Roughly 1 in 10 adults in the U.S.—about 24 million people—are millionaires, but that status often reflects assets like home equity or retirement accounts (like 401ks) rather than liquid wealth. Today’s millionaires aren’t living lavish 1970s lifestyles; their wealth is typically tied up in long-term assets they can’t immediately spend. Being a millionaire now is more about financial security than luxury.

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