There’s something about having $1,000,000 that garners people’s attention – like a magnet, that big round number can’t help but attract your eyes. It’s a number that people associate with having wealth. Something about turning 6 digits in an account into 7 captivates the American population; it’s a far away goal that is just close enough that many people inadvertently strive to reach that number.
Which makes sense, being a millionaire is actually quite a common occurrence. About 11 million Americans are considered millionaires, sounds crazy high right? Well, compared to the population of the US (325 million) that’s about 3.4% of the American population that are millionaires. In some areas it’s even more extreme, 13% of New York City’s population are millionaires, the highest concentration of what is labeled as “High Net Worth” individuals in the world.