I would wager a lot of "wealth" is in the value of the homes they live in. That is it is illiquid wealth they cannot use. When you factor in medical debt, their liquid wealth is a lot less rosy.

A net worth millionaire nowadays is just a person who bought a single family home at least 10 years ago. A million bucks is not what it used to be.

"Millionnaire" is meaningless.

There is a huge difference between someone with a net worth of 1M (owns a small home, still needs to work for a living) and a net worth of 30M (can get more than 1M per year of capital revenue without working).

And I'm not even talking about billionaires.