Why being a millionaire today is not what it meant in 1719

Ideas & Philosophy · Published 3 October 2026 Swipe more like this →

In short: The term millionaire was coined in 1719 to describe speculators who made immense fortunes during the Mississippi Bubble. Back then, a millionaire was a titan of wealth. Today, inflation and economic shifts have diluted the title, making it a common benchmark rather than a guarantee of extraordinary status.

The word millionaire first appeared in French in 1719, capturing the sudden, massive wealth of speculators in the Mississippi Bubble. At that time, the fortune was staggering; typical annual wages ranged from just 100 to 2,000 livres. By the time the term entered English usage—appearing in The Times in 1795—it still carried the weight of immense, rare prosperity. Thomas Jefferson even used the anglicized version, millionary, in 1786 to describe the wealthiest individuals of his era.

The prestige of the title has eroded significantly due to inflation. A million dollars in 1900 possessed the purchasing power of nearly 30 million dollars today, and its relative impact on the United States economy would require over 100 million dollars now. Because of this, the term is now often applied to those holding assets in currencies with lower unit values, where being a millionaire might signify only average wealth. Consequently, analysts now rely on more granular categories, such as ultra-high-net-worth individuals, defined as those with at least 30 million dollars in assets.

Modern wealth distribution remains highly concentrated. By 2022, the global billionaire population reached 3,381. While millionaires represent a small fraction of the total population, they control substantial economic resources. Data suggests that 47 percent of millionaires are business owners, 23 percent are professionals or managers, and 16 percent inherited their fortunes. As the number of people with high net worths grows, researchers continue to develop new terminology, such as centimillionaires, to distinguish those with assets exceeding 100 million units of currency from the broader millionaire class.

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