A modern day millionaire

Is a million dollars a big deal anymore? A millionaire is considered a person with net assets exceeding a million dollars in their own currency. However, owing to the vagaries of international currency exchange; being a millionaire could be a little less attractive in Indonesian Rupiah, Philippine Peso, Malaysian Ringgit or even worse; the hyper-inflation of the Zimbabwean dollar. 

This doesn't necessarily make you rich by international standards. Measuring wealth against a reserve currency such as the US dollar or the Euro establishes a common base. I have read that ten million US households have a net worth of one million or more, these households have been coined everyday millionaires. These days, to be considered rich, you need a net value of seven and a half million dollars - ouch. 

Yet these families don't tend to live the lavish lifestyles associated with the classic millionaire jetset. One could argue they are everyday millionaires living in your neighbourhood or across the road; they could be your neighbour and keep their wealth well concealed. 

For many, they derived their wealth from higher than average salaries, prudent investment strategies, hyper-saving or frugal spending habits. They tend to have worked hard to gain financial security and tend to not lead a life of indulgence as they feel they have worked hard for their money and don't want to blow it on frivolous and outrageous spending. 

That is usually the domain of the nouveau rich, often viewed by old money as prudish, vulgar and outlandish. I tend to disagree, this derogatory term is in itself an arrogant view held by the privileged few engaging in conspicuous consumption, they earned their money - they didn't inherit it.