What is a millionaire?

[GTM]

OK OK

Many say $1,000,000 ain't what it used to be and I guess it is not. (still plenty to me).

So keeping that in mind how would you define the term millionaire by todays standards?

 

[SC]

While growing up in the early 70's, if someone was a millionaire it was a pretty big deal and that level was generally unattainable by the middle class.

Since then, prices have roughly quintupled, so five million is where I'd put the equivalent threshold today.

 

[just_hatched]

While growing up in the early 70's, if someone was a millionaire it was a pretty big deal and that level was generally unattainable by the middle class.

Since then, prices have roughly quintupled, so five million is where I'd put the equivalent threshold today.

So perhaps one such equation might be to take the reported middle class household income, today would be around $50,000 according to some reports.

Multiply by 100 = unattainable by most of the middle class.

 

[SC]

Works for me! 8)

 

[lazygood4nothinbum]

still plenty to me

just did quick google on world weath distribution so following stats are questionable web stuff. but even if the numbers are in the ballpark, they paint an interesting picture....

of current 6.5 billion world population, 3 billion people (year 2000 stats) live on less than $2/day; 1.3 billion people live on less than $1/day (not sure if that is part of original 3 billion). by 2030, when population will be 9.3 billion, the world bank projects 5 billion people living on less than $2 per day.

in a june 2005 report cnn money shows 2.5 million millionaires (excluding home value) in the u.s. (population about 300 million). they refer to those with assets of $5-30 million as "mid-tier millionaires." so i guess $1 million is just a plain ol' millionaire. wikipedia shows 8.2 million americans with a net worth of at least $1 million. again, of a population of 300,000,000 people.

i read someplace way back that those in the u.s. living at the poverty level live better than 80% of the rest of the people on the planet.

so to be a millionaire here is to be in the top, what, 2-3% of a population whose welfare members live better than 80% of the rest of the world?

regardless of inflation since 1970, a millionaire is still a millionaire and a million is still plenty for me as well. sometimes it helps to count more our blessings & less our change.

 

[GTM]

A consideration in "what is a millionaire" needs to be what assets do the net worth consist of.

Someone with a home with $400,000 in equity a 401k with $350,000 a Roth with $125,000 a new Lexus, some stocks and a months salary in his saving/checking account is probably a millionaire.

But how much cash could he come up with in 3 days without taking a substanial hit.

My definition of a millionaire is someone who can come up with a million dollars in cash with relative ease.

 

[lazygood4nothinbum]

My definition of a millionaire is someone who can come up with a million dollars in cash with relative ease.

so if someone has a 100k house & 900k in cash that person is a millionaire but if someone has a house with 900k equity and only 100k cash that person is not a millionaire?

i'm sorry. i was using merriam-webster definition. i hadn't considered consulting one published by ransom house.

 

[GTM]

so if someone has a 100k house & 900k in cash that person is a millionaire but if someone has a house with 900k equity and only 100k cash that person is not a millionaire?

i'm sorry. i was using merriam-webster definition. i hadn't considered consulting one published by ransom house.

No neither would be, must be able to get that mil real easy.
Selling a home takes time so even a 100k house and 900k in cash would not qualify per ?

 

[OldAgePensioner]

It's always amazing what people consider to be their net worth.

I have a friend who adds clothes, household items, jewellery, etc. That sounds great until you have tried to give-way sell those types of items.

 

[cute fuzzy bunny]

It still has its pizzazz as is. When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".

 

[roadkill]

Hello all......I do not post very often, but I thought this link might be interesting with respect to this discussion.  www.globalrichlist.com

 

[dougdo]

Forbes now has 800 some people on their Billionaires list -- a big increase from last year.

Maybe a Billionaire is the new millionaire? I wonder how many millionaires there were in the world at the turn of the century? (19-20 that is).

 

[cute fuzzy bunny]

22.

 

[retire@40]

When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".

Donald Trump said something similar only to his first wife and she had the same reaction.

 

[cute fuzzy bunny]

I have MUCH better hair than The Donald. I actually have hair in fact!

 

[73ss454]

It still has its pizzazz as is. When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".

So she married you for your good looks and not the money?

Come on!

 

[cute fuzzy bunny]

I'm pretty sure it was for the plumbers butt crack I display when working.

 

[lazygood4nothinbum]

Maybe a Billionaire is the new millionaire?

i'm picturing the billionaire or the guy who lives on less than $2 per day shaking their respective heads thinking "a billion dollars/two dollars sure doesn't buy what it used to."

Hello all......I do not post very often, but I thought this link might be interesting with respect to this discussion. www.globalrichlist.com

thanx roadkill. gr8 site. you should post more. just forwarded to everyone i know who ever bitched about money (and, um, that would be everyone i know.)

 

[MJ]

It still has its pizzazz as is. When my wife and I got home from the wedding I said "How does it feel to be a millionaire?" and she looked momentarily surprised and giggled..."Pretty good!".

But at that time, would that have been divided by 2.

 

[cute fuzzy bunny]

Still works. But We Are One.

 

[tryan]

how about:

assets - (liabilities + home equity + taxes) > $1M

 

[haha]

I think "a millionaire” in the sense I knew it when I graduated from high school in 1958 would amount to at least $8-10 million today. Taxes were higher then; but the dollar has lost at least 90% of its value since then, especially when you are talking about high class stuff like waterfront property, planes, yachts, etc. A very nice house in very good neighborhoods might have been $75,000. A really nice house indeed.

Today's young guys that "retire" from Microsoft with $4 or 5 million are peckerwoods compared to the brewery owners, beer distributors, etc than I caddied for as a kid. They also don't have near as much fun as the prior generation of millionaires. Divorce didn't hang over those 50s guys' heads like the Sword of Damocles. Their wives knew that they couldn't get **** in a divorce, so they helped hubby spend his money and looked the other way when it was fun time for the boys. Maybe even helped themselves to a bit of discreet fun.

Ha

 

[dougdo]

22.

Really? There were only 22 millionaires in 1900? And 800+ Billionaires today. That's kinda surprising actually. We may actually have hit a new record for the gap between rich and poor; outdid the middle ages...

 

[justin]

Really? There were only 22 millionaires in 1900? And 800+ Billionaires today. That's kinda surprising actually. We may actually have hit a new record for the gap between rich and poor; outdid the middle ages...

Well, from the optimistic side, it also says something about upward social mobility. Look at that list of 800 billionaires. A surprising number are self-made. Gates, Buffet and Walton are three names that come to mind.

 

[cute fuzzy bunny]

Really? There were only 22 millionaires in 1900? And 800+ Billionaires today. That's kinda surprising actually. We may actually have hit a new record for the gap between rich and poor; outdid the middle ages...

22 billionaires.