Hey Jessillianaires 

I think becoming a millionaire is the aspiration of many people once they take their first steps into the working world and have to earn their own keep. If you're not left with an inheritance or the bank of mum and dad then it's a slow arduous climb to that status, one that is by no means impossible, but one that sees many fall off along the way.

Being part of the millionaire class comes with prestige and an idea of financial freedom which is not necessarily the case, but something we're sold. You have enough money to as you please, and you could, most people just choose not to, as they're trying to maintain an affluent lifestyle instead of a sustainable one.

We often look at millionaires as the kingpins of industry and those who have excelled in a certain sector of the world from actors and sports stars, business owners and investors to millionaire paying jobs like banking, lawyers or doctors. 

## Millionaires aren't always as they seem

However, being a millionaire doesn't mean you're safer than the rest, it can mean you're even worse off because when it comes to finances it's not about specific dollar values but the percentage of your income that is paper wealth, speculative wealth and debt denominated wealth.

During boom times, these three sets of wealth look great from the outside and give millionaires a lot of breathing room to take risks, but during economic downturns, it can be a stranglehold on them.

![Countries with the most millionaires](https://specials-images.forbesimg.com/imageserve/5daecef6a210800006f01f24/960x0.jpg?fit=scale)

**Image source:** - [forbes.com](https://www.forbes.com/sites/niallmccarthy/2019/10/22/the-countries-with-the-most-millionaires-infographic/#acc008b65fab)

## The status of millionaires

In recent years millionaires around the world have now come to own close to half of the world’s wealth, according to the Global Wealth Report from [Credit Suisse](https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html). There are around 46.8 million millionaires are now worth a combined $158.3 trillion which equates to 44% of the world’s total wealth.

The majority of these millionaires are in the US, which has seen an increase in 675 000 millionaires, while we see other nations like the UK, France and Australia lose millionaires, this could be due to migration as its easy for millionaires to buy citizenship or it could be due to financial distress.

The reason we don't see millionaire distress is that it usually starts from the weaker economies, for example in my native South Africa, we've [lost 10% of our Dollar millionaires](https://businesstech.co.za/news/wealth/325857/south-africa-has-lost-a-shocking-number-of-millionaires-heres-how-many-are-left/), while in Kenya they've lost [499 dollar-denominated millionaires](https://www.theeastafrican.co.ke/business/499-Kenyans-fall-off-the-list-of-dollar/2560-5479136-7rdbpn/index.html). Some if is down to exchange rates, but the majority is down to economic slowdown, which is now hitting every country on the planet. 


![Wealth capture of millionaires](https://fm-static.cnbc.com/awsmedia/chart/2019/10/21/Screenshot%202019-10-21%2013.00.59.1571677416099.png?)
**Image source:** - [cnbc.com](https://www.cnbc.com/2019/10/21/millionaires-now-hold-nearly-half-of-the-worlds-wealth.html)

## Fewer Millionaires more Billionaires

As millionaires lose money through their traditional wealth mechanisms like stocks, real estate, businesses, pensions and savings we'd think great, they don't need all that wealth and more for the rest of us to share, but it's not actually the case. 

Due to central banking policy and a debt-driven economy, some millionaires have been overleveraged and now that the squeeze is on the at-risk millionaire is forclosing fast. So who is buying these distressed assets? The middle class that saved? 

Unlikely, its those closest to the money printing, the Billionaire class, who have the cash to pick up debt-ridden businesses and homes on the cheap to create new revenue streams and collateral to further leverage to get more cash.

## The millionaire supply chain

In addition, to millionaires losing their status, we have to think of the middle and working-class people working for these millions who will also likely suffer if businesses go bust, or their consumer spending drops leaving stores without that income and it all has a knock-on effect.

We're seeing a consolidation of wealth in the millionaire and billionaire class and the wealth gap will widen.

## Have your say

What do you good people of STEEM think? Have you met or known a millionaire that has lost it all? 

So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."

## Let's connect

If you liked this post sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler


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