A $1 Million Nest Egg Is Just Not Enough These Days

These days, many wealth seekers say $1 million is no longer enough to be considered wealthy. With the rising cost of living, and the lengthy retirements many people must plan for, financial experts say the new benchmark for the rich is $5 million. While the number of millionaires has nearly doubled in the past decade, the number of “penta-millionaires” has quadrupled.  The number of U.S. households with $5 million or more in net worth has grown to 1.14 million as of last year from 250,000 in 1996.

This entry was posted on Monday, October 22nd, 2007 at 10:02 am and is filed under Money Savvy, News, Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.