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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.
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.
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.
Another commonly used term is multimillionaire which usually refers to individuals with net assets of 10 million or more of a currency.
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 million or more of a currency have been termed hectomillionaires. 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 , perhaps surprisingly, features as the 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.
According to the report, the US has The following is a list of the countries with the most millionaire households in U. 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 estimated that there were In the United States saw a "33 percent increase over the 6.
From Wikipedia, the free encyclopedia. For other uses, see Millionaire disambiguation. For the American electro-pop group, see Millionaires band.
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