Feel Like A Million Bucks? U.S. Sets A New Record

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The number of millionaires is on the rise.
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The number of millionaires is on the rise. 

According to new figures from the market research firm known as the Spectrem Group, about 10 million American households now have a net worth of more than $1 million.

But what do today's new millionaires look like? And what does it even mean to be a millionaire today?

Ron Lieber is the author of the "Your Money" column for our partner The New York Times. He's also the author of "The Opposite of Spoiled," a book about teaching kids about money and values. He explains what the typical American millionaire looks like today.