STi8

Following on from the thread about rich people who do the lottery got me thinking about what makes someone a millionaire?

I found this on the web "A millionaire is an individual whose net worth or wealth exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account"

So, what do we include?

Net value of property, investments (net of loans), value of pension fund? What else?

And how much do you need to have to "live like a millionaire"?

Discuss.......

stilover

I would class a Millionaire as having £1m in the Bank.

With house prices the way they are, there are probably a lot of paper Millionaires in the uk. But in reality, after paying their huge mortgage payments every month, they probably don't have a pot to p!ss in.

subaruturbo_18

To me a millionaire is somebody who has a million + pounds in the bank, and no mortgage, or a salary to cover mortgage and living costs leaving his/her bank balance above 1 million.

dpb

People who took on a house we inherited after a sealed bid auction had , we were told had 3 million in their bank accounts and this , together with being local ,wife pregnant and owning most of the riverside boatyards and surrounding area was why we should let them have it , said the solicitor ( how she knew , i dont know )

Could have said no , but that would have been petulant

He inherited it all from his daddy but they claimed they were only going to move once in their lifetime , and it could be true .

They paid 40k less than a million and have almost certainly got thro a fifth of that inheritance on repairing the place lol

Camoscooby

iTrader: (5)

Not something I think too much about...........

kingofturds

iTrader: (1)

Well in that case everyone in Zimbabwe are multi billionares

SMT

I think you need a lot more than a million to live like a millionaire. These days a milllion is not very much - half the people in my road must be worth that on paper, but none of them live that sort of life.

Trout

iTrader: (1)

Well not by that definition you don't if you have a million you literally live like a millionaire!

Indeed many people who live like we think 'millionaires; should live are actually living mostly on borrowed money.

Camoscooby

iTrader: (5)

"The bank vault is being steam-cleaned and the monies must be moved so as to avoid getting the cash wet."

"All I need is your bank account details and sortcode........."

Trout

iTrader: (1)

He looks like someone out of the black and white minstrel show!

Camoscooby

iTrader: (5)

George Agdgdgwngo from FoneJacker = Legend lol

Trout

iTrader: (1)

Obviously a legend in some other dimension that I do not occupy!

chocolate_o_brian

iTrader: (22)

Nooooo he Augustus off facejacker. This is George...

Trout

iTrader: (1)

Apparently not a legend in your universe either!

chocolate_o_brian

iTrader: (22)

Both really funny characters from the two programmes. I'm happy with a Galaxy personally... Think about it

Camoscooby

iTrader: (5)

I stand corrected

dpb

My future mother in law , quite possibly , has stuffed some bags of that stuff under the mattress just in case they ever ditch the USer /Rand

lordharding

iTrader: (1)

To me a millionaire is adding up all your cash in the bank and the value of your properties you own ( and not the bank, morgage )
Cash it all in add it up
But even if you have a million you still have to live someware (£500k)and half a million in cash with the current interest rates at 2.8-3.6 % you would have 15 before tax to live on
Bring back decent % rates as I want to retire soon

Trout

iTrader: (1)

There was a woman in NY who came home to find her daughter had treated her to a new bed for her birthday.

She was traumatised as she had over £1m sewn into her mattress. They spent three days searching the landfill sites without any luck!

alloy

A proper millionaire has a million in liquid workable assets- Cash, Equities, Bonds etc. NOT main property or possesions

RESSE

iTrader: (1)

HMRC Statistics:
According to HM Revenue & Customs Statistics, the following Net Capital* was required in 2005 to qualify for the most wealthy percentages of the UK population:-
Top £
1% 895,947
2% 595,238
5% 362,997
10% 251,611
25% 100,572
50% 37,283

* Net Capital is defined as marketable wealth, including houses, stocks and shares and other saleable assets but excluding pension funds.

The number of adults with wealth greater than £1 million is estimated at 390,000 and of those remaining, 860,000 had assets greater than £500,000 in 2005.

Leslie

Now that was a really good show, excellent entertainment, and never a complaint from anyone.

Would never get past the PC lefty plonkers now of course, their imaginations would run wild-even though no one would mind it.

Les

XRS

That's amazing. I would have thought there would be far more people with over £895k, even 5 years ago.

Mifo

iTrader: (10)

There most likely was its just that HMRC probably didnt know about it.

XRS

LOL