When is Be a Millionaire Day 2024?
Get rich on National Be a Millionaire Day on May 20, 2021!
History of Be a Millionaire Day
Being a millionaire isn’t just about the money, you need to talk the talk and walk the walk. That’s the millionaire lifestyle, baby! That being said, the word ‘millionaire’ was coined in French in 1719 as a term for observers in the Mississippi Bubble who earned millions of French livres weeks before the bubble burst.
The concept of a millionaire appeared in print for the first time in 1786 when Thomas Jefferson wrote about the French as “The poorest laborer stood on equal ground with the wealthiest Millionary.” Over the next few years, the word ‘millionaire’ was used to refer to the wealthy and those towards whom luxury brands were targeted. What’s interesting, however, is that even though ‘millionaire’ is a label for the wealthy, only 0.15% of the total population falls in this bracket. Nonetheless, nowadays being a millionaire is increasingly becoming a more attainable goal and it is losing its relevance as a definition of exclusive wealth, especially in Western societies.
Still, there are currently only approximately 46.8 million millionaires in the world and becoming a millionaire remains a financial goal for many. Reaching that goal is not easy and it still holds a level of mystique. But hey, with shows like “Who Wants To Be A Millionaire?” that debuted in 1999, anything is possible!
Be a Millionaire Day timeline
17th century
“He’s a What?”
The success of John Law’s Mississippi Company leads him to become the first millionaire.
1916
Mr. Big Bucks
The American oil magnate John D. Rockefeller becomes the world's first confirmed U.S. dollar billionaire.
August 16, 1999
You Can Be One Too!
“Who Wants to Be a Millionaire” premieres on the TV channel ABC.
2014
The Rich Life Of...
According to the 2014 Global Wealth Report, there were nearly 16 million millionaire households in the U.S. in 2013.
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Traditions
Traditions for the day are to think like a millionaire, act like a millionaire, and hustle and plan to be a millionaire! Today is one day when people live extravagantly like a millionaire would, and spend money on activities and things that they normally wouldn’t. That fancy lobster dish served at the poshest restaurant in town? Go for it! A relaxing day at the spa? No problem!
Keeping up with a millionaire lifestyle requires hustling and planning finances, however. People are also reminded to look into investment plans and map out their expenses and other spending habits. And if the millionaire lifestyle is not for you, tune in to reruns of “Who Wants To Be A Millionaire” and “Celebrity Homes” and celebrate the day vicariously through their lives.
National Be a Millionaire Day By Numbers
675,000 – the number of new millionaires added from 2018 to 2019 in the United States.
18.6 million – the total number of millionaires in the U.S.
705 – the number of billionaires in the United States.
293,992 – the number of millionaire households in New Jersey.
76% – the percentage of U.S. millionaires who are white or Caucasian.
8,865 – the number of UHNW millionaires in New York.
$1.4 million – the worth of the average real estate portfolio owned by U.S. millennial millionaires.
44% – the percentage of the millennial millionaires concentrated in California, U.S.
47% – the percentage of the world’s wealth controlled by the top 1% UHNW individuals.
Be a Millionaire Day FAQs
When is Be a Millionaire Day?
National Be a Millionaire Day is on May 20 every year.
How many millionaires are there in the U.S.?
The Global Wealth Report says that the total number of millionaires in the U.S. is 18.6 million.
How to become a millionaire?
The best ways to become a millionaire include creating multiple sources of income, investing carefully in markets that will guarantee growth, making smart investments, and creating financial plans for the future.
Be a Millionaire Day Activities
Make a list of steps
Do you need to take some classes? Do you need to take a look at your retirement portfolio? What could you do now to set yourself up for success later? Don't start off with something hard; think of simple steps that will pay off (pun intended) later.
Take a class
Learning the ins and outs of 401Ks, IRAs, and investment strategies now may help get you moving toward your first million.
Use helpful apps
Everyone knows that once you have a million dollars you will have to know how to manage all that cash! Start now by downloading an app that tracks all your bank accounts so that you can easily keep track of your money. Getting practice will help you when you have millions to manage.
