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Millionaire
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Millionaire

A millionaire is someone who has a net worth or wealth of more than a million United States dollars, euros, UK poundss or similarly valued currency.

In many countries or cultures the status of millionaire represents a goal of wealth and status. Unfortunately an individual can be a millionaire on paper, where they have net worth more than a million dollars, but the assets on the balance sheet are non-liquid and inaccessible.

Many lotteries offer prizes of a million dollars or more.

Other descriptions of wealth include multi-millionaire and billionaire, where a billionaire has a net worth of over a billion. Formerly being a millionaire was a very exclusive club. Now being a billionaire is the exclusive club. This is partly due to inflation, which has made one million dollars a far smaller sum than it was in the 1800s. There are career fields in which it is easily possible for a single person to be a millionaire before age 35.

Forbes and Fortune magazines maintain lists of people based on their net worth and are generally considered an authority on the subject. According to Forbes' 17th annual list of the richest people published in 2004 there are 552 US-dollar billionaires in the world (see List of billionaires). The number of millionaires is much, much higher: millionaires form a significant but small fraction of the population within rich countries. There are entire neighborhoods in the United States where a majority of families have a net worth over a million dollars.

See also