What is a millionaire?
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Anonymous
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The Washington Post magazine today has data on U.S. millionaire households per capita for 2013. It's highest in Maryland at 7.69 percent. Virginia is 7th and DC 10th in the nation.
No info on how they defined "millionaire". Does that mean $1 million or more net worth? Individual or household? Or does millionaire imply MORE than one million? $1 million networth is a lot of money but with houses in this region so expensive it's not what it used to be! |
Anonymous
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Net worth of $1MM +
It doesn't matter how far the money goes. A million dollars is a million dollars. |
Anonymous
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But is that one person or one household?
We have $1.4MM together, but about half that each if we divided assets. |
Anonymous
You'd have to look at the methodology they used to know. I'd imagine they looked at household if I had to guess. |
Anonymous
I'm sure they're talking about household net worth. However, if you were to get divorced, no...you most likely wouldn't be a "millionaire" when all was said and done. |
Anonymous
A million per person. So in a family of 4 people with net assets of 1.4 million - only one person is a millionaire! 
However being a hundred-thousandaire is not so bad! |
Anonymous
This. Billionaires have fallen off the Forbes list post divorce. It's based on HHI. |
Anonymous
| Usually means net worth exclusive of primary residence (includes retirement accounts, cash account, investment real estate, liquid brokerage accounts, etc). Basically everything except primary residence, cars, jewlery, etc. Usually investment assets. Some exclude investment real estate. |
Anonymous
| Anyone who earns at least $1 million in salary/investment income/other a year. |
Anonymous
Completely wrong. |
Anonymous
Oh no, totally right. 
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Anonymous
Quote me a source that uses income as a definition for millionaire. Every definition I can find uses net worth. |
Anonymous
No, totally wrong. If you make a million and spend a million you have nothing. |
Anonymous
You aren't very smart, huh? 
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Anonymous
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It is net worth, but you only count the equity you have in your home. There are a lot of people who own homes that cost over $1 million, but if they have a mortgage of $800k, that assets is only credited as $200k.
So there are more people who live like millionaires than there are millionaires. In fact, many millionaires live like they have less than they do. |