Why Many Paper Millionaires Don’t Feel Rich
May 12, 2026
According to an analysis of Census Bureau survey data, more than 24 million U.S. households — or one in five — reported having at least $1 million worth of assets in 2023. About one-third of those households crossed that threshold after 2017, as home values and the stock market soared. For households with assets totaling $1 million to $2 million, much of that wealth is locked up in primary residences and retirement accounts. Meanwhile, high interest rates have made it costly to borrow against liquid assets like real estate when cash is needed for large expenses.
Share of wealth held in each asset type by household’s net worth, 2023
12M households have $1M-$2M
Housing 39%
Retirement accounts 33%
Liquid assets 17%
Business 4%
Other 7%
8.5M households have $2M-$5M
Housing 31%
Retirement accounts 37%
Liquid assets 22%
Business 4%
Other 6%
3.5M households have $5M+
Housing 23%
Retirement accounts 33%
Liquid assets 24%
Business 14%
Other 6%
Source: Bloomberg, October 9, 2025 (analysis of U.S. Census Bureau SIPP)
Disclaimers:
Prepared by Broadridge Advisor Solutions. © 2025 Broadridge Financial Services, Inc
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