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abigbrightshiningsta... | In order to be rated as a millionaire, does the money need to be liquid? |
A friend of mine has £400,000 in the bank and approx £800,000 in assets (paid off mortgage, boats and cars, fixed deposit investments etc).
He claims he is a millionaire in casual conversation which is a little annoying.
Is he?
Additional Details
PS, I don't mean it is annoying that he is a millionaire, I mean it is annoying that he brags about it to everyone. I would love it if there was some technical hitch so I could dispute his claim. |
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Christine
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yes he is, but hes also crazy keeping £400k as a cash deposit in the bank, proper millionaires invest wisely and don't brag. |
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Dick Turpin
 |
Technically, a millionaire.
Actually, a bit of a tosser. |
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Anonymous
 |
I always thought a Millionaire was when you had a million or more in the bank or in cash. he should say "If i were to sell all my belongings I would be a millionaire".
But I suppose people see it differently. |
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The Ghost
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yes I would say he is a millionaire , but , non liquid assets can change in value so he might not be a millionaire this time next week. |
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just me
 |
Your assets minus your liabilities equals your net worth. If it is over a mil, you are a millionaire.
But, he should not talk about it. |
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trulywelsh
 |
According to wikipedia, there is a debate about whether millionaire status should be counted by net worth or financial assets. When using the financial assets method, all fixed assets are not counted, thus excluding cars and houses etc. Still, Forbes and Fortune magazines still base their lists on net worth (which counts homes and furnishings etc.), and are generally considered authorities on the subject. Therefore, your friends millionaire claims are probably well founded, but could be debated.
By the way, this is entirely based on what wikipedia says in the source that I have added....I don't pretend to know much about this issue! |
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δώδεκα
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No, otherwise it will run out of your pockets. |
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Doctor Deth
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next time ask him how much in taxes he pays each year and then brag that you only have to pay "X". He must have pretty low self esteem if he has to keep announcing to everyone that he's rich |
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Thin Kaboudit
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Technically, if he has a net worth north of a million, he's a millionaire...
But that doesn't mean he isn't an idiot! Anyone with that much cash in the bank is a complete fool. Since bank deposits are not insured up to that amount, most of that money belongs somewhere where it could be earning FAR higher returns without ANY additional risk, since he would lose most of his £400,000 anyway if the bank failed!
He has probably convinced himself he has "earned" his wealth, but he hasn't; he was just lucky. Anyone that dumb could never actually earn that much money! |
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CountTheDays
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He is a millionaire. Some of his assets may reduce in value - especially boats, but otherwise he is as he says he is. Same as Bill Gates is a billionaire - his assets are tied up too. |
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wilderwriter
 |
There is no "official" definition of millionaire. I guess if he gets kick out of it, the notion that his Net Worth is over a million does indeed qualify him for that title. But I guess if you want to be "small" you could remind him that th term doesn't mean what it used-to, and that he would have to be a Billionaire, or at least a multi-millionaire, to really have bragging rites. |
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arch0049
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I would say yes he is a Millionaire. Assets - minus liabilities.
The term liquid, we all know what it means, but it is still vague. Obviously cash is the most liquid. But, for those who say no he is not a millionaire - what assets count? Where do you draw the line on liquidity?
Surely we all know stocks are more liquid than cars, boats and a house. But, those things all have value and should be counted.
Bill Gates is worth 40,000,000,000 dollars. And, it is not all in cash and stocks. |
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mark_harrison_uk2
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By most peoples' reckoning, having "assets - liabilities" of more than a million quid would count as a millionaire, so if someone owns £1.6 million pounds work of property, and has a £500,000 mortgage on it, he's a millionaire.
However, the big problem with this definition is that most people massively OVER-VALUE some of their so-called assets. Yes, for things like property, we probably have a good idea (though if it's a second home or buy to let, then the thorny subject of tax would come in.) However, things like cars and boats are seldom worth anything like what people paid. Sure, he might have paid £40,000 for his Jag from a dealer... but if HE tried to sell it, he'd be lucky to get £30,000, because a dealer warranty is worth an awful lot at that end of the market.
Hence, some people use the term to mean "near liquid assets" - so a million quid in, say, shares or bonds - things that could be sold fast - but not in houses or boats.
The Economist has run a campaign over the last few years to try to make people use the term "millionaire" to mean "someone with an INCOME of a million a year" - this hasn't really caught on :-)
If you want to wind up your friend, buy him a book called "The Millionaire Next Door", which is the results of a large-scale survey on millionaires. One of the things that the authors noted in their interviews was that, when they got several millionaires together, the ones with the MOST money were the ones who LEAST talked about it. It's the ones who are ONLY JUST millionaires who feel a need to bang on about it.
If you REALLY want to wind up your friend, remind him that Forbes now only lists the top 100 BILLIONaires rather than all of them because there are far too many :-) |
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Kenneth
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I don't think so. He is a millionaire by US standards though.
His total worth is $1,800,000.
In a rough estimate of the average exchange rate of pound 1.5x US dollar. |
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