America, Prepare To Say Hello To A Lot More Millionaires

The millionaires' club in America is set to welcome millions of new members in coming years.

The number of Americans with millionaire status is slated to grow by an average of 1,700 every day for the next few years, according to projections by the Boston Consulting Group.

There are roughly eight million American households with assets worth more than $1-million, according to the firm. By the year 2020, it's predicted that the millionaires’ club in the United States (which grew by 2.4 million from 2010 to 2015) will have 3.1 million new members.

Bloomberg suggests this impending spike will largely be driven by the fact that much of the country’s wealth is concentrated among older generations, whose offspring are about to inherit the big bucks.

Inheritance plays a major role in maintaining financial growth, according to a recent survey by consulting firm Spectrem Group. Over 73 percent of surveyed investors under 50 with assets above $25-million reported that inheritance had a part in their success.

About 75 percent of Americans make just enough to get by each year, which means a dramatic increase in the number of millionaires through inheritance is unlikely to shake up the order of concentrated wealth.

Millionaire status doesn’t carry quite the same weight it used to, of course, considering a net worth of $1-million today has the buying power of about $341,000 in 1980. Still, we wouldn’t exactly be turning our noses up at a membership card.

h/t Fortune, Bloomberg

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