10 Million Millionaires

By | Jun 26, 2008

I was just reading that there are now over 10 million millionaires in the world. A millionaire is defined as a person who has a net worth of over million dollars, not including the equity of that person’s principal residence.

One in three of these millionaires live in America with India, China and Brazil having the largest increase. During the last year the number of millionaires in India grew by nearly 23 percent. Even with 10 million millionaires in the world this is a very small portion of the population.

When you consider the annual income of many workers, one can see how hard it is to reach a million dollars. A worker getting paid 10 dollars an hours which for a 40 hours week has an annual income of just a little over 20,000 dollars, this worker would have to work for over 48 years just to make a million dollars.

Educators don’t make out that much better. If you use an yearly salary of 45,000 dollars, it takes over 22 years to make that first million.

Even an 100,000 dollar a year job takes 10 years to reach the million.

I suppose the quickest way to reach that million, unless you are a Hollywood star, a sports star or the CIO of a Fortune 500 company is being the Sole Proprietor of a Multi-million dollar business. I’m trying to do that, but I still have a long ways to go. I might make it by 2050.


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