What are your chances of becoming a Millionaire?

Becoming a millionaire for anyone in the U.S. weaving in traits such as age, education and race?  Having already done extensive research in this area, bank researchers Bryan Noeth, Lowell Ricketts and William Emmons agreed to help. And the data shows just how much race matters in the United States.

Asians are often more discriminated than blacks and Hispanics because they are the smallest minority in the US. Blacks and Hispanics are larger in number and they have more support from their community. Blacks and Hispanics are more accepted by American culture through movies and entertainment industries. Obviously, Asians are NOT more favored than whites in the job market because whites are still the majority and they control almost all industries in America.

So why Asians are so successful? Hard work. That's it. Hard work pays. They try harder than others and they don't commit crimes or do drugs like other races. How hard is it to be like Asians? Study hard, obey laws, and be a good person.

millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account. Depending on the currency, a certain level of prestige is associated with being a millionaire, which makes that amount of wealth a goal for some and almost unattainable for others. In countries that use the short scale number naming system, a billionaire is someone who has at least a thousand times a million dollars, euros or the currency of the given country.

At the end of 2016, there were estimated to be just over 13 million US$ millionaires or high-net-worth individual (HNWIs) in the world. The United States had the highest number of HNWIs (4,400,000) of any country, while London had the most HNWIs (357,000) among cities as based on data from the Knight Frank Wealth Report.

There are multiple approaches to determining a person's status as a millionaire. One of the two most commonly used measurements is net worth, which counts the total value of all property owned by a household minus the household's debts. According to this definition, a household owning an $800k home, $50k of furnishings, two cars worth $60k, a $60k retirement savings account, $45k in mutual funds, and a $325k vacation home with a $250k mortgage, $40k in car loans, and $25k in credit card debt would be worth about $1,025,000; and every individual in this household would thus be a millionaire. However, according to the net financial assets measurement used for some specific applications (such as evaluating an investor's expected tolerance for risk for stockbroker ethics), equity in one's principal residence is excluded, as are lifestyle assets, such as the car and furniture. 

Therefore, the above example household would only have net financial assets of $105,000. Another term used is "net investable assets" or working capital. These practitioners may use the term "millionaire" to mean somebody who is free to invest a million units of currency through them as broker. For similar reasons, those who market goods, services and investments to HNWIs are careful to specify a net worth "not counting principal residence". At the end of 2011, there were around 5.1 million HNWIs in the United States, while at the same time there were 11 million millionaires in a total of 3.5 million millionaire households, including those 5.1 million HNWIs.

Thanks to Wikipedia: Millionaire

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