Evan Prodromou$100K or less
About $1M
About $10M
$100M or more
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Renaighâ˜@evan depends on how its acquired, I'd be suspicious of how someone who became a millionaire but usually it just means they were born lucky and we can't control what life we get.
@Renaigh The median salary in the developed world is around US$50K and a typical career is about 50 years. Lifetime earnings around $2.5M. So $1M in personal wealth at that point means that someone retained about 40% of their earnings in the form of home equity and a retirement account. Or they retained less as a percentage, but it grew in value over time.
Geoff Coffey@evan @Renaigh If you bought a modest home at the start of that career in many markets, that home alone would be worth well over a million dollars today.
For instance in San Francisco the median home price was around $75k in 1976. If you bought that house then, and did basic maintenance, it would be worth over 2 million today. "retaining" income isn't a very good model for wealth if you assume home ownership (and 401K/IRA would have the same problem).