Why Don't Millionaires Feel Like "Millionaires" Anymore?

Recently, millionaires just have not felt like millionaires. Many have net worths of $1, 2, or 3 million but they would classify themselves as falling squarely into the middle class. It’s easy to describe these individuals as spoiled brats who don’t realize how good they have it but there is some truth to what they’re feeling especially in cities like San Francisco and New York City. Originally, when the term millionaire was coined, the people that the term referred to was the richest people in the world like Rockefeller, Carnegie, and JP Morgan. But today, there are many non-executive roles that pay a million dollars every single year most thanks to tech companies who have minted millions of millionaires. In fact, in San Francisco, a financially comfortable net worth is $1.7 million. To be considered wealthy, a net worth of $4.7 million is required so the value of being a millionaire has definitely fallen off a cliff. This video explains the history of millionaires and why millionaires don’t feel like millionaires anymore.

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Timestamps:
0:00 - “Millionaires”
2:04 - The Birth Of Millionaires
5:10 - The Golden Period
8:26 - Tech Millionaires

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Disclaimer:
This video is not a solicitation or personal financial advice. All investing involves risk. Please do your own research.
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