What determines one to be a "millionaire" across many different countries?
Please bear with me having such a poor understanding about the general definition of being a millionaire, as the point of my question is not there, but is more like how one is recognized as a millionaire in many different countries and how they are seen when being in a foreign country.

My question is ... for example, if you are a millionaire in the U.S., that means you make 1 million dollars annually (let's go simple here as to the definition of what being a millionaire means). But if you are from a country where (let's say their currency is XXX) 1 USD is equivalent to 1000XXX, then, their millionaire (1,000,000XXX) is the same as someone earning $1000 annually. In this case, their millionaires have less financial assets than the U.S. counterparts?

Question

What determines one to be a "millionaire" across many different countries?
Please bear with me having such a poor understanding about the general definition of being a millionaire, as the point of my question is not there, but is more like how one is recognized as a millionaire in many different countries and how they are seen when being in a foreign country.

My question is ... for example, if you are a millionaire in the U.S., that means you make 1 million dollars annually (let's go simple here as to the definition of what being a millionaire means). But if you are from a country where (let's say their currency is XXX) 1 USD is equivalent to 1000XXX, then, their millionaire (1,000,000XXX) is the same as someone earning $1000 annually. In this case, their millionaires have less financial assets than the U.S. counterparts?

Answer

You are correct! When you say that someone is a millionaire, it means that the person is worth more than a million dollars. This does not necessarily mean that they have more than a million units of currency in their bank account, but rather that their assets are worth more than a million units of currency.

Being a millionaire in the US is different than being a millionaire in Denmark for example. 1 dollar is equal to about 7 Danish Crowns, so being a millionaire would have to have more than 7 million Crowns before he or she was considered a millionaire in the US.

I hope this answers your question!

Nicholas

Don’t miss out on the opportunity to learn a language from the comfort of your own home. Browse our selection of experienced language tutors and enroll in your first lesson now!