#37588661)
Remove minors from the population, and it's 1 in 10 americans that are millionaires.
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Re:Charlie Munger: Turning $2M Into $2T by nly on Wednesday September 20, 2023 @02:58PM (#37588454)
Property wealth
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Re:Charlie Munger: Turning $2M Into $2T by BurningFrog on Wednesday September 20, 2023 @03:08PM (#37588627)
The US is still much wealthier than other industrial nations.
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Re:Charlie Munger: Turning $2M Into $2T by ReptileMan on Wednesday September 20, 2023 @03:00PM (#37588487)
If average house prices in desirable densely populated areas are above 1M$ it is not hard to have a lot of millionaires.
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Re:Charlie Munger: Turning $2M Into $2T by mcguire on Wednesday September 20, 2023 @03:43PM (#37589059)
https://www.census.gov/content/dam/Census/library/publicatio...

"The median household wealth in 2021 was $166,900. The 10th percentile of household wealth was zero dollars, meaning 1 in 10 households had wealth of zero dollars or less. The 90th percentile of household wealth was $1,623,000, meaning 1 in 10 households had wealth exceeding $1.6 million."

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Re:Charlie Munger: Turning $2M Into $2T by xyzelement on Wednesday September 20, 2023 @06:14PM (#37590884)
We live in an amazing country. Presumably some of the <0 folks are recent grads with student debt etc rather than the classical poor as well.
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Re:Charlie Munger: Turning $2M Into $2T by kjkjadksj on Wednesday September 20, 2023 @10:00PM (#37592426)
Plenty of classic poor too. 4 in 10 americans can’t cover a $400 expense without selling assets or taking on debt.
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Re:Charlie Munger: Turning $2M Into $2T by jmann99999 on Wednesday September 20, 2023 @03:51PM (#37589187)
As of 2020 there were 21,951,000 U.S. millionaires (Net Worth), according to Credit Suisse[0]. So the number isn't far off.

[0] https://financebuzz.com/us-net-worth-statistics#sources

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Re:Charlie Munger: Turning $2M Into $2T by tick_tock_tick on Wednesday September 20, 2023 @04:20PM (#37589623)
The USA is crazy rich even compared to Europe or most western nations.
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