They say there is a day for everything, and we are inclined to believe that is the case! For example, did you know that 20 May is National Be a Millionaire Day? Yes, that’s right, there is a whole 24 hours dedicated to the rich and wealthy. So, what’s it all about, and how can you join in on the fun?
The definition of a millionaire is an individual who has a wealth or net worth of more than one million in a certain currency. Typically, it would be euros, dollars, or British pounds as, in some currencies, a million isn’t worth quite as much. For example, someone with one million Albanian leks would still be a millionaire, but that one million is only worth about GBP 7000 and will likely not buy you a nice apartment in central London.
The most common formula for deciding whether a millionaire is… well, a millionaire, is net worth; which is the total of all property such as property, savings, investments, and vehicles, minus any debts.
In December 2020, there were an estimated 46.8 million millionaires across the world. Otherwise known as high net worth individuals (HNWIs), the US had the largest concentration of them, with more than 11 million.
As for how they acquire their wealth, 16% are believed to inherit it and 47% own businesses that are the source of their wealth. A further 23% of millionaires acquired their wealth from their job, typically C-level or certain skilled roles. On average, millionaires are around 60 years old and have $3 million in assets.
If you’re reading this and thinking “well National Be a Millionaire Day” isn’t for me, as you look at your bank account, you would be wrong!
National Be a Millionaire Day is not actually just for millionaires. Of course, if you are a millionaire, you are more than welcome to celebrate as and how you choose. But this particular day can also be celebrated by those who are not millionaires but that wish they were.
On this day, people typically celebrate the idea of what it would be like to be a millionaire. There are countless ways to celebrate, for example, you could try your luck at some super fun slots with great bonuses and jackpots, or you could book yourself into a spa and pretend you are a person of leisure. You could open the savings account you’ve been putting off for ages, or consider investing with an investment manager. You could even do a full review of your income and outgoings to cut costs and better organise your spending.
Alternatively, grab a bottle of prosecco (it tastes almost the same as champagne, right?), have a homecooked steak, and tune into your favourite millionaire-themed film or TV series, and dream of rolling in it.
But, when the day is over, don’t forget that money doesn’t buy happiness. Being a millionaire isn’t the answer to all of life’s problems, and it’s a beautiful thing to be appreciative of what you have!