Bob Proctor What Millionaires Know And Average People Dont
Bob Proctor What Millionaires Know And Average People Dont
A millionaire (originally and sometimes still millionnaire[1]) is an individual whose net worth or wealth is equal to or 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. Depending on the currency, a certain level of prestige is associated with being a millionaire, which makes that amount of wealth a goal for some, and almost unattainable for others.[2] In countries that use the short scale number naming system, a billionaire is someone who has at least a thousand times a million dollars, euros, or the currency of the given country (i.e. $1,000,000,000). In contrast, a billionaire in countries that use the long scale number naming system would be someone who has at least a million times a million units of currency (i.e. $1,000,000,000,000). The increasing number of millionaires is partially due to prevailing economics, especially inflation; as the individual value of each unit of currency decreases, achieving a million of these becomes easier. The purchasing power of a million US dollars in 1959 is equivalent to 7.3 million dollars in 2009.[3] Increasingly, the term denotes the status of high wealth. American sociologist Leonard Beeghley classifies all households with net worth exceeding USD 1 million as "The Rich".[citation needed] As of 2008, about 10 million people around the globe were worth more than 1 million U.S. dollars when the value of their main homes were excluded.[4]
Influence
While millionaires constitute only a small percentage of the population, they hold substantial control over economic resources with the most powerful and prominent individuals usually ranking among them. Also, the total amount of money held by millionaires can equal the same amount of money held by a far higher number of poor people. The Gini coefficient, and other measures in economics, estimated for each country, are useful for determining how many of the poorest people have the equivalent total wealth of the few richest in the country. Forbes and Fortune magazines maintain lists of people based on their net worth and are generally considered authorities on the subject. According to Forbes' latest annual list of the World's Billionaires published in March 2008 there are currently 1125 members of the exclusive Billionaire's club (see US-dollar billionaires in the world).Sixteen percent of millionaires inherited their fortunes. Forty-seven percent of millionaires are business owners. Twenty-three percent of the world's millionaires got that way through paid work, consisting mostly of skilled professionals or managers.[11] Millionaires are, on average, 61 years old with $3.05 million in assets.[12]
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