20% of Americans expect to be millionaires by 2020
But the majority –- 62% -- still believe it’s “very unlikely” that they’ll reach the threshold by 2020, according to a new poll from the Associated Press and CNBC. Just 8% of U.K. residents believe they’re on the millionaire track.
And last year, only 5% of Americans reached the million-dollar mark -– which two in ten believe is the minimum amount of money for a comfortable retirement.
Volatility in the stock market, along with stalled job openings, dropping home values and low consumer confidence likely prevented more Americans from shooting for millionaire status.
Even with that amount of money, respondents said they would save or invest nearly a third of the pot while spending less than 15%. The rest would go to family, debt payments, real estate and charitable donations.
Still, the number of U.S. millionaires is rising, set to double to 20.5 million in 2020, according to the Deloitte Center for Financial Services. The combined worth of the group would soar to $87 trillion from $39 trillion this year.
-- Tiffany Hsu
Photo credit: Scott Eells / Bloomberg