As Democratic lawmakers look for ways to tax billionaires, the ranks of millionaires are expanding by the million. The U.S. minted 1.73 million new millionaire households last year, lifting its total at year-end 2020 to 21.95 million, according to the Credit Suisse Global Wealth Report.
For the first time, 1% of adults world-wide are millionaires. Although the term can apply to any currency, the U.S. dollar is considered the standard gauge. (The British sometimes snarkily refer to upper-middle-class Americans as “dollar millionaires.”)