A millionaire is an individual whose wealth or wealth equals to or exceeds one million units of the currency. It could be people who have 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 billionaire, making the amount of wealth a destination for some and almost unattainable by others. In countries that use a short-scale naming system, a billionaire is someone who has at least a thousand times a million dollars, a euro or a given country currency.
Many national currencies have, or have experienced various times, low unit values, in many cases due to past inflation. It is obviously much easier and less significant to be a millionaire in that currency, so a millionaire (in local currency) in Hong Kong or Taiwan, for example, may be just average rich, or perhaps less rich than average. In 2007, a millionaire in Zimbabwe may be very poor.
By the end of 2017, it is estimated that there are more than 15 million US $ millionaires or high-value individuals (HNWI) in the world. The United States has the highest number of HNWI (5.047,000) from any country, while New York City has the most HNWI (393,500) among cities.
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Terminology
The word was first used (such as millionnaire , double "n") in French in 1719 by Steven Fentiman and first recorded in English ( millionaire , as the French term) in Lord Byron's letter of 1816, then printed in Vivian Gray, a novel by Benjamin Disraeli in 1826. The earlier English word "millionary" was used in 1786 by Thomas Jefferson when he served as Minister of France; he wrote: "The poorest worker stands on the same land as the richest Millionaires". The first use of American print letters was allegedly in the obituary of New York tobacco manufacturer Pierre Lorillard II in 1843.
While statistics on financial assets and net worth are presented by households, the term is also often used to describe only individuals who have collected assets as millionaires. That is, even though statistical terms refer only to households, common use often refers only to individuals.
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Net worth vs. financial assets
There are several approaches to determining a person's status as a millionaire. One of the two most commonly used measures is net worth, which calculates the total value of all property held by households minus household debt. According to this definition, households own $ 800,000 homes, $ 50k furniture, two cars worth $ 60,000, retirement savings accounts $ 60,000, $ 45,000 mutual funds, and $ 325,000 vacation homes with $ 250 thousand mortgages, $ 40k in auto loans , and $ 25k credit card debt will be worth about $ 1,025,000; and every individual in this household will become a millionaire. However, according to the measurement of net financial assets used for some specific applications (such as evaluating expected investor tolerance for the risk of stock brokers ethics), the equity in the primary home is excluded, such as lifestyle assets, such as cars and furniture. Therefore, the example of the above household only has a net financial asset of $ 105,000. Other terms used are "net investment assets" or working capital. These practitioners can use the term "millionaire" to mean someone who is free to invest a million units of currency through them as a broker. For the same reason, those who market goods, services and investments to HNWI are careful to determine the net value of "excluding primary residence". By the end of 2011, there were about 5.1 million HNWIs in the United States, while at the same time there were 11 million millionaires in a total of 3.5 million millionaire households, including 5.1 million HNWI.
In a real estate bubble until 2007, average house prices in some US territories exceed $ 1 million, but many homeowners owe a lot to banks that have mortgages in their homes. For this reason, there are many people in a million-dollar home whose net worth is far from a million - in some cases, net worth is actually negative.
Influence
While the billionaires constitute only a fraction of the population, they hold substantial control over economic resources, with the most powerful and prominent people usually among them. The total amount of money held by millionaires can be equal to the amount of money held by a much higher number of poor people. The Gini coefficients, and other measures in the economy, estimated for each country, are useful for determining how many of the poorest people have the equivalent total wealth of the wealthiest people in the country. Forbes and Fortune magazines maintain a list of people based on their net worth and are generally considered authorized on the subject. Forbes registered 1,645 billionaires in 2014, with a net worth of $ 6.4 trillion, up from $ 5.4 trillion a year earlier. (see billion dollar in the world).
Sixteen percent of millionaires inherit their wealth. Forty-seven percent of millionaires are business owners. Twenty-three percent of the world's millionaires get paid work, mostly consisting of skilled professionals or managers. Millionaires, on average, are 61 years old with assets of $ 3.05 million.
Historical value
Depending on how it is calculated, one million US dollars in 1900 equates to $ 29.4 million (in 2017).
- $ 21.2 million using GDP deflator,
- $ 24.8 million using the consumer price index,
- $ 61.4 million using the gold price
- $ 114.1 million using unskilled wages,
- $ 162.8 million using nominal GDP per capita,
- $ 642 million uses a relative share of GDP,
Thus, one must have nearly thirty million dollars today to have the purchasing power of US billionaires in 1900, or more than 100 million dollars to have the same impact on the US economy.
