What exactly is a multi millionaire?

3/12/2021 3:01:26 AM

Multiple millions, along with being a millionaire, a $2 million dollar net worth or more technically makes you a multi-millionaire. That said, the terms millionaire and multi-millionaire include those who are just shy of being billionaires.

The level of lifestyle the “poorest billionaires” can afford won’t vary too much from the richest billionaires. As there is almost no single material item any billionaire cannot afford, mansions, cars, jewelry, etc… However the same cannot be said for millionaires. For instance, a millionaire who “only” has $1 or $2 million dollar net worth cannot necessarily afford to live in a multi-million dollar mansion, fly in a private jet, or buy the most expensive sports cars which can cost upwards of several hundred thousand to a few million dollars. But multi-millionaires who have net worths of tens of millions and hundreds of millions of dollars can afford that lifestyle.

There are many doctors and lawyers who are millionaires and multi-millionares, it’s rare to see them have net worths higher than $10 million. These people although very affluent are not the true upper class in terms of wealth, they’ll typically be paid a very good salary and might do some light investing, but they likely haven’t reached a level where their money works for them. On the higher end of the spectrum is are business owners, moguls, and celebrities, who might have hundreds of millions of dollars and may not even necessarily have to work. They can hire someone who’ll continue to run their business for them while they reap all the profits. It’s very rare to see these individuals blow through all their fortunes as they can easily accumulate more money.