Op-Ed: We Need a New Term for 'Millionaire'

Being a millionaire isn't what it used to be, and it's time we came up with a new term for the "seriously rich," argues financial writer Matthew Lynn in the Washington Post. Citing Federal Reserve data, Lynn notes that roughly one in six US households now clears $1 million in net worth, but most of these newly minted millionaires don't feel rich thanks to rising costs, job insecurity, fears about AI and globalization, and more.

With the leap to "billionaire" a huge one, Lynn suggests we need a modern equivalent to "millionaire" for those with around $10 million—the genuinely set-for-life tier. He floats options from the Latin "opulentissimus," to "platinium," to the Chinese term "fuweng" meaning wealthy man. Whatever term is picked, Lynn suggests the Fed should start using it in official stats to cement its entry into the language. "Millionaire" once signaled real affluence, he writes, but it "just doesn't mean anything anymore." Read the full essay.