More than eight million households have $1 million or more today.
Becoming a millionaire isn't what it used to be.
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That's the essence of a new report out from Boston Consulting Group. In its tally, which Bloomberg cites in an article on Monday, the number of millionaires in the U.S. jolted by 2.4 million between 2010 and 2015--with more than 8 million households reporting financial assets of $1 million or more. That excludes people's typically biggest asset, their home. What's more, another 3.1 million millionaires will be minted by 2020, or 1,700 a day, according to BCG.
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Most of these newly rich Americans will increase their wealth via inheritances as we enter what Bloomberg has dubbed the "largest generational transfer of wealth in history." Yet a good number of millionaires will be self-made.
Entrepreneurs stand to gain in a globalized economy as Bloomberg notes that for those working in tech and finance "the rewards for success can be huge." Add to that the recent discovery of an uptick in small businesses survival rates and you might have better chances of breaking the seven-figure barrier.
To be sure, not every business owner will have a Dollar Shave Club, which was snapped up by Unilever for $1 billion this year, on his or her hands. However, it could happen to you, as the American Dream would seem to be alive and well, if only for some.