Never Mind the 1%. Mini-Millionaires Are Where Wealth Is Growing Fastest.

Last week the Federal Reserve revealed that last year the average net worth of American families topped $1 million for the first time, surging 42% from $749,000 in 2019. 

Of course, that average is skewed by a small number of billionaires and multimillionaires. Inflation meant real wealth didn’t increase as much. And pandemic-era stimulus boosted asset values, perhaps beyond their fundamental values.