What defines a millionare?

[iron]

To you what defines a millionare? some one who has 1,000,000 in the bank or someone who has a big house wirth a million, how do you guage it?

[attagirl2]

To me what defines a millionaire is the the assets of the person. You can have a million dollars in the bank and not be a millionaire. But if you have a net worth of million or more then that is what counts for me.

[JimClark]

Originally Posted by iron

To you what defines a millionare? some one who has 1,000,000 in the bank or someone who has a big house wirth a million, how do you guage it?

Let me turn it around, what position would you rather be in - a million in the bank, or a house worth a million?

Personally if you have a million, whether its liquid or not you're a millionaire.

[MarkP]

I would be happy either way Although seeing all those extra zeros in your bank statement would feel good..

[globalart4u]

depends you can have a house worth a million but be unable to afford to keep it up due to personal circumstances. half a million in the bank and half a million assets - cos the assets can always go up (or down depending on area etc) and the money in the bank with good investment will also grow

[musictomyears]

I think the usual way of defining a millionaire is that it is somebody who on paper has the equivalent of a £million (assuming it is a British millionaire). However, that money may be tied up in a house, cars, business assets, or stocks and shares, and they may not have access to very much in actual cash.

I suppose somebody may appear to be a millionare, but if they traded in all their assets they may not realise a million - it all depends on the value of the assets at that point in time.

[Hataish]

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