There are more American millionaires than ever – but it’s worth a fraction of what it used to be

There’s now a record number of American millionaires — but their wealth isn’t worth what it used to be, a new report reveals.

In the U.S., the average household net worth has surpassed $1 million, and about 16 percent of families have seen their wealth grow beyond that milestone, according to an analysis of federal data by The Washington Post.