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Encyclopedia > Millionaire
NASDAQ in Times Square, New York City.
NASDAQ in Times Square, New York City.

A millionaire (originally and sometimes still millionnaire[1]) is an individual whose net worth or wealth exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account. Depending on the currency, a certain level of prestige is associated with being a millionaire, which makes that amount of wealth a goal for some, and almost unattainable for others . [2] The Millionairess is a 1960 romantic comedy film starring Peter Sellers and Sophia Loren set in London. ... Millionaire may refer to: wealthy people, see Millionaire Millionaire (band), the Belgian band The Millonaires, a band featuring Cliff Cooper, founder of Orange Amplification. ... Download high resolution version (426x640, 120 KB)NASDAQ in Timesquare New York City. ... Download high resolution version (426x640, 120 KB)NASDAQ in Timesquare New York City. ... NASDAQ in Times Square, New York City. ... New York, New York and NYC redirect here. ... Net worth (sometimes net assets) is the total assets minus total liabilities of an individual or company. ... For the business meaning, see Wealth (economics). ... Look up million in Wiktionary, the free dictionary. ... A bank account is a monetary account with a banking institution recording the balance of money for a customer. ... The passbook is the traditional document to keep track of earnings in a savings account Savings accounts are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money (by, for example, writing a cheque). ...


The increasing number of millionaires is partially due to prevailing economics: Increasingly, the term denotes more and more to the status of high wealth. American sociologist Leonard Beeghley classifies all households with net worth exceeding $1 million as "The Rich." Currently, there are over 9 million residents around the globe classified as millionaires. Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Leonard Beeghley is professor of sociology at the University of Florida since 1975. ... $, the dollar sign, is primarily used to represent currencies: Many different dollars Many different pesos Different escudos The Brazilian real The Tongan paanga The Nicaraguan córdoba $ may also be: $ (film), also known as Dollars A sigil (computer programming) Category: ...

Contents

Terminology

The increasing prevalence of people with more and more money has given rise to additional terms to further differentiate millionaires. A multimillionaire has a net worth of more than 2 million units of currency, a decamillionaire has a net worth of more than 10 million units of currency, and a centimillionaire has a net worth of more than 100 million units of currency.[3] (Some argued that the term hectomillionaire is more appropriate because the metric prefix "centi-" means 1/100,[4] but the word centimillionaire is more established and its etymology is consistent with the Latin root for 100.) 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. “SI” redirects here. ... Diachronic map showing the Centum (blue) and Satem (red) areals. ...


As a result of the declining prestige associated with the word millionaire, a neologism has been coined by some financial analysts for those whose net worth is in the millions but who are not considered "super-rich": Millionaire, or middle-class millionaire.[5] A neologism is a word, term, or phrase which has been recently created (or coined), often to apply to new concepts, to synthesize pre-existing concepts, or to make older terminology sound more contemporary. ...


Net worth vs. financial assets

Recently, there has been some controversy over how to correctly determine 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 $800k home, $50k furnishing, two cars worth $60k, a $60k IRA, $45k in mutual funds, and a $325k vacation home with a $250k mortgage, $40k in car loans, and $25k in credit card debt would be worth $1,025,000 and every individual in this household would thus be a millionaire. However, according to the financial assets measurement, equity in one's principal residence is excluded. So are all other fixed assets, such as the car and furniture. Therefore the above example household would only have net financial assets of $80,000. In recent years homes have become very valuable, due to the recent real estate bubble: In some neighborhoods, such as Palo Alto, the average house is worth more than $1 million USD. 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. For this reason, those who market goods, services, and investments to high net worth individuals are careful to specify a net worth "not counting principal residence." Fixed asset is an accountancy term for assets and property which cannot easily be converted into cash. ... The Economist magazine cover (16 June 2005) for the article After the fall: Soaring house prices have given a huge boost to the world economy. ... Downtown Palo Alto Palo Alto is a city in Santa Clara County, in the San Francisco Bay Area of California, USA. Palo Alto is located at the northern end of the Silicon Valley, and is home to Stanford University (which is technically located in an adjacent area — Stanford, California), and... The United States dollar is the official currency of the United States. ... In private banking, a high-net-worth individual (HNWI) is a person with a high net worth. ...


While millionaires constitute only a small percentage of the population, they hold vast control over economic resources with the most powerful and prominent individuals usually ranking among them. Forbes and Fortune magazines maintain lists of people based on their net worth and are generally considered authorities on the subject. According to Forbes' latest annual list of the World's Billionaires published in March 2008 there are currently 1125 members of the exclusive Billionaire's club US-dollar billionaires in the world. The number of Millionaires and Multimillionaires is also higher. For other uses, see Forbes (disambiguation). ... Fortune magazine is Americas second longest-running business magazine after Forbes magazine. ... Forbes magazine annually lists the worlds wealthiest individuals: The Worlds Billionaries. ...


