Last Updated on August 4, 2025
What once symbolized elite wealth and a life of luxury—a net worth of $1 million—has evolved. Today, it’s increasingly possible to become an everyday millionaire through discipline, smart investing, and long-term financial planning.
As a child, Heidi Barley watched her family pay for groceries using food stamps. She dropped out of college because she couldn’t afford the tuition. In her twenties, while barely making ends meet, her salary dropped to just $34,000 a year.
But this summer, at age 41, she achieved something that had once seemed out of reach: she became a millionaire.
And she’s not alone.
The Rise of the Everyday Millionaire
Across the United States—and increasingly in parts of Europe—more and more everyday people are reaching seven-figure net worths. What was once reserved for celebrities or corporate executives is now within reach of those with moderate incomes who practice smart investing and financial discipline.
According to a recent UBS Wealth Report, nearly 10% of U.S. adults now have a net worth of $1 million or more. That’s a stark increase from 1993, when the IRS reported just 1.6 million millionaires. Today, that number is nearly 24 million. Around 1,000 new millionaires are created every day in the U.S. alone.
In Europe, the pattern is similar. Countries like Germany, France, and the UK are seeing strong growth in personal wealth due to rising property values, access to global markets, and compound investing through ETFs and index funds.
Why $1 Million Isn’t What It Used to Be
While the millionaire status still carries social weight, its financial meaning has changed. Due to decades of inflation, $1 million in 1995 had the same purchasing power as over $2.1 million today. In many large cities—whether in the U.S. or Europe—a million won’t even buy a modest home.
As Michael Ashley Schulman, Chief Investment Officer at Running Point Capital Advisors, puts it:
“Being a millionaire today doesn’t mean private jets—it means financial stability.”
In that sense, millionaires have become the new financial middle class—comfortable, but not extravagantly wealthy.
The Millionaire Mindset: Money as a Tool, Not a Trophy
Modern millionaires often share a mindset focused on value, security, and freedom—not luxury.
Take Heidi Barley. After receiving a $5,000 pension payout, she followed a friend’s advice and began investing in low-cost index funds. She lived below her means, kept expenses minimal, and saved aggressively.
Even after crossing the millionaire mark, Barley continues to live modestly:
- She uses grocery store bags as trash liners.
- Her family lives in a modest home in Orlando.
- She saves half her salary every month.
“It felt like a big moment,” she says, “but it wasn’t as glamorous as I imagined it would be.”
For many like her, reaching $1 million in net worth is not the finish line—it’s a financial milestone that allows more breathing room, career flexibility, and peace of mind.
What Today’s Millionaires Have in Common
Whether in Stockholm, Berlin, or Boston, today’s self-made millionaires tend to share some key habits:
- They invest early and consistently—especially in real estate and ETFs.
- They live below their means and avoid lifestyle inflation.
- They prioritize education and financial literacy, often teaching their children the same values.
Some, like Dan Yusen from Rhode Island, see hitting seven figures as simply a point of comfort:
“It lets you exhale,” he says. “That’s it.”
And importantly, wealth is still unevenly distributed. In the U.S., the top 10% of households hold two-thirds of the nation’s wealth (averaging over $8.1 million), while the bottom 50% hold just 3%—roughly $60,000 per adult. Similar disparities exist across Europe, particularly along lines of race, ethnicity, and regional income levels.
The FIRE Movement: Financial Independence, Early Retirement
Many of these new millionaires have been inspired by the growing FIRE movement (Financial Independence, Retire Early).
Take Jason Breck from Indiana, who hit $1 million nearly a decade ago. He and his wife retired early, now live on just $1,500 a month, and spend several months each year traveling abroad.
They avoid luxury, don’t pay for streaming services or food delivery apps, and fly economy. They drive a 2005 Toyota.
“A million isn’t a golden ticket anymore,” Jason says. “But it does buy freedom and peace of mind.”
They may not be rich in yachts—but they’re rich in time.
What This Means for Europeans
For European readers, the message is the same:
You don’t need to inherit wealth or earn six figures to become a millionaire. With compounding interest, low-cost investments, and long-term discipline, achieving a net worth of €1 million or more is realistic over time.
European savers can use broad-market ETFs, pension plans, or even real estate to build wealth—especially when combined with frugal habits and a long-term strategy.
Final Thoughts: Becoming a Millionaire Is About Choices, Not Luck
Today, being a millionaire means you’ve made consistent, smart financial choices. It doesn’t mean excess.
It means stability, freedom, and the ability to focus your time where it matters most.
For many across the U.S. and EU, the dream of millionaire status is more achievable than ever—just not in the way we imagined as kids.
This article is adapted from an original Associated Press report. You can read the original version here.