Net worth over $20 million

[Anonymous]

I know plenty of people in Arlington with a net worth of at least this much and in many cases much more. They live in the normal $2.5m McMansion and drive normal cars. Sometimes their kids go to private schools, and sometimes public. They are just regular people like you and I but they fly first or business class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is it true that only 280,000 people in the US have a net worth over $20 million? That seems low. Is that an old figure from before the stock market went bananas?

Why, OP? Because there are like 3 of you hanging out on this forum and posting how easy it must be to accumulate this wealth we should assume that everybody and their mother is loaded?

What do we do with various statistics of how most US households are a job loss away from being destitute and don't even have a few months of savings available to them? Or people who are close to retirement and have less than 500K NW? 280k is less than 1% of total US population, it sounds about right to me. There are millions of low millionaires but 20 mil is a different level that's much harder to achieve because vast majority of people aren't good at investing without panic or creating successful businesses or earning 7 figures.

It’s estimated that 40% of Nvidia’s workforce is worth $20MM or more…that’s like 15,000 people at just one company.

Now extrapolate to all these tech companies that have seen huge stock runs over the last several years…not to mention OpenAI is private and is valued at $250BN, so you have hundreds there worth at least $20MM on paper…as well as at all these other AI companies.

FYA OpenAI caps PPU gains at 10x. So if your PPU was worth $500K it can only 10x before it is capped per PPU (so $5M). I think they were working to remove this but not sure if that ever went through. NVIDIA isn’t capped since it’s proper RSUs.

They just did a private secondary at a $250BN valuation so employees could sell shares. They said like a dozen early employees were able to sell shares garnering over $100MM each. These are the types of employees META is offering $100MM signing bonuses to poach.

I don’t how that works with the RSUs you mention above.

$250 billion??

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have no idea who many there are in the US.

But I have come to realize that people are not frugal once they earn serious money.

I know this because we have 20M through investments and being actually frugal. The people we know who have large salaries do not live like us. I don't think anyone actually realizes how much we've accumulated, since we're still in our starter home, with our starter cars - and that's fine, we like flying under the radar! But I know we are definitely weirdo outliers

Similar story here. Worth $16M and live in a small house in a nice neighborhood. Public schools for kids and 1st is at a public university. Low to mid 50s and will likely retire when last kid gets out of college. Expect to have $30M by then. Drive old cars and buy reasonable clothes. But nice vacations with the kids.

James Grubman ("Strangers in Paradise") calls it the Fearful Frugal. A bit sad actually.

NP. This is essentially us, too, but I don’t think it’s sad at all. When you have a ton of money, you might realize that spending it on frivolous stuff really doesn’t make you happier.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is it true that only 280,000 people in the US have a net worth over $20 million? That seems low. Is that an old figure from before the stock market went bananas?

Why, OP? Because there are like 3 of you hanging out on this forum and posting how easy it must be to accumulate this wealth we should assume that everybody and their mother is loaded?

What do we do with various statistics of how most US households are a job loss away from being destitute and don't even have a few months of savings available to them? Or people who are close to retirement and have less than 500K NW? 280k is less than 1% of total US population, it sounds about right to me. There are millions of low millionaires but 20 mil is a different level that's much harder to achieve because vast majority of people aren't good at investing without panic or creating successful businesses or earning 7 figures.

It’s estimated that 40% of Nvidia’s workforce is worth $20MM or more…that’s like 15,000 people at just one company.

Now extrapolate to all these tech companies that have seen huge stock runs over the last several years…not to mention OpenAI is private and is valued at $250BN, so you have hundreds there worth at least $20MM on paper…as well as at all these other AI companies.

FYA OpenAI caps PPU gains at 10x. So if your PPU was worth $500K it can only 10x before it is capped per PPU (so $5M). I think they were working to remove this but not sure if that ever went through. NVIDIA isn’t capped since it’s proper RSUs.

They just did a private secondary at a $250BN valuation so employees could sell shares. They said like a dozen early employees were able to sell shares garnering over $100MM each. These are the types of employees META is offering $100MM signing bonuses to poach.

I don’t how that works with the RSUs you mention above.

$250 billion??

Yes

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is it true that only 280,000 people in the US have a net worth over $20 million? That seems low. Is that an old figure from before the stock market went bananas?

