One in ten Americans are now a millionaire

There’s new report out that shows one in ten Americans is now a millionaire.

The Swiss bank UBS says 23.8 million people in the U.S. have a net worth of at least one million dollars, a 15-fold increase from 30 years ago.

Each day, one thousand Americans become millionaires, thanks largely to their rising home values and 401k’s. But those seven figures aren’t what they used to be.

As Michael Ashley Schulman at Running Point Capital Advisors puts it, a million dollars “is the new mass-affluent middleweight class, financially secure but two zeros short of private-jet territory.”