Inflation has made so many "millionaires" (8% of US households), and at the same rendered it a meaningless title - a salaried worker who paid off their 30 year mortgage and has a little in their 401k is quite likely to cross the million net worth threshold.

A million is hardly buying mansions, yachts, and champagne-filled swimming pools in the current economy

Well, I would reframe it. A comfortable retirement nest egg is now over a million in most parts of the US, and the people who used to rail against millionaires were never intending to argue that people shouldn’t be allowed to enjoy a comfortable retirement.