Why, OP? Because there are like 3 of you hanging out on this forum and posting how easy it must be to accumulate this wealth we should assume that everybody and their mother is loaded?

What do we do with various statistics of how most US households are a job loss away from being destitute and don't even have a few months of savings available to them? Or people who are close to retirement and have less than 500K NW? 280k is less than 1% of total US population, it sounds about right to me. There are millions of low millionaires but 20 mil is a different level that's much harder to achieve because vast majority of people aren't good at investing without panic or creating successful businesses or earning 7 figures.

It’s estimated that 40% of Nvidia’s workforce is worth $20MM or more…that’s like 15,000 people at just one company.

Now extrapolate to all these tech companies that have seen huge stock runs over the last several years…not to mention OpenAI is private and is valued at $250BN, so you have hundreds there worth at least $20MM on paper…as well as at all these other AI companies.

FYA OpenAI caps PPU gains at 10x. So if your PPU was worth $500K it can only 10x before it is capped per PPU (so $5M). I think they were working to remove this but not sure if that ever went through. NVIDIA isn’t capped since it’s proper RSUs.

They just did a private secondary at a $250BN valuation so employees could sell shares. They said like a dozen early employees were able to sell shares garnering over $100MM each. These are the types of employees META is offering $100MM signing bonuses to poach.

I don’t how that works with the RSUs you mention above.

$250 billion??

Employee Share Sale: OpenAI is reportedly exploring a secondary sale of shares from employees, which would value the company at around $500 billion.

[Anonymous]

Anonymous wrote:This is too low. Of course I understand that my circle of friends is not a random sample, but personally know probably more than 25 people. And that does not include celebrities like Bill Gates, etc. I am not buying this number.

Similar. We personally know multiple billionaires with at least PT residence in the DC area (none of whom show up on any lists) and 25+ UHNW (on the low end) worth over $100M. Most are self-made from MC backgrounds but there’s some old money thrown in there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is too low. Of course I understand that my circle of friends is not a random sample, but personally know probably more than 25 people. And that does not include celebrities like Bill Gates, etc. I am not buying this number.

Similar. We personally know multiple billionaires with at least PT residence in the DC area (none of whom show up on any lists) and 25+ UHNW (on the low end) worth over $100M. Most are self-made from MC backgrounds but there’s some old money thrown in there.

Mobsters? What billionaires don’t show up on any lists?

How is it people all seem to know many people that meet the threshold…but you yourself don’t?

[Anonymous]

Anonymous wrote:We surpassed that club years ago. I do agree that number seems dated. 20 million is small beans nowadays.

Can you share how you got to that number. Age. Occupation. Etc? Just curious.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have no idea who many there are in the US.

But I have come to realize that people are not frugal once they earn serious money.

I know this because we have 20M through investments and being actually frugal. The people we know who have large salaries do not live like us. I don't think anyone actually realizes how much we've accumulated, since we're still in our starter home, with our starter cars - and that's fine, we like flying under the radar! But I know we are definitely weirdo outliers

Similar story here. Worth $16M and live in a small house in a nice neighborhood. Public schools for kids and 1st is at a public university. Low to mid 50s and will likely retire when last kid gets out of college. Expect to have $30M by then. Drive old cars and buy reasonable clothes. But nice vacations with the kids.

James Grubman ("Strangers in Paradise") calls it the Fearful Frugal. A bit sad actually.

NP. This is essentially us, too, but I don’t think it’s sad at all. When you have a ton of money, you might realize that spending it on frivolous stuff really doesn’t make you happier.

And that begs the question why you need that money? After a certain point, if you can’t spend it, you’re hoarding it. Surely there’s a charity you can give a nickel to while Americans are struggling.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is too low. Of course I understand that my circle of friends is not a random sample, but personally know probably more than 25 people. And that does not include celebrities like Bill Gates, etc. I am not buying this number.

Similar. We personally know multiple billionaires with at least PT residence in the DC area (none of whom show up on any lists) and 25+ UHNW (on the low end) worth over $100M. Most are self-made from MC backgrounds but there’s some old money thrown in there.

Mobsters? What billionaires don’t show up on any lists?

How is it people all seem to know many people that meet the threshold…but you yourself don’t?

There’s plenty of family businesses that are 100% private and worth billions that won’t show up in any public filings. Same for those with billions in Bitcoin or those who inherit massive trusts.