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We Desperately Need Maximum Wage Laws
(jacobin.com)
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this post was submitted on 20 Oct 2025
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I think "millionaires" is probably a bit too broad depending on exactly how you define it. A million dollars doesn't go nearly as far as it used to.
Most insanely wealthy people don't necessarily have millions or billions of dollars sitting around in cash or in their bank accounts, that worth includes things like investments and real estate.
So going by that most people who own a house are probably around halfway to being a millionaire just due to that, add in a retirement account and some savings and odds are theres probably a lot more "millionaires" walking around than you'd think.
I have a relative who retired a few years ago, he worked as a bricklayer his entire life, and don't get me wrong, that's a solid job, and he was very good at it, so he made good money, but he wasn't his own boss, or anyone else's for that matter, wasn't actively playing the stock market or anything, just a guy who worked his whole life, lived within his means, saved money, put it into safe retirement accounts and such, etc.
He retired with about 1.5 million. I'm not totally clear if that includes the value of his house or not, if it does that would still put him at around 1 million in savings and investrents, and if it doesn't you can bump him up to around 2 if we measure him like we do the really wealthy people.
And there's a good chance that medical bills and such will eat up a good amount of that from him in the coming years..