الديكامليونير هو مصطلح يُستخدم لوصف شخص يمتلك ثروة تتجاوز عشرة ملايين وحدة من العملة. غالبًا ما يُستخدم في سياقات اقتصادية ومالية للإشارة إلى فئة من الأفراد الذين لديهم مستوى عالٍ من الثراء.

Definition and Examples of a Decamillionaire

How does one become a Decamillionaire?

How do people become Decamillionaires?

Definition and Examples of a Decamillionaire

A decamillionaire is any individual with a net worth of at least 10 million dollars. Because the term “millionaire” is very broad, people often use “decamillionaire” instead to describe the exact amount of wealth a person possesses.

A decamillionaire is someone with a net worth ranging from 10 million dollars to 99.99 million dollars. The word is a combination of “deca,” meaning “10” in Greek, and “millionaire,” which refers to anyone with a net worth of at least one million dollars. Therefore, a decamillionaire is anyone with a net worth of at least 10 million dollars.

The term does not only apply to those with 10 million dollars in U.S. currency but refers to anyone with 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 does one become a Decamillionaire?

Often, using the word “millionaire” alone does not provide an accurate picture of an individual’s wealth. Do they have a million dollars? 10 million dollars? 100 million dollars? There is a significant difference between those amounts. Therefore, people use terms like “decamillionaire” to classify the amount of wealth a person has.

However, decamillionaires are not the only category used to describe an individual’s wealth level. This table outlines other common categories used by people:

Net Worth Classification

• Millionaire: at least one million dollars
• Pentamillionaire: at least five million dollars
• Decamillionaire: at least ten million dollars
• Hectomillionaire: at least one hundred million dollars
• Billionaire: at least one billion dollars

In addition to these terms, many financial advisors and wealth managers classify wealthy individuals into three categories: high net worth, very high net worth, and ultra-high net worth.

This table shows the classification you would belong to based on your net worth:

Net Worth Classification

• High Net Worth: from 1 million dollars to 4.99 million dollars
• Very High Net Worth: from 5 million dollars to 29.99 million dollars
• Ultra-High Net Worth: 30 million dollars or more

How do people become Decamillionaires?

Decamillionaires may inherit their wealth or create it through startups, real estate investments, lucrative business ventures, and other means. There is no one way to do this; everyone has their own path.

If you want to become a decamillionaire – or at least reach a point where you consider yourself wealthy – you will need to save, invest, and look for job opportunities that offer better salaries.

Also, if you accumulate wealth earlier in life, you won’t need to save as much thanks to the magic of compound interest. So, if you start at a young age or are lucky enough to receive some form of inheritance to invest, your chances of successfully becoming a decamillionaire may be higher.

But if you are not receiving an inheritance or generational wealth, what can you do? The path to becoming a decamillionaire is more challenging. In this case, you would need to save at a rate of $3,850 per month for the next 45 years to become a decamillionaire by age 70. If you start at age 35, you would need to save $7,300 per month. It can be inferred that this high savings rate is not sustainable for the average family. According to a survey conducted by The Balance, half of Americans have $250 or less in discretionary income at the end of the month.

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The reason is that taking professional risks, starting a successful company, and investing are the strategies you will need to follow to build your wealth. Even in this case, it may not be possible to become a decamillionaire, and that is normal.

In fact, the decamillionaire benchmark is much higher than the net worth of $1.9 million that the average American considers “wealthy,” according to a recent study conducted by Charles Schwab. While $1.9 million may seem out of reach, saving $508 a month in a retirement account starting at age 25 could make you a millionaire by age 65, assuming an average annual return of 6%.

Source: https://www.thebalancemoney.com/what-is-a-decamillionaire-5208325