What Is a Decamillionaire?
Decamillionaire is a term used for someone with a net worth of over 10 million of a given currency, most often U.S. dollars, euros, or pounds sterling. The term decamillionaire is made up of two words, “deca” and “millionaire.” The word “deca” or “deka” is of Greek origin, meaning ten. The International System of Units (SI) also defines the prefix “deca” as ten. While the word millionaire is used for someone whose net worth or wealth is equal to or more than a million (1,000,000). When we combine these two to reflect the wealth of a person, it becomes ‘ten times a million,’ which mathematically works out as 10 x 1,000,000 = 10,000,000. The term is most often used as a benchmark for wealth in countries with currencies that compare to the value of the U.S. dollar, euro or British pound sterling.
Understanding Decamillionaire
A person who has 2.5 million in a given currency can be called a multimillionaire, and so can somebody who has 10 million. While the first one has ‘2.5 times a million,’the second one has ’10 times a million,’which is a sizable difference not well represented by the traditional net-worth categorizations. Thus,the termdecamillionaire is used to reflect the size of one's wealth more precisely.
Decamillionaires and Net Worth
Often,wealthy individualsare clubbed together in the category of ‘millionaires’ or ‘multimillionaires,’but this segregation is too broad to describe a person's wealth accurately. Some wealth management firms further categorize wealthy individuals or families as "high-net-worth," "very-high-net-worth," or "ultra-high-net-worth."
For the sake ofsimplicity, U.S. dollars will be used to provide a guide to how much wealth qualifies an individual for each of these categories. A high-net-worth individualis one with at least $1 million in investable assets (such as equities and bonds) excluding their primary residence. Different banks or wealth management firmsmay have their own definitions or thresholds, however. A very-high net worth individual is one with at least $5 million in investable assets, sometimes referred to as a "pentamillionaire."Meanwhile, anultra-high-net-worth individual is one with at least $30 million to invest. As of 2016, there were just over 73,000 ultra-high-net-worth individuals in the United States.
DecamillionareUse
Given how broad these definitions are, terms like decamillionaireare usedto provide a more accurate snapshot of individual wealth.With the ever-increasing number of millionaires the world over, and with the effect of inflation on buying power of their wealth, terms like decamillionaire are used to delineate simple millionaires from those with multiple times theamount of wealth.
FAQs
Decamillionaire is a term used for someone with a net worth of over 10 million of a given currency, most often U.S. dollars, euros, or pounds sterling. The term decamillionaire is made up of two words, “deca” and “millionaire.” The word “deca” or “deka” is of Greek origin, meaning ten.
How many decamillionaires are there in the United States? ›
There are an estimated 1,826 decamillionaires in the United States in 2022. This is up from an estimated 1,490 in 2021 and 1,226 in 2020. A decamillionaire is an individual with a net worth of at least $10 million.
Is Decamillionaire the new millionaire? ›
For this reason, I'd like to suggest that “decamillionaire” is the new “millionaire.” By decamillionaire, I'm referring to someone with a net worth of over $10,000,000. Or even better, having over $10,000,000 of invested assets.
What is the definition of a millionaire in the United States? ›
millionaire in American English
a person whose wealth comes to at least a million dollars, pounds, francs, euros, etc. Webster's New World College Dictionary, 4th Edition.
What is hectomillionaire? ›
hectomillionaire (plural hectomillionaires) (rare) A person whose wealth amounts to 100 million dollars (or other currency unit).
What is a decillionaire? ›
In theory, a person can have a net worth in the range of a decillion dollars, making them a decillionaire. However, it is important to note that a decillion is an extremely large number, equal to 10^33. To put it into perspective, the estimated total wealth on Earth is in the range of trillions of dollars.
Is it true that 90% of millionaires make over $100000 a year? ›
Ninety-three percent of millionaires said they got their wealth because they worked hard, not because they had big salaries. Only 31% averaged $100,000 a year over the course of their career, and one-third never made six figures in any single working year of their career.
Are you considered rich if you have $1 million dollars? ›
Additionally, statistics show that the top 2% of the United States population has a net worth of about $2.4 million. On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million. Therefore, about 2% of the population possesses enough wealth to meet the current definition of being rich.
What is a centimillionaire? ›
noun. cen·ti·mil·lion·aire. ˌsentəˈmilyəˌna(a)(ə)r. : one whose wealth is estimated at one hundred million (as of dollars or pounds) or more.
Am I a millionaire if my net worth is $1 million? ›
A millionaire is somebody with a net worth of at least $1 million. It's a simple math formula based on your net worth. When what you own (your assets) minus what you owe (your liabilities) equals more than a million dollars, you're a millionaire.
Americans say you need a net worth of at least $2.5 million to feel wealthy, according to Charles Schwab's annual Modern Wealth Survey, which surveyed 1,000 Americans ages 21 to 75 in March 2024. That's up slightly from $2.2 million, compared with last year's survey results.
How much money is required to be considered a millionaire? ›
What Is Considered a Millionaire? A millionaire is someone who has a net worth of $1 million. That would be the difference between their assets and liabilities. For example, if someone had assets of $1.5 million and liabilities of $700,000, they would not be a millionaire ($1,500,000 - $700,000 = $800,000).
What percentage of Americans have a net worth of over $1000000? ›
Additionally, statistics show that the top 2% of the United States population has a net worth of about $2.4 million. On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million. Therefore, about 2% of the population possesses enough wealth to meet the current definition of being rich.
What is someone worth $100 million called? ›
2,350. 38% Figures for June 2023. Only includes individuals living in each city (residents). 'Centi-millionaires' refers to individuals with investable wealth of USD 100 million or more.
Is a 4.5 million net worth considered wealthy? ›
An investor with less than $1 million but more than $100,000 is considered to be a sub-HNWI. The upper end of HNWI is around $5 million, at which point the client is referred to as a very-HNWI. Ultra-high-net-worth individuals (UHNWIs) are defined as people with investable assets of at least $30 million.
Are you considered a millionaire if you have $1000000? ›
A millionaire is somebody with a net worth of at least $1 million. It's a simple math formula based on your net worth. When what you own (your assets) minus what you owe (your liabilities) equals more than a million dollars, you're a millionaire. That's it!
