1,700 Americans become millionaires every single day

By 2020, there will be 3.1 new American millionaires.

(Image credit: iStock)

America has more millionaires than any other country in the world "by far," Bloomberg reports. There will be 3.1 million new American millionaires by 2020, according to Boston Consulting Group estimates. That translates into roughly 1,700 new millionaires every day.

Mind you, the apparent upward mobility is actually due mostly to older rich folks passing money on to their already well-off offspring, says Bloomberg: "Inheritance is an increasingly significant driver of wealth in America." One study found over 50 percent of investors with more than $25 million cited inheritance as a reason for their financial status.

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Kelly Gonsalves is a sex and culture writer exploring love, lust, identity, and feminism. Her work has appeared at Bustle, Cosmopolitan, Marie Claire, and more, and she previously worked as an associate editor for The Week. She's obsessed with badass ladies doing badass things, wellness movements, and very bad rom-coms.