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Despite inflation and subsequently weaker buying power, the U. When considering whether someone is a millionaire, you typically have to consider their net worth.
Net worth is a hypothetical summary of the total financial value of a person's balance sheet, taking into account the appraised value of all non-liquid assets.
The concept is meant to be representative of a person's assets minus their liabilities, or simply, what they own minus what they owe. Categorizing millionaires in this way is not cut-and-dry when factoring in non-liquid assets, as the price of consumer goods rises and falls, and, in an economic slump, it's unrealistic for assets to fetch full price on the market.
The term "millionaire" evokes images of celebrities, athletes, and business magnates. It's originally a French term used to describe the men made rich off of speculative investments in the New World.
By the standards of the 18th century, a millionaire was someone who had amassed an unimaginable amount of money.
Through global warfare, credit catastrophes, and a dramatic concentration of wealth among a small percentage of people, the 20th century propelled mankind's contemporary obsession with the consumer comforts and luxury brands enjoyed by the rich and famous.
Let's say that John Doe has the following assets:. Let's also imagine that John Doe has the following liabilities:. According to the what you own minus what you owe formula for calculating net worth, John Doe is technically a millionaire.
Thus, John is technically a millionaire. Despite these numbers, an opposing school of thought rejects John's classification as a millionaire, claiming that the value of his home, car, and personal belongings such as his clothing, electronics, or antiques should not count.
This methodology for calculating John's millionaire status assumes that John would be unlikely or unable to liquidate all his assets for cash, even if he wanted to do so.
John needs the house he lives in, the car he drives, and the clothes he wears each day, and thus he cannot readily liquidate these assets. Furthermore, even if they went to market, his antiques may fetch unpredictable resale prices, and valuable artwork is difficult to sell quickly.
Certainly, he can have these assets appraised, and he can leverage them to finance a big purchase, but he doesn't have the liquid assets necessary to be called a millionaire by the contrarian definition.
Those who would argue John is not a millionaire might say only his liquid assets should be considered. These include his mutual funds, stock funds , and cash.
Some people would also count the value of his retirement account —others wouldn't, given that those assets are protected from bankruptcy filings.
Either way, John Doe is not a millionaire once those personal belongings are left out of the equation. Yet another school of thought would adjust the value of John's house, car, and personal possessions.
This kind of wealth analysis would calculate a basic housing allowance for John, and credit any spending beyond this number toward his net worth.
The difference between a multi-millionaire and millionaire comes down to the numbers. With a multi-millionaire, we're talking about someone who has several million units of currency after their net worth is considered.
There is no consensus as to whether or not John Doe is a millionaire, but one thing is certain: he doesn't have a huge amount of cash in the bank.
Most of his money is tied up in housing and investments, and this differentiates him from the super-rich. There are multiple approaches to determining a person's status as a millionaire.
One of the two most commonly used measurements is net worth, which counts the total value of all property owned by a household minus the household's debts.
However, according to the net financial assets measurement used for some specific applications such as evaluating an investor's expected tolerance for risk for stockbroker ethics , equity in one's principal residence is excluded, as are lifestyle assets, such as the car and furniture.
Another term used is "net investable assets" or working capital. These practitioners may use the term "millionaire" to mean somebody who is free to invest a million units of currency through them as broker.
For similar reasons, those who market goods, services and investments to HNWIs are careful to specify a net worth "not counting principal residence".
At the end of , there were around 5. In the real estate bubble up to , average house prices in some U. For this reason, there are many people in million-dollar homes whose net worth is far short of a million—in some cases the net worth is actually negative.
While millionaires constitute only a small percentage of the population, they hold substantial control over economic resources, with the most powerful and prominent individuals usually ranking among them.
The total amount of money held by millionaires can equal the amount of money held by a far higher number of poor people.
The Gini coefficient , and other measures in economics, estimated for each country, are useful for determining how many of the poorest people have the equivalent total wealth of the few richest in the country.
Forbes and Fortune magazines maintain lists of people based on their net worth and are generally considered authorities on the subject. Sixteen percent of millionaires inherited their fortunes.
Forty-seven percent of millionaires are business owners. Twenty-three percent of the world's millionaires got that way through paid work, consisting mostly of skilled professionals or managers.
Thus one would need to have almost thirty million dollars today to have the purchasing power of a US millionaire in , or more than million dollars to have the same impact on the US economy.
Still commonly used is multimillionaire , which usually [ citation needed ] refers to individuals with net assets of 2 million or more of a currency.
Individuals with net assets of million or more of a currency have been termed hectomillionaires. The term centimillionaire has in America gained an improper informal synonymous usage with hectomillionaire , despite the centi- prefix meaning the one hundredth part, not hundredfold, in the metric system.
The city is known as the most compact metropolitan area , and also enjoys a concentration of affluence. Singapore has the second-highest concentration, followed by San Jose , the center of Silicon Valley , and the largest city in Northern California.
Paris features as the second highest European city, after London, Wealth-X said. Among suburbs and smaller towns, Beverly Hills has the highest overall number of UHNW residents, and Aspen has the highest concentration on a per capita basis, the report showed.
Credit Suisse 's "Global Wealth in " measured the number of adult millionaires in the world. According to the report, the US has The following is a list of the countries with the most millionaire households in U.
European cities with the highest concentration of millionaires . There is a wide disparity in the estimates of the number of millionaires residing in the United States.
A quarterly report prepared by the Economist Intelligence Unit on behalf of Barclays Wealth in estimated that there were In the United States saw a "33 percent increase over the 6.
From Wikipedia, the free encyclopedia. Individual whose net worth or wealth is equal to or exceeds one million units of currency.
For other uses, see Millionaire disambiguation. This section possibly contains original research. Please improve it by verifying the claims made and adding inline citations.
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For the Lil Pump song, see Multi Millionaire song. See also: List of countries by the number of millionaires.
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