Skip to main content

What is a millionaire?

By Feb 23rd, 2021No Comments
What is a millionaire?

There are 180 currencies on this planet but we only consider the United States Dollar as the world currency, which is why there is so much confusion as to what a millionaire actually is.

What is a millionaire by today standards?

A millionaire is any natural person that has a personal net worth of at least $1 million in United States Dollars.

Unfortunately, having a million in any other currency doesn’t truly contribute to you being a millionaire, for instance, a person with a personal net worth of A$1 million Australian Dollars is still not a millionaire because the exchanged worth of 1 million Australian Dollars only equates to approximately 800 thousand United States Dollars.

Therefore, the Australian Dollar is much weaker compared to the United States Dollar, however, this is not always the case with a currency.

Some currencies are much stronger than the United States Dollar for example the Euro.

€1 million euros is exchanged approximately to the USD for $1,2 million US dollars.

Therefore, if a person had a personal net worth of €850 thousand euros they would be considered a millionaire because their United States dollar worth is approximately $1 million US dollars.

Nonetheless, despite the Euro being worth more than the US dollar this doesn’t account for it being the better currency.

Why is the US dollar our global currency?

The United States is in billions of foreign debt and continuous large deficit spending, however, this does not change the global view of which the world holds its accountability.

Despite the debt, the US dollar is the strongest currency to this date.

As of 2018, the U.S. had $1,671 billion in circulation which dwarves the other currencies despite their exchange being much more.

Another term used to describe a global currency is known as a reserve currency. Russia and China are fighting the US dollar for a new reserve currency but as long as there is no contender for the US dollar they reserve their place as a global currency.

The bottom line

Any millionaire in the world has a personal net worth of at least $1 million US dollars.

In Africa alone, there are about 140 thousand millionaires based on this statistic.

Staff Editor

It's a team effort to bring you content that you can invest your time in. We love it! Our role is fulfilling your desire to grow and we enjoy doing that. If you have a specific post in mind or plan on sharing some ideas, hit us up on [email protected]

Leave a Reply