Do you know many multi millionaire IRL?

[reeshau]

Private jet is certainly expensive and out of reach for normal people,

Fractional jet ownership starts at $350k.  There are also charter services to use other people's jets.

Just to say, these can be rented / consumed without all that capital, too.  And, not that this is something for "normal people," but far less than 9 figures is required.

[rmorris50]

Between family and close friends, very few, I can count them on one hand and that's including me. Through coworkers and acquaintances living in NYC for so long, a lot.

I grew up in the midwest, with a large family living a lower middle class lifestyle financed by debt. My family and circle of friends still reflect that section of the population to this day.

I somehow, between hard work and being lucky, managed to escape the gravity of being lower middle class. But most of my friends and family haven't. And there is definitely an "eat the rich" sentiment brewing, so I have become much more tight lipped about my financial situation. Even though most know have figured out I've done well.

Interestingly I find myself with some sort of version of "survivor's guilt". That I don't have to struggle or keep working while my family and friends do.

[Villanelle]

My parents are. They had already done a good job investing for retirement but reached multimillion when my mom inherited a large part of her parent's farm, which was worth 8 million dollars. She was so happy when she told me that one day I would inherit part of it and that I would be a millionaire. I didn't let her know that I will already have a million before I get any from her!

There’s a joke about an older couple at a Mercedes dealership, eyeing a loaded S-Class with the salesman on their heels offering to answers any questions. The wife tells the salesman they’re concerned because they want to leave the bulk of their wealth to the kids and the salesman says “If you don't buy it I guarantee your kids will be driving one as soon as you’re gone.”

This joke is funnier to young people because many older wealthy types would actually rather leave the bulk of their assets to their kids than spend it.

It’s amazing how much better giving is in comparison to spending for many people. Your mom sounds like one of them. She loves you.

This is my parents.  I'm fairly confident they meet the criteria in the OP, yet if I go shopping with mom she will hem and haw about buying a sweater that's 60% off and will cost her <$20 and that she clearly really likes.  Frequently, she will say she won't buy it unless I find something in the store she can buy for me as well.  (I have a number of solid tees in many colors, since they have a decent basics like at her favorite store, and often nothing else there appeals to me. I grab one because I want her to have that sweater, not because I need a tee.)

I'm grateful that mom and dad have started allowing themselves more travel in the last 5ish years, because they clearly enjoy it.  Their travel is fairly moderately priced (and uses a timeshare thingy that they've gotten a TON of value out of, contrary to the usual experience), but it's not crazy cheap.  It pleases me that they are going on 2 trips a year, far more than it would please me to inherit a few thousand dollars more for each year they do this. 

Same with massages.  There's a massage school near my mom where she can get a massage for about $40.  She really enjoys it, but can't bring herself to spend the money to do it as more than a special occasion thing.  I wish she'd spring for the $80mo it would cost her to get her 80-yo body  massaged every other week.  But no luck convincing her.  Yet when I have a visit planned, "Do you want me to make massage appointments for us" is one of her first questions. 

[ixtap]

I have always known someone in this category. I do not at all remember why Dad had a friend/acquaintance of this type even when he was just getting ahead enough to stop moonlighting to make ends meet. I only remember fishing in his pond. It was just one of those things that I never expected for myself. Like, he was a prince from a story and it was weird to know him, rather than anything aspirational.

My in laws have as much as us in their portfolio plus they have the house and still do their best to live off SS and a pension rather than using it in anyway. It does seem they are loosening up a bit lately, at least.

Other than that, I know a lot of West Coast techies and several older couples who bought CA property back in the 70s, did a few cash out refinances and now have the paid off house plus the resulting investments. Many were actually early techies who started small businesses when they got out of the navy or got into those companies that transitioned led well through the 80s. We know these kind of folks from the yacht club, where their boats are on the big docks.

[Dicey]

Speaking of Real Estate holdings...When you live in a HCOLA, most of your friends who have owned their homes for a long time are automatically in this club. Yesterday, a such a friend helped me kick start a major project. We chatted as we worked together. She told me they had purchased their house new, 50 years ago. I instantly thought of this thread. Just for funsies, I googled her house, which is down the street from me. Yup.

There is a Continuing Care Community being built in my area. When it's finished, it will cost about a million bucks just to buy in, on top of a substantial monthly fee. Over one thousand people are on the waiting list.

[spartana]

Thought of one more. My former neighbor who worked in a shipyard got awarded $6million dollars (his full amount after lawyer fees) from an asbestos class action law suit after he got asbestos related lung cancer. He recovered nicely and the only thing he did with the money (after medical stuff) was upgrade his 1,000 SF 1950s home in a working class hood a bit and buy a new Corvette he drove for fun while keeping his older truck for most of his daily use.  Multi-Millionaire next door for sure. And of course he never went back to work.

[LD_TAndK]

Yes, as a product of location. We live in the suburbs of DC and high paying jobs are plentiful.

The majority of folks we know at retirement age easily exceed 2M, I'm guessing, based on circumstances (approximating their salaries, years worked vs visible spending).

Most of our peers (in our 30's) have good paying dual incomes and aren't excessively spendy and will easily hit 2M later in life.

