Considering the 4% rule means $1M = $40k per year, either a lot of people are planning on attaining this level of wealth by retirement, or will be highly disappointed with their modest retirement years. (But, probably most are ignorant of the situation)
But seriously, since I am FIRE'd, I have somewhat naturally gravitated toward the retired in my neighborhood: we're the ones around in the middle of the day. (The at-home workers may poke their heads out for a breath of fresh air, but still largely stuck inside for meetings.) Despite a greater prevelance of pensions, this group has a lot of well-to-do, who are always renovating their house / travelling for the summer / doing major changes to the yard / antiquity and winery weeks. And while this is all consumption, my neighborhood is a well-to-do but not gaudy neighborhood, built in the 90's, with a number of original owners still in place.
I find talking to them refreshing, because there is little discussion of politics or the economic worry-of-the-moment. They are much more focused on what they are doing, and who they are doing it with. It's like the outside world has been put on mute.
The neighborhood isn't all that, of course. As older parents of an elementary-aged kid, the other parents still generally start conversations with "what do you do?" Which, depending on my read of how they will react, I will respond with "I'm retired" or "I'm an investor." Either one will occasionally spark sincere questions along how we managed to retire in our late 40's. So, I presume these folks are not in that category of assets, although many of them earn enough that they can and probably will be, eventually.
I like to joke that we ARE the wrong side of the tracks, as nice as we have it. Cross one major road to the north, and out come the Ferraris and Bentleys on the weekend. They pull back in to subdivisions with professional golfer-designed courses. All those folks certainly earn a lot, but that level of consumption makes me wonder how much they have, particularly if their houses are excluded.