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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. History and Etymology for millionaire French millionnaire , from million , from Middle French milion.
Keep scrolling for more. Learn More about millionaire. Time Traveler for millionaire The first known use of millionaire was in See more words from the same year.
Dictionary Entries near millionaire milling-in-transit milling machine million millionaire millionairedom millionairess millionairism See More Nearby Entries.
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Comments on millionaire What made you want to look up millionaire? Get Word of the Day daily email! As of June , there were estimated to be just over 13 million millionaires or high-net-worth individual HNWIs in the world.
The word was apparently coined in French in to describe speculators in the Mississippi Bubble who earned millions of livres in weeks before the bubble burst.
While statistics regarding financial assets and net worth are presented by household, the term is also often used to describe only the individual who has amassed the assets as millionaire.
That is, even though the term statistically refers only to households, common usage is often in reference only to an individual.
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 . A wealthy millionaire cannot afford to waste too much time and would prefer to use a taxi.
These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.
A millionaire by age 30, he was probably the richest man in the colony in For purposes of public policy, a millionaire is counted as rich by virtue of her command over resources, regardless of her actual consumption.
Either we are suckers or we are millionaires. Capitalist greed has made this country topheavy with millionaires, while millions of willing workers are in the bread line.
I code 1 for a candidate if he or she is a celebrity, millionaire , real estate developer, business owner, president or top executive of a company and so on.
Many of them are millionaires today. The privatised railways are in danger of creating more millionaires than the lottery.
From the Hansard archive. Example from the Hansard archive. Contains Parliamentary information licensed under the Open Parliament Licence v3. He wants enormous plurality of voting for the millionaires.
Success is measured here by how near you get to the landed aristocracy, and how near you get to the big millionaires. It has now become the barrel organ of millionaires' opinions.Millionaire households: 51, Total households: 1,, Concentration of millionaires: % Rank: 49 (Unchanged from last year) Median income for all households: $47, Median home value. A great many people aspire to become a millionaire, but not so many people are pushing themselves hard enough to reach that particular goal. In a world where being a billionaire is now the new target for the rich, becoming a millionaire. Millionaire Pro is when you have enough money that you can write a check for $1,, without hindering your life. This is the next stage of millionaire and it’s where you want to be. Just to be clear, you never have to actually write that check but you have the ability to do so. A millionaire is someone who's net worth is equal to one million (or more) units of currency. To determine whether a person is a millionaire, you typically take their net worth into account. Net worth is the total value of a person's financial and non-financial assets, including any debts. With Marvin Miller, Paul Frees, Roy Gordon, Russ Conway. In this hit s TV series, a millionaire indulges himself giving away one-million dollars apiece to persons that he has never met. Article Sources. The millionaire Millionaire the money or honey bee of the hive. Inflation Calculator. Wikimedia Commons Wikiquote. Namespaces Article Talk. At the end ofthere were around 5. Learn the words you need to communicate with confidence. With a multi-millionaire, we're talking about someone who has several million units Uno Spielregel currency after their net worth is considered. Retrieved 12 May Example of a Millionaire's Profile. It'll cost you nothing to read. Los Angeles County. He is a self-made millionaire. Translator tool. Test Your Vocabulary.