A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. Depending on the currency, a certain level of prestige is associated with being a millionaire.[2]Many national currencies have, or have had at various times, a low unit value, in many cases due to past inflation. It is obviously much easier and less significant to be a millionaire in those currencies, thus a millionaire (in the local currency) in Hong Kong or Taiwan, for example, may be merely averagely wealthy, or perhaps less wealthy than average. A millionaire in Zimbabwe in 2007 could have been extremely poor.[3] Because of this, the term 'millionaire' generally refers to those whose assets total at least one million units of a high-value currency, such as the United States dollar, euro, or pound sterling.

As of December 2022[update], there were estimated to be just over 15 million millionaires in the world according to the World's Wealthiest Cities Report 2023 by Henley & Partners. The United States had the highest number of millionaires (5.3 million) of any country, whilst New York is the wealthiest city with 340,000 millionaires.[4]


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The word "millionaire" was apparently coined in French in 1719 to describe speculators in the Mississippi Bubble who earned millions of livres in weeks before the bubble burst.[5][6][7] (The standard French spelling is now millionnaire,[8] though the earliest reference uses a single n.[7]) The word was first used (as millionnaire, double "n") in French in 1719 by Steven Fentiman, and is first recorded in English (millionaire, as a French term) in a letter of Lord Byron of 1816, then in print in Vivian Grey, a novel of 1826 by Benjamin Disraeli.[6] Earlier English writers also mention the French word, including Sir William Mildmay in 1764.[9] The OED's first print citation is Benjamin Disraeli's 1826 novel Vivian Grey,[6] The anglicisation millionary was used in 1786 by Thomas Jefferson while serving as Minister to France; he wrote: "The poorest labourer stood on equal ground with the wealthiest Millionary".[10]

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 about 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. According to this definition, a household owning an $800,000 home, $50,000 of furnishings, two cars worth $60,000, a $60,000 retirement savings account, $45,000 in mutual funds, and a $325,000 vacation home with a $250,000 mortgage, $40,000 in car loans, and $25,000 in credit card debt would be worth about $1,025,000; and every individual in this household would thus be a millionaire. 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. Therefore, the above example household would only have net financial assets of $105,000. Another term used is "net investable assets" or working capital. These practitioners may use the term "millionaire" to mean somebody 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 2011, there were around 5.1 million HNWIs in the United States,[11] while at the same time there were 11 million millionaires[12] in a total of 3.5 million millionaire households,[13] including those 5.1 million HNWIs.

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. Forbes listed 1,645 dollar billionaires in 2014, with an aggregate net worth of $6.4 trillion, an increase from $5.4 trillion the previous year.[14] (see US-dollar billionaires in the world). According to a report by Hurun, a market research firm based in China, the global billionaire population stood at 3,381 in 2022.[15]

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.[16] Millionaires are, on average, 61 years old with $3.05 million in assets.[17]

Dated ways of describing someone worth n millions are "n-fold millionaire" and "millionaire n times over". Still commonly used is multimillionaire, which refers to individuals with net assets of 2 million or more of a currency.[20] There are approximately 584,000 US$ multimillionaires who have net assets of $10M+ worldwide in 2017.[21] Roughly 1.5% of US$ millionaires are "ultra-high-net-worth individuals" (ultra-HNWIs), defined as those with a net worth or wealth of $30 million or more. There are approximately 226,000 ultra-HNWIs in the world in 2017, according to Wealth-X.[22]The rising prevalence of people possessing ever increasing quantities of wealth has given rise to additional terms to further differentiate millionaires. Individuals with net assets of 100 million or more of a currency are commonly termed centimillionaires,[23] or more rarely hectomillionaires.[24]

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 2007 estimated that there were 16.6 million millionaires in the US.[30] At the end of 2011, there were around 5.1 million HNWIs in the US,[11] while at the same time, there were 11 million millionaires[12] in a total of 3.5 million millionaire households,[13] including those 5.1 million HNWIs.

According to TNS Financial Services, as reported by CNN Money, 2 million households in the US alone had a net worth of at least $1 million excluding primary residences in 2005.[31] According to TNS, in mid-2006 the number of millionaire US households was 9.3 million, with an increase of half a million since 2005.[32] The study found that half of all millionaire households in the US were headed by retirees. In 2004 the United States saw a "33 percent increase over the 6.2 million households that met that criteria [sic] in 2003", fueled largely by the country's real estate boom.[33]

"In the midst of a pandemic that has left millions of Americans economically devastated, the net wealth of America's billionaires has increased by over $1 trillion. Wealth inequality in the United States is out of control, with millionaires and billionaires becoming richer by the day as the American people struggle to get by with stagnant wages and a lack of adequate government support. Senator Warren's wealth tax would do more than almost any other plan to tackle this crisis of wealth inequality forcefully, directly, and effectively," said Morris Pearl, Chair of the Patriotic Millionaires.


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According to data from Fidelity, the number of 401(k) millionaires jumped nearly 30% in the second quarter of 2023 compared to the same period in the previous year. This increasing trend signifies that more individuals are prioritizing their retirement savings and making smart investment decisions.

To enter the 401(k)-millionaire club, it's crucial to adopt the right mindset. The journey to amass a million dollars in your 401(k) is not a sprint but a marathon. It requires persistence, patience, and discipline. You need to commit to regular contributions, take advantage of employer matches, and resist the temptation to withdraw funds prematurely.

It's okay to start small and gradually increase your contributions over time. The key is to make progress, even if it's slow. Becoming a 401(k) millionaire may seem like a daunting goal, but with the right strategies and a disciplined approach, it's an achievable dream. Remember, the journey to 401(k) millionaire status is a marathon, not a sprint. Stay consistent, make smart investment decisions, and keep your eyes on the prize. The 401(k)-millionaire club is waiting for you! e24fc04721

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