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Millionaire
A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. Depending on the currency, a certain level of prestige is associated with being a millionaire. Many national currencies have, or have had at various times, a low unit value, in many cases due to past inflation. It is much easier and less significant to be a millionaire in those currencies, thus a millionaire in the local currency of Hong Kong or Taiwan, for example, may be merely of average wealth, or perhaps less wealthy than average. A millionaire in Zimbabwe in 2007 could have been extremely poor. Because of this, the term 'millionaire' generally refers to those whose assets total at least one million units of a high-value currency, such as the United States dollar, euro, or pound sterling.
At the end of 2011, there were around 5.1 million high-net-worth individuals (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 those 5.1 million HNWIs. As of December 2024[update], there were estimated to be just over 16 million dollar-millionaires in the world according to the World's Wealthiest Cities Report 2025 by Henley & Partners. The United States had the highest number of millionaires (6.0 million) of any country, whilst New York is the wealthiest city with 385,000 millionaires. In countries that use the short scale number naming system, a billionaire is someone who has at least a thousand times a million dollars, euros or pounds.
The word "millionaire" was apparently coined in French in 1719 to describe speculators in the Mississippi Bubble who earned millions of livres in weeks before the bubble burst. The standard French spelling is now millionnaire, though the earliest reference uses a single n. The word was first used (as millionnaire, double "n") in French in 1719 by Steven Fentiman,[citation needed] and is first recorded in English in an article in The Times in 1795. Earlier English writers also mention the French word, including Sir William Mildmay in 1764. The anglicisation millionary was used in 1786 by Thomas Jefferson while serving as Minister to France; he wrote: "The poorest labourer stood on equal ground with the wealthiest Millionary".
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. Forbes listed 1,645 dollar billionaires in 2014, with an aggregate net worth of $6.4 trillion, an increase from $5.4 trillion the previous year (see US-dollar billionaires in the world).
According to a report by Hurun, a market research firm based in China, the global billionaire population stood at 3,381 in 2022. Sixteen percent of millionaires inherited their fortunes. Forty-seven percent of millionaires are business owners. Twenty-three percent of the world's millionaires got that way through paid work, consisting mostly of skilled professionals or managers. Millionaires are, on average, 61-years-old with $3.05 million in assets.
Depending on how it is calculated, a million US dollars in 1900 is equivalent to $37.8 million (in 2024):
Thus one would need to have almost thirty million dollars today to have the purchasing power of a US millionaire in 1900, or more than 100 million dollars to have the same impact on the US economy.
Dated ways of describing someone worth n millions are "n-fold millionaire" and "millionaire n times over". Still commonly used is multimillionaire, which refers to individuals with net assets of 2 million or more of a currency. There are approximately 584,000 US$ multimillionaires who have net assets of $10M+ worldwide in 2017. Roughly 1.5% of US$ millionaires are "ultra-high-net-worth individuals" (ultra-HNWIs), defined as those with a net worth or wealth of $30 million or more. There are approximately 226,000 ultra-HNWIs in the world in 2017, according to Wealth-X. 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 100 million or more of a currency are commonly termed centimillionaires, or more rarely hectomillionaires.
Millionaire
A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. Depending on the currency, a certain level of prestige is associated with being a millionaire. Many national currencies have, or have had at various times, a low unit value, in many cases due to past inflation. It is much easier and less significant to be a millionaire in those currencies, thus a millionaire in the local currency of Hong Kong or Taiwan, for example, may be merely of average wealth, or perhaps less wealthy than average. A millionaire in Zimbabwe in 2007 could have been extremely poor. Because of this, the term 'millionaire' generally refers to those whose assets total at least one million units of a high-value currency, such as the United States dollar, euro, or pound sterling.
At the end of 2011, there were around 5.1 million high-net-worth individuals (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 those 5.1 million HNWIs. As of December 2024[update], there were estimated to be just over 16 million dollar-millionaires in the world according to the World's Wealthiest Cities Report 2025 by Henley & Partners. The United States had the highest number of millionaires (6.0 million) of any country, whilst New York is the wealthiest city with 385,000 millionaires. In countries that use the short scale number naming system, a billionaire is someone who has at least a thousand times a million dollars, euros or pounds.
The word "millionaire" was apparently coined in French in 1719 to describe speculators in the Mississippi Bubble who earned millions of livres in weeks before the bubble burst. The standard French spelling is now millionnaire, though the earliest reference uses a single n. The word was first used (as millionnaire, double "n") in French in 1719 by Steven Fentiman,[citation needed] and is first recorded in English in an article in The Times in 1795. Earlier English writers also mention the French word, including Sir William Mildmay in 1764. The anglicisation millionary was used in 1786 by Thomas Jefferson while serving as Minister to France; he wrote: "The poorest labourer stood on equal ground with the wealthiest Millionary".
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. Forbes listed 1,645 dollar billionaires in 2014, with an aggregate net worth of $6.4 trillion, an increase from $5.4 trillion the previous year (see US-dollar billionaires in the world).
According to a report by Hurun, a market research firm based in China, the global billionaire population stood at 3,381 in 2022. Sixteen percent of millionaires inherited their fortunes. Forty-seven percent of millionaires are business owners. Twenty-three percent of the world's millionaires got that way through paid work, consisting mostly of skilled professionals or managers. Millionaires are, on average, 61-years-old with $3.05 million in assets.
Depending on how it is calculated, a million US dollars in 1900 is equivalent to $37.8 million (in 2024):
Thus one would need to have almost thirty million dollars today to have the purchasing power of a US millionaire in 1900, or more than 100 million dollars to have the same impact on the US economy.
Dated ways of describing someone worth n millions are "n-fold millionaire" and "millionaire n times over". Still commonly used is multimillionaire, which refers to individuals with net assets of 2 million or more of a currency. There are approximately 584,000 US$ multimillionaires who have net assets of $10M+ worldwide in 2017. Roughly 1.5% of US$ millionaires are "ultra-high-net-worth individuals" (ultra-HNWIs), defined as those with a net worth or wealth of $30 million or more. There are approximately 226,000 ultra-HNWIs in the world in 2017, according to Wealth-X. 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 100 million or more of a currency are commonly termed centimillionaires, or more rarely hectomillionaires.
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