That's assuming an undividual at $1m per year has the same lifestyle as the person who makes $100k. You and I know that's simply not true. While many do save a lot of it, most simply buy more expensive homes, cars, clothes, food, boats, trips, etc.
I guarantee you John and Theresa don't save. Why do they have any reason to save? They have enough money to make $30 million a year in tax-free bonds. They splurge.
Certainly the biggest-ticket item, but if it is not built new, it is not taxed, no?