LogFAQs > #971660551

Both are millionnaires, assuming they're not currently indebted. The dictionary definition is "a person whose assets are worth 1 MIL or more (in the local currency)". It doesn't need to be in your bank account; if you own a house worth 800K, a car worth 100K, and your stuff is another 100K, and do not have any outstanding debt, you'd fit the definition all the same.

The "common perception" possibly revolves more around a concept like "millionnaire = someone who is anywhere in the property ladder and, that aside, has at least 1 MIL in the bank account".

Technically net, but that takes the fun out of the truly rich when the poors can just get a mortgage and feel superior

Bear in mind that a mortgage constitutes a liability in your balance sheet. Your net worth is the stake you repaid. E.g., house value - unpaid mortage (liability) = amount repaid (asset).