In the real estate bubble up to 2007, average house prices in some U.S. regions exceeded $1 million, but many homeowners owed large amounts to banks holding mortgages on their homes. For similar reasons, those who market goods, services and investments to HNWIs are careful to specify a net worth "not counting principal residence".  According to TNS, in mid-2006 the number of millionaire US households was 9.3 million, with an increase of half a million since 2005.  (The standard French spelling is now millionnaire, though the earliest reference uses a single n.) The earliest attestation in the Oxford English Dictionary (OED) is a letter of Lord Byron of 1816, which mentions it as a French term needed because of the "Lilliputian" value of francs.  Earlier English writers also mention the French word, including Sir William Mildmay in 1764. 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. According to the report, the US has 18.6 million millionaires, highest in the world. It is obviously much easier and less significant to be a millionaire in those currencies, thus a millionaire (in the local currency) in Hong Kong or Taiwan, for example, may be merely averagely wealthy, or perhaps less wealthy than average. , According to TNS Financial Services, Los Angeles County, California had the highest number of millionaires, totalling over 262,800 households in mid-2006. Only about 20% of Americans inherit their … "If these returns continue," the report stated, "it is quite possible that we could see the world's first trillionaire within 25 years.". Today, they hold 50.1% -- more than half of the rest of the world. Ultra-high net worth individuals are defined by Wealth-X as those whose total net worth is higher than $30 million (R400 million).  In discussions on wealth inequality in the United States, hectomillionaires are said to be in the richest 0.01%, prompting calls for a redistribution of wealth.. Many national currencies have, or have had at various times, a low unit value, in many cases due to past inflation. Another term used is "net investable assets" or working capital. The United States had the highest number of HNWIs (4,700,000) of any country, while New York City had the most HNWIs (348,000) among cities.. By this definition there are approximately 584,000 US$ multimillionaires worldwide in 2017. She is the youngest millionaire … As of June 2020, there were estimated to be just over 13 million millionaires or high-net-worth individual (HNWIs) in the world. A new Credit Suisse report finds there are 2.3 million new millionaires in the world, putting the total at 36 million. 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. , Depending on how it is calculated, a million US dollars in 1900 is equivalent to $30.7 million (in 2019)..
 Because of this, the United States Dollar (USD) is the most widely used currency standard to compare the wealth of people all over the world. According to Credit Suisse's past reports, becoming a millionaire might be more common over the coming decades. This post originally appeared on Business Insider. A millionaire in Zimbabwe in 2007 could have been extremely poor.  At the end of 2011, there were around 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 those 5.1 million HNWIs.  The OED's first print citation is Benjamin Disraeli's 1826 novel Vivian Grey, 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".. By 2016, the richest 793 people maintained net worths of $5 trillion -- an annual growth of 11%. There were 793 billionaires worldwide in 2009. Dated ways of describing someone worth n millions are "n-fold millionaire” and "millionaire n times over".
 The study found that half of all millionaire households in the US were headed by retirees. Concentration of … A 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 USA. Since 2016, the world has seen a new crop of 2.3 million people reach a net worth with six zeroes. In 2017, global average wealth hit a new high of $56,540, compared to $52,074 in 2007. The rising prevalence of people possessing ever increasing quantities of wealth has given rise to additional terms to further differentiate millionaires. This is a list of countries by the number of millionaires by net worth (USD) based on an annual assessment of wealth and assets compiled and published by the Swiss bank Credit Suisse. Excluding Monaco – which has very high UHNWI density – Geneva has the highest density of super wealthy people per capita in the world. Paris features as the second highest European city, after London, Wealth-X said.
 (see US-dollar billionaires in the world). Country: US. There is a wide disparity in the estimates of the number of millionaires residing in the United States. 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.
Twenty-three percent of the world's millionaires got that way through paid work, consisting mostly of skilled professionals or managers.
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. According to wealth research group Wealth-X that released its latest UHNW Cities report, showing the residential footprint of the world's top ultra-high net worth (UHNW) individual cities. A new report reveals that there are 2.3 million new millionaires in the world. Sixteen percent of millionaires inherited their fortunes. Counties With The Most Millionaires, Largest financial services companies by revenue, Largest manufacturing companies by revenue, Public corporations by market capitalization, The rich get richer and the poor get poorer, Socialism for the rich and capitalism for the poor, https://en.wikipedia.org/w/index.php?title=Millionaire&oldid=985474441, CS1 maint: BOT: original-url status unknown, Articles that may contain original research from February 2013, All articles that may contain original research, Articles with unsourced statements from October 2019, Creative Commons Attribution-ShareAlike License, This page was last edited on 26 October 2020, at 04:31. Net worth: $8 million. Hence a person must have a net worth of at least one million USD to be recognised as a millionaire anywhere in the world.
The total net worth of all millionaires stood at US$158,261 billion.
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