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Millionaire Definition Glossary of Business Terms - Millionaire

Millionaire : A Millionaire refers to an individual whose net worth is equivalent to or greater than one million dollars or one million British pounds. Individuals who quantify their worth in other currencies qualify as millionaires based on the exchange rate and their estimated value in dollars or pounds.
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Due to inflation, the millionaire status does not have the same degree of exclusivity it once did. Increasingly larger numbers of people are considered to be millionaires. Billionaires are now becoming more common.

By some definitions, a millionaire is anyone who has one million of any kind of currency, making this title even more common in countries where the value of a single unit is very small.

Other terms have come about over the years. Multimillionaires are those who have a net worth of over 2 million dollars. Individuals fitting into this category have become more numerous over time. As a result, the terms hectomillionaire, centimillionaire and middle-class millionaire have surfaced to further classify the growing number of individuals who fit into the multimillionaire category. Although classifications often refer to households that have amassed large wealth, the terms are generally associated with individuals.

Also called : Multimillionaire, hectomillionaire, centimillionaire, mMillionaire, middle-class millionaire.
More Millionaire Information : American Rich Lists, Australian Rich Lists, and World Rich Lists

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