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Rising Living Costs Leave Millionaires Feeling Less Wealthy

4/14/2026

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Summary

Story summary

The number of American millionaires has increased, but many feel less wealthy due to rising living costs.
Today, one million dollars has the purchasing power of about $480,000 from 30 years ago.
New millionaires report feeling financially stable but not wealthy enough to retire early or live extravagantly.
This trend highlights growing economic inequality as high-income families benefit from rising home values while lower-income Americans struggle.

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Story summary

The number of American millionaires has increased, but many feel less wealthy due to rising living costs.
Today, one million dollars has the purchasing power of about $480,000 from 30 years ago.
New millionaires report feeling financially stable but not wealthy enough to retire early or live extravagantly.
This trend highlights growing economic inequality as high-income families benefit from rising home values while lower-income Americans struggle.