What is Decamillionaire? How long is it? (Everything You Need to Know)

 A decamillionaire is someone who has a net worth of more than ten million dollars, euros, or pounds sterling in a particular currency. The phrase "decamillionaire" combines the terms "deca" and "millionaire". The term "deca" or "deka," which means 10, is of Greek origin.

What is Decamillionaire? How long is it? (Everything You Need to Know)

The prefix "deca" is also defined as ten by the International System of Units (SI). While the term millionaire refers to someone whose net worth is equal to or more than a million dollars (1,000,000). When we combine these two to represent a person's wealth, we get 'ten times a million,' which works out to 10 x 1,000,000 = 10,000,000. In nations whose currencies are valued similarly to the U.S. dollar, euro, or British pound sterling, the phrase is most frequently employed as a measure of wealth.

Multimillionaires can range in wealth from 2.5 million to 10 million in a particular currency. While the first has '2.5 times a million,' the second has '10 times a million,' a significant difference that is not well reflected by typical net-worth categorizations. As a result, the word decamillionaire is used to indicate the extent of one's fortune.

Net Worth of Decamillionaires

Wealthy people are sometimes lumped together as millionaires or multimillionaires,' yet this classification is too wide to fully define a person's wealth. Additionally, some wealth management companies divide wealthy people or families into "high-net-worth," "very-high-net-worth," or "ultra-high-net-worth" categories.

To keep things simple, US dollars will be used to determine how much wealth qualifies an individual for each of these categories. A high-net-worth person has at least $1 million in investable assets (such as stocks and bonds), excluding their principal residence. However, different banks or wealth management businesses may have different definitions or standards.

One who has investable assets of at least $5 million is considered to have an extremely high net worth and is frequently referred to as a "pentamillionaire." In the meanwhile, an ultra-high-net-worth individual has at least $30 million to invest. In 2016, the United States had little over 73,000 ultra-high-net-worth people.

Because these categories are so wide, terminology like decamillionaire is employed to convey a more realistic picture of individual wealth. With an ever-increasing number of millionaires worldwide and the effect of inflation on the purchasing power of their money, terminology such as decamillionaire is used to distinguish ordinary millionaires from those with many times the fortune.