Think $1 million makes you rich? Here’s what it takes to join America’s top 10%

The wealth gap in America is growing wider every day. According to a new report from the Center for American Progress, the ultra-wealthy in the top .1% and super rich in the top 1% have the highest shares of wealth ever recorded. These households experienced an average increase of $1.8 million in net worth from 2024 to early 2026, while the top .1% saw a more substantial rise of $9.6 million.

On the other hand, the bottom 50% of households only added $1,200 in wealth over the same period. This disparity is staggering, with the top 1% of earners earning $675,602 in adjusted gross income in the most recent federal income tax data, while roughly 1,500 Americans reported over $78.6 million in income in 2023.

The majority of wealth in the U.S. is held by the wealthy, with high net worth individuals typically owning over 70% of their wealth in corporate stock and private businesses, while those in the bottom half mostly have their wealth tied up in real estate, i.e., their homes. This has created a K-shaped economy, where the rich continue to get wealthier and the poor get poorer.

Americans in the lower half of the wealth distribution are struggling to make ends meet, even as high earners enjoy significant gains. Inflation has made everyday necessities more expensive, putting extra strain on low-income households. Wealthy individuals, however, have more cushion to absorb the impact of rising prices, as their investments typically perform well.

Even though a net worth of $1 million is still considered a significant achievement, it doesn't provide the same level of financial security it once did due to inflation and wealth consolidation. In 2024, every day around 1,000 Americans crossed the threshold of a $1 million net worth, highlighting the ongoing influx of new millionaires.

However, the reality is that $1 million doesn't go as far as it used to, and the bar for attaining American affluence has likely risen even higher since then.