Historical Worth

Depending on how we calculate it, a million US dollars in 1900 is equivalent to 2006 US dollars of [6]

  • $24,766,584.77 using the Consumer Price Index,
  • $21,224,697.05 using the GDP deflator,
  • $114,128,571.43 using the unskilled wage,
  • $162,813,054.25 using the nominal GDP per capita,
  • $641,531,874.47 using the relative share of GDP,

Thus we see that at the turn of the 20th century one would have needed twenty to a couple of hundred times fewer modern US dollars than one does today, to qualify as a millionaire (in the US).


Multimillionaire

Another commonly used term is Multimillionaire. As the term implies, multimillionaire applies to those individuals residing in households with a net worth or wealth of 10 million or more units of currency. Only a small minority of households are indeed multimillionaire households. The term also has a more prestigious connotation than millionaire.


Roughly 1.0% of high net worth individuals (HNWIs) can also correctly be identified as ultra-high-net-worth individuals (ultra-HNWIs), those who reside in households with a net worth or wealth of $30 million or more. There are approximately 95,000 ultra-HNWIs in the world with 61,600 or 64.8% residing in the United States and Europe.


Number of millionaires in the world

The "World Wealth Report" is a report on individuals with a net worth of at least $1 million in all assets except their "primary residence". The report is compiled annually by Capgemini for Merrill Lynch. Capgemini (Euronext: CAP) is a major French company, one of the worlds largest information technology, management consulting, outsourcing and professional services companies with a staff of 75,000 operating in 30 countries. ... Merrill Lynch & Co. ...


World Wealth Report 2007 - "The 11th annual World Wealth Report from Merrill Lynch/Capgemini finds the World’s High Net Worth (HNW) population growing to 9.5 million with their assets rising to $37.2 trillion."[7]


Some growth in international wealth and the number of high net worth individuals can be attributed to the weakness of the US dollar, as stated in the report.

HNWIs (more than $1 million, in 2006)
Region Number Percentage of regional population
Global 9,500,000 0.15%
North America 3,000,000 0.62%
Europe 2,900,000 0.41%
Asia-Pacific 2,600,000 0.06%
Latin America 400,000 0.07%
Middle East 300,000 N/A
Africa 100,000 0.01%
  • Ultra-HNWIs (Ultra-HNWIs Account for 1.0% of All HNWIs) (more than $30 million, in 2006)
UHNWIs (more than $30 million, in 2006)
Region Number Percentage of regional population
Global 95,000 0.001%
North America 38,400 0.007%
Europe 23,200 0.003%
Asia-Pacific 18,200 0.0004%
Latin America 9,600 0.002%
Middle East 3,300 N/A
Africa 2,000 0.00002%

Scotland has more female millionaires than male.[citation needed] North American redirects here. ... For other uses, see Europe (disambiguation). ... Map showing general definition of Asia-Pacific The term Asia-Pacific or APAC generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). ... Latin America consists of the countries of South America and some of North America (including Central America and some the islands of the Caribbean) whose inhabitants mostly speak Romance languages, although Native American languages are also spoken. ... A map showing countries commonly considered to be part of the Middle East The Middle East is a region comprising the lands around the southern and eastern parts of the Mediterranean Sea, a territory that extends from the eastern Mediterranean Sea to the Persian Gulf. ... A world map showing the continent of Africa Africa is the worlds second-largest and second most-populous continent, after Asia. ... North American redirects here. ... For other uses, see Europe (disambiguation). ... Map showing general definition of Asia-Pacific The term Asia-Pacific or APAC generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). ... Latin America consists of the countries of South America and some of North America (including Central America and some the islands of the Caribbean) whose inhabitants mostly speak Romance languages, although Native American languages are also spoken. ... A map showing countries commonly considered to be part of the Middle East The Middle East is a region comprising the lands around the southern and eastern parts of the Mediterranean Sea, a territory that extends from the eastern Mediterranean Sea to the Persian Gulf. ... A world map showing the continent of Africa Africa is the worlds second-largest and second most-populous continent, after Asia. ... This article is about the country. ...


United States

Main article: American upper class

There is a wide disparity in the estimates of the number of millionaires residing currently in the United States. According to TNS Financial Services, as reported by CNN money, 8.9 million households in the US alone had a net worth of at least $1 million excluding primary residences in 2005.[8] According to TNS, the number of millionnaire US households is now 9.3 million, with an increase of half a million since 2005.[9] Millionaire households thus constituted roughly seven percent of all American households. The study also found that half of all millionaire households in the US were headed by retirees. Another finding was a record "33 percent increase over the 6.2 million households that met that criteria in 2003," fueled largely by the country's real estate boom.[10] The American upper class described the sociological ideology concerning the status of the top layer of society in the United States. ...


A report by Capgemini[11] for Merrill Lynch on the other hand stated that there are approximately 2,900,000 households in North America whose net worth exceeds 1 million US dollars (which include "private equity holdings stated at book value, ...publicly quoted equities, bonds, funds and cash deposits.. offshore investments are theoretically accounted for, but only insofar as countries are able to make accurate estimates.." as well as real estate not used for primary residences) (p. 30)). Capgemini (Euronext: CAP) is a major French company, one of the worlds largest information technology, management consulting, outsourcing and professional services companies with a staff of 75,000 operating in 30 countries. ... Merrill Lynch & Co. ...


