Who is a Millionaire

It seems that more people than ever are millionaires these days -- 1 in 20 households in the United States have investable assets of $1 million or more (excluding real estate).

Most of you realized that inflation means that being a millionaire is not what it used to be. $1 million today is equivalent to only $430,000 in 1983. As Yogi Berra so wisely put it, "a nickel ain't worth a dime anymore."

One of the main reasons we invest is to keep pace with inflation. Otherwise, the purchasing power of our money declines over time.

 

The quiz questions are set forth below with the correct answers in bold. The parenthesis contain the percentage of respondents who chose a particular answer. (They are rounded-off, so it may not equal 100%).

1. How many households in the United States have $1 million or more in investable assets (excluding real estate)?

• 1.25 million (21%)
• 2.65 million (23%)
• 4.35 million (14%)
• 6.15 million (20%)
• 10.5 million (23%)

2. 1 out of every __ households in the United States is a millionaire household?

• 20  (22%)
• 35  (15%)
• 50  (13%)
• 75  (15%)
• 100 (34%)

3. $1 million in 2013 was how much in 1983 dollars (approximate)?

• $240,000 21%)
• $350,000 (30%)
• $430,000 (28%)
• $520,000 (16%)
• $650,000 (4%)

4. $1 million in 1983 is how much in 2013 dollars (approximate)?

• $1,250,000 (3%)
• $1,730,000 (11%)
• $2,120,000 (15%)
• $2,440,000 (27%)
• $2,875,000 (44%)

Words of Wisdom

I don't know much about being a millionaire, but I'll bet I'd be darling at it.
-- Dorothy Parker