[Fomerly known as something]

As others have said, HCOL CA so very likely half the people I know are in this category.

On the other hand growing I knew at least 3 families. 

One family makes Forbes lists, my Mom taught the 2nd generation Math at public school and one of the 2nd generation lived on our street for a decade or so.  a car dealership owner who I recall’s wife bought the most expensive countertops as revenge because he had them clean up after hours from the home construction to save money.  And the last family who built a 12,000ft home while I was in HS.  Their daughter drove what was lovingly referred to as the duck mobile due to the ducks unlimited bumper sticker, A very late model suburban that was previously used for hunting.

[Tasse]

I've met enough people via FIRE that there are likely a few multimillionaires among them, though none have broadcast their numbers. Possibly also a handful of older relatives, again not for certain.

Excluding those, I'm certain the number is zero. Almost all of our social circle has significantly less money than we do. Some have respectable young-person middle-class savings, some are quite desperately poor.

Except for those met through FIRE, nobody IRL knows we have $1M.

[Tom Bri]

This forum is definitely stacked with above average earners who travel in privileged circles.

It is, but it's not necessary. I was 55 before I ever made 60K in one year. Yet somehow we passed the 1M mark last year, less than 10 years later.

I definitely envy people who know how to make money, especially young people. I never did, really. But really basic frugality plus a simple investing strategy works too.

[zolotiyeruki]

I had a casual acquaintance who always wore nice clothes, and I knew he had a small plane (I forget what model, but a Cessna). During conversation it came out that his family business was a major-league supplier of auto parts. It turned out he was worth at least $100MM, and I had no idea!

FWIW, owning a Cessna doesn't necessarily mean you're super wealthy.  Pre-COVID, you could buy an old used (but still very serviceable) Cessna for <$40k.  If you're buying brand-new, then it's easy to spend half a million, and if you want one with a jet engine, you're well into seven figures, but a basic prop airplane doesn't have to be particularly expensive.

[reeshau]

I had a casual acquaintance who always wore nice clothes, and I knew he had a small plane (I forget what model, but a Cessna). During conversation it came out that his family business was a major-league supplier of auto parts. It turned out he was worth at least $100MM, and I had no idea!

FWIW, owning a Cessna doesn't necessarily mean you're super wealthy.  Pre-COVID, you could buy an old used (but still very serviceable) Cessna for <$40k.  If you're buying brand-new, then it's easy to spend half a million, and if you want one with a jet engine, you're well into seven figures, but a basic prop airplane doesn't have to be particularly expensive.

And, it's quite common for flying clubs to have a type of fractional ownership for them, too.

[sonofsven]

I know a few, mostly older. My friend group has always been the freaks and weirdos and tradespeople and artists.
I have one friend/acquaintance who retired at 40 after his salary peaked at $800k/yr. He got into the "opening fancy restaurants" hobby, but he still has plenty of dough at 70.
I had another motorcycle riding buddy who was ridiculously wealthy - family money-think billions. Savvy readers would recognize his last name that is also a major corporation.
He did have unique "rich person problems" in that he felt he couldn't trust people because of that wealth. He lived like a moto riding nomad, plus he was charismatic and good looking, but he always wondered if the money was an attractant and not him, so be really valued friendships with normies that didn't care about his billions. He definitely didn't carry himself like a rich asshole, more like a dirt bag adventurer.

[ixtap]

I had a casual acquaintance who always wore nice clothes, and I knew he had a small plane (I forget what model, but a Cessna). During conversation it came out that his family business was a major-league supplier of auto parts. It turned out he was worth at least $100MM, and I had no idea!

FWIW, owning a Cessna doesn't necessarily mean you're super wealthy.  Pre-COVID, you could buy an old used (but still very serviceable) Cessna for <$40k.  If you're buying brand-new, then it's easy to spend half a million, and if you want one with a jet engine, you're well into seven figures, but a basic prop airplane doesn't have to be particularly expensive.

And, it's quite common for flying clubs to have a type of fractional ownership for them, too.

This is like when folks cheer for the Orcas. Uh, those are yachts are orcas sized, not yachts of the rich and famous. Some are newer than ours and worth a fair penny, but my sailboat is valued at less than the average new car.

[Dave1442397]

I had a casual acquaintance who always wore nice clothes, and I knew he had a small plane (I forget what model, but a Cessna). During conversation it came out that his family business was a major-league supplier of auto parts. It turned out he was worth at least $100MM, and I had no idea!

FWIW, owning a Cessna doesn't necessarily mean you're super wealthy.  Pre-COVID, you could buy an old used (but still very serviceable) Cessna for <$40k.  If you're buying brand-new, then it's easy to spend half a million, and if you want one with a jet engine, you're well into seven figures, but a basic prop airplane doesn't have to be particularly expensive.

Yeah, I know a basic Cessna is not a big deal, which is why I was surprised to find out how much he was actually worth.

I have another friend who owns a Cessna and has basically the same job I do. In his case, it's definitely a matter of priorities. He loves to fly, and was driving his Honda Prelude for almost thirty years before it finally failed inspection due to rust.