Millionaire

A millionaire is a person who has a net worth or wealth of more than one million United States dollars, euros, UK pounds or units of a comparably valued currency.

Related Topics:
Net worth - Wealth - Million - United States dollar - Euro - Pound

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In many countries or cultures, a certain level of prestige is associated with being a millionaire, which makes that amount of wealth a goal for many. However, the status of millionaire is no longer as exclusive as it once was, and so other descriptions, like multi-millionaire or billionaire have come into use to describe the highest levels of individual wealth. The increasing number of millionaires is partially due to inflation: a million dollars, for example, provides far less purchasing power today than it did in the 19th century. However it still ensures a comfortable lifestyle for those becoming a millionaire.

Related Topics:
Billion - Inflation - Purchasing power - 19th century

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Many individuals are millionaires on paper, but possess mostly non-liquid and inaccessible assets, such as real estate and automobiles.

Related Topics:
Liquid - Real estate - Automobile

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Forbes and Fortune magazines maintain lists of people based on their net worth and are generally considered authorities on the subject. According to Forbes' 19th annual list of the richest people published in 2005 there are 691 US-dollar billionaires in the world. The number of millionaires is much, much higher; millionaires form a small but significant fraction of the population within rich countries. There are entire neighborhoods in many developed countries where a majority of families have a net worth over a million dollars. In addition, there are some fields where a majority of workers become millionaires.

Related Topics:
Forbes - Fortune - 2005 - US-dollar billionaires in the world - Developed countries

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