Being A Millionaire Now Doesn’t Make You Rich

2020 was one of the worst years by far. I don’t even need to present statistics or numbers to prove that. It’s just common knowledge. What’s surprising is this. As reported by Acorns, 1.7 million Americans became millionaires in 2020. Millionaires now make up 8.8% of the U.S. population.That means almost 1 in 10, 8.8%, of U.S. adults are now millionaires, up from 7% in 2015.

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The Economy Is Not Recovering Fast Enough

Federal Reserve Chair Jerome Powell said that the economic recovery remains uncertain as the COVID-19 pandemic spreads unabated. He said and I quote, “The outlook remains highly uncertain, in part because it depends on controlling the spread and effects of the virus. There is a risk that the rapid initial gains from reopening may transition to a longer than expected slog back to full recovery as some segments struggle with the pandemic's continued fallout.”

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