They built their wealth doing everything they are supposed to do, lived below their means, saved, invested they may have a pension (for current retirees) they may have a paid off house.
If they have $2,000,000 in other assets, utilize the 4% rule and max social security that’s about $140k/year.That’s enough for a great life in retirement. It’s just not boat money.
That’s why they’re finding all these millionaires driving Camrys in the studies. It’s a bunch of old people who have to fund retirement from their assets.
That’s a far cry from someone who still has kids in school and can afford boats. (Lots of the guys with boats are actually broke though)