5 Priceless Facts About Millionaires
Not all of it is inherited
Only 20% of millionaires inherited their wealth. According to the book “The Millionaire Next Door,” 80% of millionaires earned their cash on their own.
Millionaires go bankrupt, too!
The average millionaire goes bankrupt at least 3.5 times.
One out of every 854 people is a millionaire
As unachievable as it seems, being a millionaire isn’t that rare.
A new millionaire is born every 58 hours
This reiterates the fact that becoming a millionaire is attainable.
Half of all millionaires are self-employed
It is never too late to take things into your own hands and begin hustling like you want to and start your own business to maybe become a millionaire!
Why We Love Be a Millionaire Day
Have any plans?
When millionaires are asked about how they achieved their financial goals, they tend to have certain, sometimes surprising actions in common. Maybe it's practicing frugality, saving regularly, or planning for their financial futures. All of these habits focus on what’s really important to you (which is different for everyone), and that means being very clear on what you actually want. This focus is the key to long-term planning
It's good to have goals
Proper goal setting can help make larger, intimidating aspirations smaller and more achievable by acting like stepping stones. When you set goals, you fuel your ambition and ensure that your life is geared towards getting the most out of every moment.
One step at a time
Any holiday that encourages people to get moving toward goals is a great one! Take the steps towards becoming a millionaire: get financial advice, find extra sources of income, save, live within your means, and commit to becoming a millionaire.
Be a Millionaire Day dates
Year | Date | Day |
---|---|---|
2024 | May 20 | Monday |
2025 | May 20 | Tuesday |
2026 | May 20 | Wednesday |
2027 | May 20 | Thursday |
2028 | May 20 | Saturday |
Be a Millionaire Day related holidays
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As a seasoned financial expert with a profound understanding of wealth accumulation and financial milestones, let's delve into the intriguing world of "Be a Millionaire Day" and the concepts surrounding it.
The term 'millionaire' has a rich historical background, originating in French in 1719 during the Mississippi Bubble. It referred to individuals who earned millions of French livres just weeks before the bubble burst. Thomas Jefferson, in 1786, made the first print appearance of the term, highlighting the wealth disparity during the French Mississippi Bubble.
Fast forward to today, where the label 'millionaire' is no longer as exclusive, with approximately 46.8 million millionaires globally. Interestingly, only 0.15% of the total population falls into this category, but the aspiration to achieve millionaire status remains a prevalent financial goal.
The timeline provided gives us historical milestones, from John Law's success in the 17th century to John D. Rockefeller becoming the world's first confirmed U.S. dollar billionaire in 1916. The 1999 premiere of "Who Wants to Be a Millionaire" further popularized the concept, making the millionaire lifestyle seem more attainable.
National Be a Millionaire Day, celebrated on May 20 each year, encourages people to adopt a millionaire mindset for a day. The traditions involve living extravagantly, thinking and acting like a millionaire, and making financial plans. The day emphasizes the importance of hustling, planning finances, and exploring investment opportunities.
The provided numerical data offers insights into the millionaire landscape, with statistics such as 18.6 million millionaires in the U.S., 705 billionaires in the United States, and the concentration of 76% of U.S. millionaires being white or Caucasian. These figures provide a snapshot of the economic landscape, showcasing the distribution and demographics of wealth.
The FAQs section addresses common questions about Be a Millionaire Day, including its date (May 20), the number of millionaires in the U.S. (18.6 million), and tips on how to become a millionaire, which involve creating multiple income sources, strategic investments, and careful financial planning.
Activities suggested for Be a Millionaire Day include making a list of steps towards financial success, taking relevant classes, and using helpful apps to manage money effectively. Additionally, the article provides five intriguing facts about millionaires, challenging common misconceptions and highlighting the attainability of millionaire status.
The article concludes by expressing the importance of having financial goals, practicing frugality, and taking gradual steps towards achieving wealth. "Be a Millionaire Day" is positioned as a day to inspire individuals to set clear goals, fuel their ambition, and embark on the journey towards financial success. The inclusion of future dates for the celebration and related holidays further enhances the comprehensive coverage of the topic.