Multi-Millionaire

[Ace in the Hole]

I always thought a multi-millionaire was someone exceeding two million in net wealth, until I saw this definition today:

A multi-millionaire is defined as a person with net assets of $US30 million or more, excluding their primary residences.

The actual definition implies people with 30+ mil have more than one primary residence ;-)

From this article - http://www.news.com.au/money/millionaire-numbers-surge-in-perth/story-e6frfmci-1226471919893

 

[twobobsworth]

Easier to achieve now with the high aussie dollar.

 

[oracle]

Easier to achieve now with the high aussie dollar.

Even easier if you follow Richard Branson's advice.

Start with a billion dollars and buy an airline. You are guaranteed to become a multi-millionaire

Cheers
Oracle.

 

[Rixter]

Even easier if you follow Richard Branson's advice.

Start with a billion dollars and buy an airline. You are guaranteed to become a multi-millionaire

Cheers
Oracle.

Thats like the old joke - how do you make a Kiwi a millionaire? Give him $2 million and set him up in business!

 

[oracle]

Thats like the old joke - how do you make a Kiwi a millionaire? Give him $2 million and set him up in business!

No Rixter..it ain't a joke. In the entire history of airline industry there is more money poured in by shareholders than combined value of those airlines worth today.

Think about it ... I can travel interstate cheaper most of the time than it costs me to get to the airport. It was the other way round 20yrs ago. And during those 20yrs..salary, maintenance, fuel, new planes etc have all gone up in value. How can you expect to make a profit in such an environment where your costs keep rising while what you can charge your customers keeps falling.

Cheers,
Oracle.

 

[china]

I always thought a multi-millionaire was someone exceeding two million in net wealth, until I saw this definition today:

A multi-millionaire is defined as a person with net assets of $US30 million or more, excluding their primary residences.

The actual definition implies people with 30+ mil have more than one primary residence ;-)

From this article - http://www.news.com.au/money/millionaire-numbers-surge-in-perth/story-e6frfmci-1226471919893

I was also intrigued by this article - 930 multi-millionaires in Western Australia - are there such people on this forum?

 

[sash]

I think they got the terminology wrong....these are ultra wealthy....

The number of multi millionaires in Australia - i.e. at least $2m would be far in excess of 80,000 people!

 

[Fifth]

I think they got the terminology wrong....these are ultra wealthy....

The number of multi millionaires in Australia - i.e. at least $2m would be far in excess of 80,000 people!

Surely $2m doesn't constitute a multi-millionaire? When else does the prefix 'multi' refer to a mere two?

$2m besides the PPOR might be the defition of a millionaire, but not a multi-millionaire.

I've heard the $30m definition of a multi-millionaire before and to me it seems about right. The term was created to distinguish the very wealthy who fall short of the billionaire status from the more humble barely-millionaires (i.e. $2m).

 

[jrc77]

According to Wikipedia

A multimillionaire has a net worth of more than 2 million units of currency, a decamillionaire has a net worth of more than 10 million units of currency, and a hectomillionaire has a net worth of more than 100 million units of currency.

As we know Wikipedia is the absolute source of all truth

Any hectomillionaire's lurking around here?

 

[Ed Barton]

According to Wikipedia



As we know Wikipedia is the absolute source of all truth

Any hectomillionaire's lurking around here?

I'm sure there's plenty if the unit of currency is cents.

 

[Rob Williams]

There was a time when being a "millionaire" meant being able to live the "millionaire lifestyle", according to the perceptions of the average person. The "high life" as some would have called it.

If we were to take that historical perception and move into current time, I would argue that you would need between $3m - $5m in todays dollars in order to live that type of lifestyle. Like Nelson Bunker Hunt once said "A billion dollars isn't what it used to be".

Financial planners advise retirees that they need around $1m plus ownership of their own home in order to live out their retirement in the style to which they have become accustomed leading up to retirement. That would imply that having a $1 million net worth would be regarded as quite normal rather than being a "millionaire" by the old "high life" definition.

I would argue, then, that if having a net worth of $3m-$5m made you a millionaire, then being a multi millionaire would require a net worth of somewhere North of $6m.

 

[Rixter]

I think they got the terminology wrong....these are ultra wealthy....

The number of multi millionaires in Australia - i.e. at least $2m would be far in excess of 80,000 people!

192900 to be precise according the 2010 stats I researched - not that many. I thought it would have been a lot more.

 

[Aaron Sice]

I was also intrigued by this article - 930 multi-millionaires in Western Australia - are there such people on this forum?

i can think of 6 i know here in WA alone.

 

[Andrew_A]

Well 30M or so is probably putting you in the 'lesser rich' category only according to British billionaire Felix Dennis.

£1m – £2m ($1.53 million – $3 million) The comfortable poor
£3m – £4m The comfortably off
£5m – £15m The comfortably wealthy
£16m – £39m The lesser rich
£40m – £74m The comfortably rich
£75m – £99m The rich
£100m – £199m The seriously rich
£200m – £399m The truly rich
£400m – £999m The filthy rich
Over £1bn The super rich

source

A more relevant figure for the majority of the country would be somewhere in the vicinity of 10k/month income I think, once you have this income covered in passive/recurring style then you probably aren't far off working only when you choose to.
​

 

[Ace in the Hole]

I was also intrigued by this article - 930 multi-millionaires in Western Australia - are there such people on this forum?

930 was the figure for Sydney, Perth had 330.

 

[saiman]

How do they find out stats of how many people have how much money in Australia?

Being Chinese, I know many families who have lived here for decades and are multi multi millionaires but you would never tell as most of their investments and cash are overseas and they live a relatively modest lifestyle in Australia

I would assume being a nation of immigrants, there are probably a large proportion of wealthy people living long-term in Australia who have this scenario and are flying under the radar?

 

[cimbom]

Well 30M or so is probably putting you in the 'lesser rich' category only according to British billionaire Felix Dennis.

£1m – £2m ($1.53 million – $3 million) The comfortable poor
£3m – £4m The comfortably off
£5m – £15m The comfortably wealthy
£16m – £39m The lesser rich
£40m – £74m The comfortably rich
£75m – £99m The rich
£100m – £199m The seriously rich
£200m – £399m The truly rich
£400m – £999m The filthy rich
Over £1bn The super rich

source

A more relevant figure for the majority of the country would be somewhere in the vicinity of 10k/month income I think, once you have this income covered in passive/recurring style then you probably aren't far off working only when you choose to.
​

And to think I'm looking forward to clearing $1000/week after tax

 

[Ideo]

Jeeze, I wouldn't mind being comfortably poor.

 

[Rixter]

Jeeze, I wouldn't mind being comfortably poor.

Geeze, what does that make you now

 

[Ideo]

Geeze, what does that make you now

Someone who doesn't have 1 million quid in the bank.

I don't count assets that you owe money on as assets. Only the bit you actually own.