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A millionaire are you or are you not
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By (user no longer on site) 41 weeks ago
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"What do you class as a millionaire someone living in a property over a million, someone with a million invested for there retirement or someone with a million in the bank."
If you have assets valuing over a million, you’re a millionaire. Including houses (if your mortgage is paid off) |
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"What do you class as a millionaire someone living in a property over a million, someone with a million invested for there retirement or someone with a million in the bank."
Some one who has multiple millions of pounds in the bank. |
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"What do you class as a millionaire someone living in a property over a million, someone with a million invested for there retirement or someone with a million in the bank."
I would classify it as someone with one million pounds in the bank. Assets tied up in houses or pension funds are not readily accessible and in addition may be subject to capital gains tax.
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"What do you class as a millionaire someone living in a property over a million, someone with a million invested for there retirement or someone with a million in the bank."
Someone who has a coutts bank account.  |
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By (user no longer on site) 41 weeks ago
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"What do you class as a millionaire someone living in a property over a million, someone with a million invested for there retirement or someone with a million in the bank."
An MP, probably... |
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By (user no longer on site) 41 weeks ago
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"What do you class as a millionaire someone living in a property over a million, someone with a million invested for there retirement or someone with a million in the bank.
Some one who has multiple millions of pounds in the bank."
So to be a millionaire you need to be a multimillionaire  |
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I'm surprised by this thread. I thought that we all shared the same definition, and there would be no discussion. I'm startled to find that different people have different definitions.
It's no wonder we have so much misunderstanding in this thread if we all have different ideas on what words mean. |
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By *otMe66Man 41 weeks ago
Terra Firma |
Interesting how a word such as millionaire has been held onto as a benchmark that was once outside the reach of nearly all, but is now in reach of so many.
What would a person today need to own to be at the equivalent wealth of a millionaire in 1960? |
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My reasoning for over million in the bank is that I could have a house that can go up and down in value over 1m but I cant access the funds readily and if I accessed the equity I am taking on debt to the bank and greater cost than said equity.
If I have 1million and one pound and I buy a big mac meal. Suddenly I don't have 1m in the bank.
My idea of a millionaire is some one that can functionally live the lifestyle of a rich person and it would leave at least £1m in the bank.
I've approached it from an accountant POV most likely. |
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By *irldnCouple 41 weeks ago
Brighton |
"My reasoning for over million in the bank is that I could have a house that can go up and down in value over 1m but I cant access the funds readily and if I accessed the equity I am taking on debt to the bank and greater cost than said equity.
If I have 1million and one pound and I buy a big mac meal. Suddenly I don't have 1m in the bank.
My idea of a millionaire is some one that can functionally live the lifestyle of a rich person and it would leave at least £1m in the bank.
I've approached it from an accountant POV most likely."
I’d agree with that. House price inflation has actually devalued the meaning of being “a millionaire”. There’s a few old folk living in central London properties that probably don’t feel like millionaires. |
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"Interesting how a word such as millionaire has been held onto as a benchmark that was once outside the reach of nearly all, but is now in reach of so many.
What would a person today need to own to be at the equivalent wealth of a millionaire in 1960? "
It's strange times when you really need about £3 million if not more to be rich depending on where you live. |
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"My reasoning for over million in the bank is that I could have a house that can go up and down in value over 1m but I cant access the funds readily and if I accessed the equity I am taking on debt to the bank and greater cost than said equity.
If I have 1million and one pound and I buy a big mac meal. Suddenly I don't have 1m in the bank.
My idea of a millionaire is some one that can functionally live the lifestyle of a rich person and it would leave at least £1m in the bank.
I've approached it from an accountant POV most likely.
I’d agree with that. House price inflation has actually devalued the meaning of being “a millionaire”. There’s a few old folk living in central London properties that probably don’t feel like millionaires. "
Guess a million won't get you a lot of property in Brighton. |
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"What do you class as a millionaire someone living in a property over a million, someone with a million invested for there retirement or someone with a million in the bank."
Someone who has access to a million quid, is presumably a millionaire. |
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"Per the OED:
“A person whose assets are worth at least a million pounds (dollars, etc.); a person of great wealth.“"
Technically assets worth a million would be correct.
I wouldn't agree that a millionaire is a person of great wealth though. |
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By *irldnCouple 41 weeks ago
Brighton |
"My reasoning for over million in the bank is that I could have a house that can go up and down in value over 1m but I cant access the funds readily and if I accessed the equity I am taking on debt to the bank and greater cost than said equity.
If I have 1million and one pound and I buy a big mac meal. Suddenly I don't have 1m in the bank.
My idea of a millionaire is some one that can functionally live the lifestyle of a rich person and it would leave at least £1m in the bank.
I've approached it from an accountant POV most likely.
I’d agree with that. House price inflation has actually devalued the meaning of being “a millionaire”. There’s a few old folk living in central London properties that probably don’t feel like millionaires.
Guess a million won't get you a lot of property in Brighton. "
It wouldn’t I’m afraid. And Hove is even more expensive. One reason they call it London-on-Sea. |
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