Who Wants to Be a Millionaire?
In 1999, Regis Philbin first asked viewers, “Who wants to be a millionaire?” For many, winning a game show seemed the most likely path to a seven-figure net worth. It was fun to imagine phoning a friend on the last question and instantly becoming a millionaire. It turned out that investing was a far likelier path to a seven-figure net worth. During the show's run, only 14 contestants won the million-dollar prize.[i] In 2025, whether they wanted to or not, as many as 500,000 households crossed the million-dollar threshold. [ii]Approximately 25 million Americans, around nine percent of the population, have a net worth of over $1 million.
How did this happen? The quick answer is that a risk transfer became a wealth bonanza for many Americans.
When the 401(k) and other retirement plans replaced pensions, the assets were accumulated on the individual’s balance sheet. The workers weren’t necessarily better off, but their net worth was higher because hardly anyone factored the pension into their net worth.
Employees contributed to their plans and benefited from their employer’s match. In 2024, the average contribution to a retirement plan was between 12 and 14% of salary.[iii]
Employees took risks. For example, employees in their upper 30s typically allocate 88% of their investments to stocks.[iv]
U.S. stocks have produced fantastic returns since the 2008 financial crisis. The S&P 500 has increased 14.94% per year for 17 years. Compounding created a 907% cumulative return over that period.
Because these four factors combine and multiply, voila! You have a surge in the millionaire population.
As the New Testament reminds us, managing wealth comes with its own set of challenges. Our fallen nature and resulting emotional responses often contribute to these challenges—and the three most destructive are greed, fear, and guilt.
Greed
Making a lot of money can be intoxicating. It isn’t hard to imagine the next million rolling in.
“Watch out! Be on your guard against all kinds of greed; life does not consist in an abundance of possessions.” —Luke 12:15
Three years ago, retirement plan investors in their late thirties averaged 80% of their accounts in stocks. Today, that average has risen to 88%. Some of the increase can be attributed to appreciation. But a good bit of it came from amping up the risk in pursuit of more.
Stock markets frequently decline by more than 10% and sometimes by as much as 20%. During the financial crisis, stocks fell by over 50%.[v] Staying diversified and prudent is good stewardship.
Fear
Even if you stay prudent, the next time the market encounters a significant drop, your portfolio will likely face its largest dollar loss. Before the panic sets in, remember that the reason you’ve experienced your most significant loss is that you have more money than ever before. Think in percentages, rather than dollars. You should be prudent, not fearful. God asked you to steward this money for your needs, your joy, your growth, and to bless others. Fear is rarely an element of good stewardship.
Guilt
“Why do I have so much when others have so little? I never wanted to be rich.” Good news for those feeling guilty: you’re not as rich as you think. When Regis gave away $1 million in 1999, the recipient was well on their way to being rich. That isn’t the case today. Inflation has eroded about half the value, meaning that $1 million today is equivalent to $500,000 in 1999.[vi] A million dollars today makes you moderately affluent in a rich part of the world. There’s no guilt in trying to stay ahead of inflation with your saving and investing.
Final Thoughts
Reaching a new wealth milestone is a good time to assess your financial picture. So is the end of the year. If you’ve benefited from this boom, fantastic. Don’t chase even higher returns or panic when the inevitable downturn occurs. Instead, ask God what he wants you to do. As Paul counsels in Philippians 4:6, “Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God.”
[i] Who Wants To Be A Millionaire Winners List: Photos
[ii] The U.S. added a thousand new millionaires a day in 2024: Report
[iii] What Is the Typical 401(k) Contribution Rate in 2025?
[iv] 401(k)s Are Minting a Generation of ‘Moderate Millionaires’ - WSJ
