The Number of ‘Everyday Millionaires’ Is Skyrocketing: Here’s the One Asset Making Them Rich
Written by
Jacob Wade
Edited by
Rebekah Evans
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The idea of the American Dream has always included the possibility of becoming a millionaire. In 2024, this became a reality for a lot more people. A study from UBS shows the U.S. added more than 379,000 new millionaires last year (over 1,000 every single day), making America home to nearly 40% of all millionaires worldwide.
But this isn’t because Americans are earning more money or even investing smarter. There’s a deeper truth about how wealth is generated at the everyday level, not just among Wall Street titans or founders of tech unicorns. Let’s break down what’s driving this boom in everyday millionaires, the one asset that stands above the rest and what research actually says about building real wealth in America.
The Everyday Millionaire Phenomenon
When people hear “millionaire,” they often imagine luxury cars or sprawling estates. That’s outdated. The UBS Global Wealth Report highlighted a different reality: the growth isn’t confined to the ultra-rich. A significant piece of the puzzle comes from a group dubbed “everyday millionaires,” individuals with investible assets between $1 million and $5 million. This group has grown dramatically over recent decades.
What’s interesting is that these everyday millionaires often don’t feel wealthy by traditional standards. Research from Northwestern Mutual showed only about one-third of American millionaires actually consider themselves wealthy, even though they’ve crossed the seven-figure threshold.
That perception shift reflects broader wealth trends. A million dollars today doesn’t stretch as far against rising costs for housing, healthcare and education. But the sheer number of new millionaires still highlights a trend worth understanding.
The Asset Fueling the Boom: Home Equity
If you look at how everyday millionaires got there, one asset stands out above all others: home equity. Your home may feel like “just a place to live,” but for millions of Americans it is their largest asset. Growing home values have pushed many net worth statements into seven figures without flashy business ventures or stock options.
Here’s how that works in practice:
- Forced savings. Every mortgage payment includes principal reduction, which builds equity over time. For many households, this functions like an automatic savings plan.
- Appreciation. Over decades, home prices in many U.S. markets have far outpaced inflation. Rising home values translate directly into rising net worth for homeowners.
- Wealth concentration. Home equity remains the number one driver of net worth for middle-income Americans. In the U.S., it accounts for a significant share of household net worth, especially among those who haven’t yet accumulated large investment portfolios.
This isn’t to say stocks or retirement accounts don’t matter. They do. But the reality is that for a huge swath of new millionaires, home equity is the asset that pushed them across the threshold.
If you’re looking to join the ranks of everyday millionaires, here are some tips for you to implement now:
- Focus on long-term growth, not short-term gains
- Treat your home as part of your wealth plan
- Save consistently
- Stay the course
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