Be the most informed person in the room with Newsy's free e-newsletter

View our privacy policy: http://www.newsy.com/privacy/
Getty Images

More Americans Will Become Millionaires In 2017, But It's Not All Good

A million dollars doesn't go as far as you might think.

By Lauren Stephenson | November 22, 2016

The number of millionaires in the U.S. appears to be growing. America will gain about 1,700 new millionaires each day between now and 2020.

That's according to Bloomberg, which cites data from Boston Consulting Group.

That shouldn't come as much of a surprise. In 2015, the U.S. added 300,000 new millionaires, according to CNBC, which cited a report from Spectrem Group.

Article Continues Below

SEE MORE: World Billionaire Rankings Remind Us How Filthy Rich These People Are

When you look at the U.S. and Canada combined, millionaire households hold 63 percent of the countries' private wealth, according to BCG's Global Wealth 2016 report.

But don't get all excited just yet. A million dollars doesn't go nearly as far now as it has in the past.

Just look at the U.S. Bureau of Labor Statistics inflation calculator's results. 

For example, $1 million in 2016 has the same buying power as:

--$340,877.59 in 1980

--$540,688.13 in 1990

--$712,367.98 in 2000

--$902,068.02 in 2010

SEE MORE: This Fake Money Was Made For The Movies But Was Used In A Real Scam

Plus, as Bloomberg points out, as incomes resulting in those "millionaire" households have risen, so have costs. 

And let's not forget that with more millionaires comes a shrinking middle class.

As Pew Research Center reported a little less than a year ago, the middle class lost its title as America's economic majority. Instead, people in low-income and upper-income households combined slightly outnumbered middle-income households.

Pew found the lowest-income tier in 2015 was 4 percent higher than it was in 1971, while the number of Americans belonging to the nation's highest-income tier grew 5 percent (just more than double) from 1971 to 2015.

And if being a millionaire isn't enough, apparently this is a prime time to become a billionaire. Barron's "Penta" recently reported the number of billionaires in the U.S. grew by 100 between 2010 and 2015, for a total of 492.

Want to see more stories like this?
Like Newsy on Facebook for More Economy Coverage