Multimillionaire
Another commonly used term is multimillionaire which usually refers to individuals with net assets of 10 million or more than one currency. There are about 584,000 US $ multimillionaires worldwide by 2017. About 1.5% of US $ millionaires can also be correctly identified as ultra-high-end (ultra-HNWIs) individuals with net worth or wealth of $ 30 million or more. There are approximately 226,000 US $ ultra-HNWI in the world by 2017, according to Wealth-X.
The increasing prevalence of people who have an ever-increasing amount of wealth has given rise to additional requirements to further differentiate millionaires. Individuals with net assets of 100 million or more of the currency have been called hectomillionaires . The term centimillionaire has become synonymous with hectomillionaire in America, although centi-prefix means one-hundredth of the whole, not 100, in the metric system. Branches of this term include pent-hectomillionaire, referring to those half-way to being billionaires. In a discussion of wealth inequality in the United States, hectomillionaires are said to be at the richest 0.01%, prompting calls for a redistribution of wealth.
Population HNWI
High Net Worth Individuals.
Global cities with the most super rich millionaires per capita (over $ 30 million)
According to wealth research group, Wealth-X, which released the latest UHNW Cities report, shows the housing footprint of the ultra-high net (UHNW) ultra-high-end individuals.
Excluding Monaco - which has a very high UHNWI density - Geneva has the highest density of super rich people per capita in the world. The city is known as the most populous metropolitan area, and also enjoys the concentration of prosperity. Singapore has the second highest concentration, followed by San Jose, the center of Silicon Valley, and the largest city in Northern California. While New York leads in terms of overall UHNW footprint, London has a second homer number similar to UHNW despite a much smaller population. Paris, perhaps surprisingly, features as Europe's highest city after London, said Wealth-X. Among the suburbs and small towns, Beverly Hills has the highest total UHNW population, and Aspen has the highest concentration on a per capita basis, reports indicate. Ultra-high net worth individuals are defined by Wealth-X as those whose net worth is higher than $ 30 million (R400 million). The image below illustrates the City with the highest millionaire density worldwide (over 1 million dollars).
Number of millionaire households per country by Boston Consulting Group
The following is a list of countries with the most millionaire households in US dollars worldwide according to a 2017 study from Boston Consulting Group.
Number of millionaires per country by Credit Suisse
Credit Suisse's Global Wealth 2017 measures the number of millionaires in the world According to the report, the United States has 15.3 million millionaires, the highest in the world.
Number of millionaires per city
The following is a list of cities with the most number of US millionaires as of February 2018.
United States
There is a big difference in the estimated number of millionaires living in the United States. The 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. By the end of 2011, there were about 5.1 million HNWIs in the US, while at the same time there were 11 million millionaires in a total of 3.5 million millionaire households, including 5.1 million HNWI.
According to TNS Financial Services, as reported by CNN Money, 2 million households in the US alone have a net worth of at least $ 1 million including primary residence in 2005. According to TNS, by mid 2006 the number of US household millionaires was 9.3 million, with a half-million increase since 2005. The millionaire household is thus about seven percent of all American households. The study also found that half of all millionaire households in the US are headed by retirees. In 2004 the United States saw "a 33 percent increase over 6.2 million households meeting that criterion in 2003," largely driven by the country's real estate boom.
A report by Capgemini for Merrill Lynch on the other hand states that in 2007 there were approximately 3,028,000 households in the United States holding at least US $ 1 million in financial assets, excluding collections, consumables, consumer durable goods and premises main stay.
According to TNS Financial Services, Los Angeles County has the highest number of millionaires, totaling more than 262,800 households in mid-2006. Los Angeles County is also the largest single jurisdiction in the United States.
See also
- Join request
- Billionaire
- Business is in power
- Distribution of wealth
- High-value personal
- Upper middle class
- Upscale
- Six-digit earnings
- Wealth of concentration
- Who Wants To Be a Millionaire? (game show)
- The Millionaire Next Door (book)
- Moscow Millionaire Fair
- Pierre Lorillard II (the first American to be designated a "millionaire")
- List of African millionaires
- List of billionaires
- Sunday Times Rich List
References
Source of the article : Wikipedia
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