I concur, but location is a massive factor in who looks like a millionaire and who doesn't. A single million in Cupertino gets you a house that's about 1500 square feet with a tiny yard, while just an hour south of Cupertino a million could get you a 4000 square feet house with several acres.

Usually visible millionaires are probably a lot richer though or just really bad at saving. The question is who's going to do well in the long run, and that's most likely the one that's always saving.