According to ABC News, Los Angeles County has the highest number of millionaires at 262,800 households, followed closely by Orange County, California, Cook County, Illinois and Maricopa County, Arizona.[12] Map of California showing Los Angeles County. ... Cities in Orange County Orange County is a county in Southern California, United States. ... Maricopa County is located in the central part of the U.S. state of Arizona. ...


Entertainment

Great wealth and its consequences is a popular theme in fiction. The Millionaire was the title of a 1955 TV series about an unseen man of wealth who gave away $1,000,000 to a different person each episode, and a 1931 motion picture about a retired millionaire who buys a gas station to ease his boredom. Millionaire is also a common nickname of the international quiz show Who Wants to Be a Millionaire?, first hosted in the UK by Chris Tarrant, and later in the US by Regis Philbin and Meredith Vieira. Who Wants to Be a Super Millionaire also aired in the US, where contestants could win a total of $10,000,000. Many reality TV shows offer one million dollars as first prize. The Millionaire, a television drama anthology series (CBS, 19 January 1955-28 September 1960), explored the ways unexpected wealth changed life for better or for worse. ... Quiz show redirects here. ... For other uses, see Who Wants to Be a Millionaire (disambiguation). ... Christopher John Tarrant OBE (born 10 October 1946, Reading, Berkshire)[1] is a BAFTA-nominated, Broadcasting Press Guild Award-winning English radio broadcaster and television presenter, now best known for hosting the TV game show Who Wants to Be a Millionaire?. // Tarrant was brought up in Reading, the son of... Regis Francis Xavier Philbin (born August 25, 1931) is an Emmy Award-winning American television personality and occasional actor known for his roles as a talk show host, game show host, and presenter at various events. ... Meredith Vieira (born December 30, 1953) is an Emmy Award-winning American television personality, game show hostess and journalist. ... Who Wants to be a Super Millionaire, often shortened to Super Millionaire, was a television game show spinoff to the American version of Who Wants to Be a Millionaire. ... Reality television is a genre of television programming in which the fortunes of real life people (as opposed to fictional characters played by actors) are followed. ...


See also

Look up Millionaire in
Wiktionary, the free dictionary.

Wiktionary (a portmanteau of wiki and dictionary) is a multilingual, Web-based project to create a free content dictionary, available in over 151 languages. ... In economics, aggregate demand is the total demand for goods and services in the economy (Y) during a specific time period. ... A billionaire is a person who has a net worth of at least one billion units of currency, such as United States Dollars (USD), Pounds or Euros. ... Business oligarch is a near-synonym of the term business magnate. The choice of the word oligarch denotes the significant influence such wealthy individuals may have on the life of a nation. ... Differences in national income equality around the world as measured by the national Gini coefficient. ... In private banking, a high-net-worth individual (HNWI) is a person with a high net worth. ... Vacations to destinations such as Hawaii, shown above, may be seen as a hallmark of the upper-middle class. ... Upper class is a concept in sociology that refers to the group of people at the top of a social hierarchy. ... Luxury vehicles are some of the most common status symbols in western society and are often associated with six figure income households or persons. ... Wealth condensation is a theoretical process by which, in certain conditions, newly-created wealth tends to become concentrated in the possession of already-wealthy individuals or entities. ... For other uses, see Who Wants to Be a Millionaire (disambiguation). ... The book The Millionaire Next Door: The Surprising Secrets of Americas Wealthy (1996, ISBN 0-671-01520-6) is by Thomas J. Stanley and William D. Danko. ... The Moscow Millionaire Fair held in Moscow, Russia is an annual fair for the exclusive Russian Millionaires of today. ...

Lists

Billion and Billionaire in the context of the following lists refers to the short scale meaning of the word i. ... The Sunday Times Rich List is a list of the 1,000 most wealthy people or families in the United Kingdom, updated annually in April and published as a magazine supplement by British national Sunday newspaper The Sunday Times since 1989. ...

References

  1. ^ From French millionnaire; this spelling is still listed as a variant in some modern dictionaries such as Collins English Dictionary (1994 edition) and Random House Unabridged Dictionary (2006). [1]
  2. ^ Marlys Harris. How to marry a billionaire. Money Magazine. June 21, 2007.
  3. ^ CentiMillionaire. Dr. Dobb's Journal.
  4. ^ [2]
  5. ^ Worth $4 million--And Unable to Retire. Forbes.
  6. ^ Measuring Worth - Relative Value of US Dollars
  7. ^ "World Wealth Report 2007."
  8. ^ Report: Number of U.S. millionaires reaches record - Mar. 29, 2006
  9. ^ TNS :: TNS Reports Record Breaking Number of Millionaires in the USA
  10. ^ Real Estate investments as the main source of growth among millionaire housholds, according to CNN Money.
  11. ^ report by Merrill Lynch and CapgeminiPDF (3.16 MiB)
  12. ^ ABC News: L.A. County Home to Most Millionaires
Dr. Dobbs Journal (DDJ) is a monthly journal published in the United States by CMP Media. ... For other uses, see Forbes (disambiguation). ... “PDF” redirects here. ... MiB redirects here. ...

  Results from FactBites:
 
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