That is insane. I just recently reached my 15k milestone (I have 666 achievements. rofl). Though I only had the Xbox 360 for 19 months and I play on multiple platforms. If I had the Xbox 360 since launch and I played nothing but Xbox 360, it probably wouldn't be a stretch to think that my gamerscore would have been in the six digits.
But 500k? Thats 100k per year assuming he started around launch. Which would mean averaging 8,333 acheivement points per month. He'd have to complete the equivalent of 8 games in a single month! Now if every game was a easy 1000 like Avatar: The Last Airbender, that's not a problem at all. But that's not the case.
You don't need to be independently wealthy to be able to play 300 Xbox 360 games. Not when you can rent. But he definitely would need to be independently wealthy to find the freetime to rack up achievement points that quickly.