“Millionaire” doesn’t cut it anymore, according to economics editor Peter Coy, who says it’s too broad, as it covers “everyone from random pikers with a scant $1 million in net worth all the way up to people just shy of billionaire status.”
So Bloomberg developed a wonky scale based on scientific notation, or powers of 10. One million is 10 to the sixth power, so a basic millionaire is a 6. Someone with $1 is a zero and someone with a dime (or one-tenth of a dollar) comes in at minus-1. Less than that — negative net worth — and it’s minus-2.
Here’s the breakdown:
As you can see, the biggest cohort comes in at the 3 level, and that includes the median American renter with a net worth of $1,000, which covers a small emergency without borrowing. Only two people, Microsoft