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Is a 'millionaire' a 'wealthy citizen' these days? In the UK this means you can buy a decent home for cash and still have to work for a living?
by dazc 4y ago
Is a 'millionaire' a 'wealthy citizen' these days? In the UK this means you can buy a decent home for cash and still have to work for a living?
- kimchidude 4y agoI guess we're getting into semantics here, but I would imagine someone with a net worth above a million USD would be considered to have above average wealth in a majority of countries.
- throwawaylala1 4y agolol yes
- mytailorisrich 4y agoA million, whether dollars or pounds, in NET wealth is being a wealthy citizen in the UK and I suspect all Western countries. It's probably far better than the top 10%.
- deleted 4y ago[deleted]
- radicalbyte 4y agoHonestly at this point it's almost worth excluding housing. You have a generation from about 45-60 who bought their London houses for around the 50-200k mark who have an asset worth 0.8-2.5M and are earning 200-300k a year. You then have those a bit younger with similar incomes but who had to "buy high". Both are "rich" but I would probably only classify the former group as "wealthy" as they're sitting on huge assets.
- annyeonghada 4y agoOnly on Hacker News is possible to read comment that unironically ask if being a millionaire is wealthy? Look at the percentile, look at the median and average income, median and average wealth, look at the distribution of wealth: in whatever way you look at it, yes, the equation millionaire = wealthy is true.
- csomar 4y agoThe report mentions that they are HNWI. Defined in Wikipedia by: High-net-worth individuals (HNWIs): People or households who own liquid assets valued between $1 million and $5 million. I assume liquid assets doesn't account for Real-Estate?