Call them the new millionaires. Once upon a time — certainly within living memory — becoming a millionaire was a big deal. It was a badge of economic distinction, enjoyed by a tiny elite.
No more.
By 2016, slightly more than 9 million U.S. households had a net worth of $1 million or more, according to new calculations by economist Edward N. Wolff of New York University. Of these, an estimated 1.85 million households had a net worth exceeding $5 million.