Judging by total net worth, millions of Americans have never been richer, but some are still struggling to access that cash.
More than 24 American households are now worth more than $1 million, according to a study by Bloomberg. That's the largest number in history, with one-third of those reaching or topping the milestone since 2017. $1 million isn't what it used to be, though.
The study, based on U.S. Census Data which runs through 2023, finds that just 17% of people whose assets total between $1 million and $2 million have easy access to bank or brokerage accounts. Compare that to a quarter of households with $5 million or more in assets.
As of 2023, the most recent point where data is available, 12 million households were worth between $1 million and $2 million. Some 8.5 million households have between $2 million and $5 million. And 3.5 million have $5 million or more.
The lower-tier millionaires have more than one-third of that money (39%) tied into their home, with retirement assets (which are largely untouchable until the age of 59 and 1/2) making up 33% of their net worth.
People with between $2 million and $5 million have 31% of their value in their home and 37% in retirement savings, with 22% in liquid assets. Those with $5 million or more have one-third in retirement accounts, 23% in their homes and 14% invested in their business, on average. The remainder is liquid.
Generationally, Baby Boomers have the most million-dollar households, with 11.5 million in 2023. Generation X $TWTR was next, with 7. 2million. Millennials and the Silent Generation (born between 1928 and 1945) both boast 2.6 million.
Millionaire status might not bring the comfort it did several decades ago, but it's still nothing to sneeze at, even if many of those funds are not quickly accessible. People who have achieved that milestone far outpace people who make the median household income in 2024. That came in at $83,730.