There is a distinction between the two. I know hundreds of paper millionaires and very few actual millionaires. For example, if your parents or grandparents bought a property at a certain time in a city like Vancouver or Toronto, then they are most likely paper millionaires many times over. In my social circle, they are mainly immigrants who did, still do, humble jobs like cleaning, driving taxis and working as farm labourers picking blueberries/strawberries. A lot of them still drive ordinary cars, use public transport, shop for bargains, etc. Thus paper millionaire does not equate to actual millionaire; and many are not living the Life of Riley. Just saying.