Asset millionaires - more common than you think?

[mids2019]

So maybe for a significant proportion of families combining house value, pensions, savings and possible inheritance they are actually millionaires.

I guess inflation will always being more people into this bracket (and it doesn't mean as much now) but how many of you are in this bracket?

I’m an asset millionaire but nobody outside my immediate families knows. Most of the money is tied up in property (our home and one of my family members) or high interest savings accounts which boosts our monthly income. It’s a fortunate financial position definitely but we certainly still need to work and be sensible otherwise the pot would empty! It was a one off payment we received and are average earners so would never be in this position naturally.

Both my parents and husbands parents are millionaires. I didn’t think being a millionaire meant it was just cash? If all your assets are over a million then you’re a millionaire.

We are in our mid 30s and have just over a million in assets - mainly the equity in our house plus our pensions, topped up with savings and investments. We haven't had any inheritance yet - might in the future but not something we think about.

I know we are in a really fortunate financial position, from a lot of dedication to our careers and savings/investment discipline in our 20s. When I added it all up mentally recently though I was really surprised at the 'millionaire' status, although totally agree with what others have said about that term having a very different significance X decades ago.

We are mid 40s and are asset millionaires. Many of our acquaintances are too, as we know them through dcs (private) school and activities, so most of them have high incomes. A lot of money is tied up in housing, pension and other illiquid assets, but we spend a lot on education and experiences for the dc (holidays, tickets, days out, education, extracurriculars). All of our money has come from earnings (high joint income) and assets built up through (fairly high risk) investment, no inheritance. We don't have many material signs of wealth - no car, secondhand clothes, cheap nylon handbag and no jewellery.

I'm in this bracket but certainly don't feel rich in any shape or form. For a start, to realise a lot of it I'd be homeless!

I'm an accidental landlord as I had to move for work and kept the house because it wouldn't sell at the time, also in case I didn't like the new job/area. I've had to spend a huge amount on the house this year, but it's an asset so it's worth it hopefully.

Very, very common in London due to property prices. I am.
No inheritance and partner didn't bring much earning power to the marriage.
Bought a house over 10 years ago, and had high but not stellar paying jobs, but I did put bonuses into my pension when young which has grown the pension pot well.

Couldn't do it now. Would probably be renting longer or bought a studio flat instead of a house.

Light on liquid assets, in hindsight I wonder if I should have invested more in ISAs rather than pensions. How the next decade or so of government messes with tax rules will determine whether I made the right choice or not.

Yes, I am absolutely broke day to day- cash flow issues, outgoings that exceed our income etc but have assets of about £1m (house equity and defined benefit pensions mostly).

Haven’t got £5 in cash though right now and it’s the cash that matters. But retirement will be comfortable.

Also in this bracket but no inheritance though we may inherit half of MIL outskirts of London house so probably about 300k. Live up North and both have defined benefits pensions. Most made from investing as salaries in education though decent were never mega bucks.

Yes but only due to property price increases. Our house has more than tripled since we bought and it's almost paid off, the rest is in pensions. We are mid- late 40s. No one else in my family has property that has risen at this level due to geographical differences.

Does it matter?

I'm a millionaire but not by choice.. I'd rather have my old body and mind back than the compensation.
My ex got jailed for attempted murder on me( threw me under a moving bus). Took 16 years to get payment.

Servery disabled.
My pelvis was crushed so much l haven't been able to have a sex life for over 30 years.
I'm still having therapy 30 years on. ( l now pay) some operations I've had on NHS.. some I've paid for .
Yes I've bought 3 houses for myself and daughters.
I'd give it all back to not have gone through painful operations.. anxiety/ depression/ attempted suicide.
And still going through it.
I don't know about people with assests/ inheritance/ property / pensions etc.

Assets are in low single digit millions without the house, about half is liquid. The paid off house bumps up net worth by another £1.5m or so. We keep expenses very low (biggest is DC education and travel) and have no interest in keeping up with the Jones’s. We invest everything else and are still in the growth phase of wealth accumulation.

I have inheritance due, when my brother passes, does this make me rich? He won't sell my mums hse, living there rent free, not talking to me . Tells me to take him to court which will cost!, I am not working as my husband is terminally ill, not getting any benefits due to means tested . My son has a daughter, and he and his partner live with us in a 2 bedroom hse.he is not working, but obviously looking! Bloody tough out there girls! I cannot work as nearly 60 yrs . Yes, age does matter. Even though the govnt want you to work till you drop!

I would think far more people than you necessarily expect are in this situation. If I add up everything that DH and I have on paper it comes to about £500k and we're late 30s. That's savings, house equity and pensions. In 20 years or so, if mortgage is paid off and with inheritance etc then yes, it would come to over £1m.

But I think it is reasonably meaningless as so much is hypothetical. Inheritance may all get eaten up in care home costs or be given to the local cat sanctuary. Death, divorce, job loss etc can all happen and circumstances can change quickly.

I don't feel any better off than my friends in similar situations. Couples, both working in graduate jobs and on the housing ladder in the South East. Of course, I appreciate we're fortunate but we don't feel cash rich. Our money is tied up in the house and making mortgage payments, pensions won't be touched for 30 years etc.