Apparently I'm a millionaire

[Flatheads]

Which goes to show its nothing special anymore?

I live in the SE, in house I bought 20 years ago, have been employed all my life, but in fairly ordinary lower/middle management jobs and have the pension schemes that go along side them, plus some savings.

My current household income is c. £45k, which I live very comfortably on, but definitely not "like a millionaire"

And yet apparently I am, as my net assets are £1m+

Sadly not, I think 10 million is the new “millionaire”

Hmm, I get what you mean, but it's still something special to a huge portion of the population who aren't asset rich and can't afford even a "cheap" house in not a great area.

Have you paid off your mortgage? If not, wouldn't that debt partly offset the value of your house?

Roughly 50% of the adult population aren't home owners and the average house price is around 300k so you are definitely 'well off'.

Well it's better than not being a millionaire!

Roll around in some Monopoly money to mark the occasion

Well, I'd argue you have to live somewhere.... preferably near your work.

So if your assets (house) make you a millionaire, then that's just on paper!

I also live in the south east and can see how fairly ordinary people can end up with 1 million in equity, saving and pensions if they bought at the right time.

But to feel like a millionaire I think they'd have to move to a cheaper area to free up the equity. But still, it must be a great comfort to think should you not be able to work anymore you can upsticks to somewhere where a nice ground floor flat doesn't cost 800k and you will be alright.

But she could sell the house, rent somewhere, take the money out of the bank in £50 notes and roll around the floor on all 20,000 of them!

So apparently my pensioner parents are millionaires and my DH and I (on a combined salary of 236k) are skint. Fun times!

You're a net asset millionaire not a true millionaire. A true millionaire has £1 million excluding their main property and their pension.

If they have over a million in assets and you don't, then yes, they are millionaires and you are not.

A high income is not the same as wealth, and it is wealth that makes people rich.

ahhh I was wondering this the other day without house and pension makes sense though

DH and I (40s) are "paper millionaires" between the house equity and the pension pots.

None of it is accessible to us, so it's definitely not the Scrooge McDuck experience I would have imagined as a child if you said "millionaire". But it's a very fortunate position nonetheless and I have no complaints.

Many people would love to have those things though. And when you think how much it would take to earn and save the equity in your house in an ordinary job then really it is still an amazing amount of money. I find it hard to comprehend how much we have gained by dint of just living in a house and I feel quite uncomfortable about it when I know those house prices rises are preventing others from buying

But yes, I dont think "millionaire" means remotely what it once did. In fact the person I know who lives a "millionaire " lifestyle has hundreds of millions.

Owning a valuable house gives you options that are denied to many

Even £1m in other assets really wouldn't buy a "millionaire" lifestyle as people perceive it. Not without having high salaries on top.

Bricks and mortar don’t pay the bills. 🤷‍♀️

Agreed. I was a homeless single mum once (fled DV). I never take for granted home ownership. It's a huge privilege that at one point I thought was beyond me. I know volunteer for a charity helping others who have often left relationships with nothing.

Presumably that's going to change pretty rapidly if you use your salaries wisely though?

I understand I'm in a fortunate position. I have no desire for a millionaire lifestyle, I was just surprised to be told I do in fact have assets at that level at a recent financial review.

It just amused me tbh.

You are not a millionaire as your house is not a liquid asset and you need somewhere to live. House prices being as insane as they are, even if you sold it you’d need to either buy another expensive property, or rent which would eat into your capital.

Did not mean to quote BananaGrapeMelon.

Might not be anything special to you but is still an absolutely unachievable dream scenario for many so whilst I can see where you are coming from I think you need to keep that in mind.

That might be the total of your net realisable assets, but if you were to look at it purely on an available cash basis, the figure would be far less, wouldn't it?

House price inflation in the south east has made a lot of people asset millionaires.