Pentamillionaire

Pentamillionaire refers to a person whose net worth is $5 million or more. In 2016, for the first time, one million families reached the status of pentamillionaire, and many of these are self-starters that come from middle-class or lower-class families. This number has been steadily growing ever since the economic recession in 2008 and 2009, and it is projected to continue growing. Not only has the number of pentamillionaires grown, but those worth $20 million and $100 million also grew significantly in the post-recession years. While pentamillionaires grew at a high rate in the early 2000s, the recession leveled out this growth, and it has been steadily rising again ever since.

More women than ever are becoming pentamillionaires, rising at a faster rate than men, and more couples are dual earners instead of having one breadwinner and a stay-at-home parent. In addition, pentamillionaires are younger than ever due to the success of tech and social media fields. Pentamillionaires are also no longer concentrated specifically in metropolitan areas on the East and West Coasts, but have spread to more up-and-coming cities throughout the country.

The sheer number of pentamillionaires continues to rise steadily post-recession in large part due to the low levels of inflation accompanying the recovering economy and the economic growth that has allowed the country to move toward pre-recession wealth.

Since the demographics of pentamillionaires are trending to include more women and young people, their priorities are changing and their money is spent for different purposes. Younger people tend to use their money for a wider range of philanthropic purposes, specifically social causes.

However, both newly wealthy people and people who come from wealthy backgrounds tend to be concerned with the maintenance of that wealth, feeling that it is in jeopardy, which is not hard to understand considering the fact that the Great Recession happened so recently. Additionally, $5 million is not worth as much as it was 50 years ago, making the mark easier to reach. It doesn't stretch as far as it used to, considering inflation and taxes.