Someone with a net worth of $10 million to $99.99 million is considered a decamillionaire. Because the word “millionaire” is such a broad term, people often use “decamillionaire” instead to describe exactly how much wealth someone has.
Here’s a closer look at what it means to be a decamillionaire and how it works.
Definition and examples of a decamillionaire
A decamillionaire is someone with a net worth of $10 million to $99.99 million. The word is a combination of “deca” meaning “10” in Greek, and “millionaire”, meaning anyone with at least $1 million in net worth. Therefore, a decamillionaire is anyone with a net worth of at least $10 million.
The term doesn’t just apply to those with $10 million, either. It refers to anyone who has a net worth of at least 10 million in any currency. So if you have 10 million British pounds or 10 million euros, you are also a decamillionaire.
How being a decamillionaire works
Oftentimes, just using the word “millionaire” doesn’t paint an accurate picture of a person’s wealth. Do you have 1 million dollars? 10 million dollars? 100 million dollars? There is a significant difference between these amounts. Therefore, people use terms like “decamillionaire” to further categorize how much wealth someone has.
But decamillionaire isn’t the only subclassification used to describe the size of a person’s wealth. This chart breaks down other commonly used categories:
|Millionaire||At least $1 million|
|Pent millionaire||At least $5 million|
|Tens of thousands||At least $10 million|
|hectomillionaire||At least $100 million|
|billionaire||At least $1 billion|
The prefix of these classifications is taken from the International System of Units (SI). For example, the word “hecto” means 100 and “deca” means 10.
In addition to these terms, many financial advisors and wealth managers classify high net worth individuals into three categories: high net worth, very high net worth, and ultra-high net worth.
This chart shows which classification you would fall into based on your net worth:
|High net worth||$1 million to $4.99 million|
|Very high net worth||$5 million to $29.99 million|
|Extremely high net worth||$30 million or more|
How do people become decamillionaires?
Deca-millionaires may have inherited their wealth or created it through startups, real estate investing, lucrative career paths, and other avenues. There’s no way to do it; each person has their own way.
If you want to become a decamillionaire — or at least get to the point where you consider yourself rich — you need to save, invest, and look for career opportunities that give you better salaries.
If you amass more wealth early in life, you won’t need to save nearly as much overall thanks to the magic of compound interest. So if you’re starting out young, or if you’re lucky enough to have some kind of inheritance to invest, your chances of becoming a successful decamillionaire may already be higher.
But what can you do if you are not an heir or a generational asset? The road to becoming a decamillionaire is more difficult. In that case, you’d need to save at least $3,850 a month for the next 45 years to become a decamillionaire by age 70. If you start at age 35, you need to save $7,300 a month. As you can imagine, this high savings rate is unsustainable for the average family. According to a survey by The Balance, half of Americans have disposable income of $250 or less at the end of the month.
That’s why taking career risks, starting a successful business, and investing are strategies you must employ to build your wealth. Even then, becoming a decamillionaire might not be possible, and that’s okay.
In fact, the decamillionaire standard is significantly higher than the $1.9 million net worth that the average American considers “wealthy,” according to a recent study by Charles Schwab. While even $1.9 million may seem out of reach, saving $508 a month in a retirement account starting April 25 can be a lot.
A decamillionaire is someone with a net worth of at least $10 million.
The term “decamillionaire” is often used to more accurately describe a person’s fortune because the term “millionaire” is so broad.
There is no one way to become a decamillionaire, but aggressively saving and pursuing lucrative career opportunities from an early age could set you on the right path.
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