Decamillionaire is a term used to label a person with a net worth of more than 10 million. The currency in question can be any given currency, but it is most often US dollars. Other accepted currencies include Euros and the British Pound Sterling. The history of the term “decamillionaire” originates from Ancient Greece from the word “deca,” meaning ten, and “millionaire,” representing one million.
Decamillionaire represents successful and wealthy individuals. They have made their wealth through entrepreneurship practices or, in many cases, inherited it. Becoming a decamillionaire is possible, but everyone would be a decamillionaire if it were that easy. Regardless, the question of “how to become a decamillionaire” boggles the minds of millions of people.
So, let’s learn more about decamillionaires and even see how becoming one is possible.
When to Use the Term Decamillionaire, Multimillioinare, and Millionaire?
The terms decamillionaire, multimillionaire, and millionaire label individuals based on their net worth. Individuals that make one or more than a million of any given currency can fall under these three categories. While an individual can also be a billionaire, we will focus specifically on these three categories.
- A millionaire is a person with a net worth of one million in any given currency.
- A multimillionaire is a person with a net worth of more than one and less than ten million in any given currency.
- A decamillionaire is a person with a net worth of over ten million in any given currency.
Based on that, we can use each term to more precisely reflect an individual’s net worth. So, for example, we can use “decamillionaire” to refer to an individual with a net worth of $13 million, but not if they have a net worth of $7 million.
|Millionaire||Over $1 million|
|Multimillionaire||Over $1 million and less than $10 million|
|Decamillionaire||Over $10 million|
How Many Decamillionaires Are in the World?
Our world has a population of around 7.8 billion. Many experts are claiming that the world population will soon eclipse 8 billion. But how many of these 7.8 billion people have a net worth of more than ten million?
- It is estimated that there are around 22 million millionaires in the United States from the overall number of 65 million. This number suggests that 33% of the world’s millionaires live in the United States.
- It is estimated that there are around 1,800,000 + decamillionaires in the United States, which is significantly lower than the number of millionaires. This number represents 8.8% of millionaires in the United States. The rest of the world combined has a number of 800,000 decamillionaires, putting the total number at 2,600,000 decamillionaires.
- Decamillionaires make up only 0.03% of the world’s population.
What Are the Traits of Decamillionaires?
There is no one-size-fits-all rule when examining the traits of decamillionaires. However, one thing for certain is that decamillionaires have managed to amass a significant amount of wealth. The problem is that many wealthy individuals in the world leave an inheritance to their children. This means that, even though millionaires generally have managed to accumulate wealth through hard work, that is not often the case.
However, we can still look at some character traits of the most successful individuals to come to some conclusion. So, here are some trait commonalities shared between decamillionaires:
Strong Business Acumen
Self-made decamillionaires tend to have a deep understanding of business and finance. Many of them have started and grown successful businesses, and they often have a knack for spotting opportunities that others may overlook.
Self-made decamillionaires are not deterred by failure. In fact, many of them have experienced setbacks and failures along the way to their success. However, they persist and keep working hard until they achieve their goals. Hard work and persistence are key traits of any successful individual.
Decamillionaires are notorious risk-takers. They are willing to invest in new ventures and explore new opportunities, even if the risk is great and there is a chance of failure. As Elon Musk, CEO of SpaceX and Tesla, once said: “When something is important enough, you do it even if the odds are not in your favor.”
Strong Work Ethic
Decamillionaires tend to be highly driven and hardworking individuals. They are focused on achieving their goals and willing to put in the effort and hard work necessary to make it happen.
Decamillionaires tend to be disciplined with their finances, despite being risk-takers. While this doesn’t necessarily mean that they live below their means, they tend to have a long-term mindset and are willing to delay gratification to achieve their financial goals. However, it’s important to mention that spending habits and discipline are traits not synonymous with every decamillionaire.
Decamillionaires tend to be lifelong learners. They constantly seek new knowledge and skills and are not afraid to ask for help or advice when needed.
Decamillionaires tend to be strategic thinkers. They can see the big picture and make decisions to help them achieve their long-term goals.
How to Become a Decamillionaire?
Judging by the traits of successful individuals with more than ten million net worth, one cannot refrain from asking, “How to become a decamillionaire?” However, before we outline some commonly-accepted steps to building mass wealth, we must also mention that becoming a decamillionaire is anything but easy. It involves hard work, dedication, discipline, above all else, and many other traits we mentioned before.
With that said, here are some steps to help you achieve the status of decamillionaire:
Step #1: Set Clear Financial Goals
Determine what you want to achieve and create a plan to reach those goals. This plan should be specific, measurable, achievable, relevant, and time-bound (SMART).
Step #2: Build Multiple Streams of Income
Focus on building multiple income streams, such as starting a business, investing in stocks, or earning passive income through real estate or other investments.
Step #3: Live Below Your Means
Live a frugal lifestyle and avoid unnecessary expenses. Spend your money on things that will help you achieve your goals rather than on things that will achieve the opposite effect.
Step #4: Invest Wisely
Learn how to invest your money wisely and diversify your portfolio. Consider investing in stocks, bonds, real estate, and other assets.
Step #5: Continuously Learn and Improve
Make sure to stay up to date with the latest trends and developments in your industry, and continuously learn and improve your skills. Attend seminars, workshops, and other training programs to help you stay ahead of the curve.
Step #6: Build a Strong Network
Build a strong network of like-minded individuals who can offer advice, support, and guidance. This can include mentors, coaches, colleagues, and other professionals. These contacts can provide valuable and life-changing opportunities to help you become a decamillionaire.
Step #7: Take Calculated Risks
Be willing to take calculated risks, but do your due diligence before making big decisions. This involves researching the market, seeking expert advice, and considering the potential risks and rewards.
Step #8: Stay Focused and Disciplined
Stay focused on your goals and remain disciplined in your approach. Avoid distractions and stay committed to your plan, even when faced with setbacks or challenges.
Following these steps can increase your chances of becoming a decamillionaire over time. However, remember that there is no guarantee of success, and achieving this wealth level requires hard work, dedication, and persistence.
That concludes our short guide that explains the term decamillionaire and how to become one. Decamillionaire is an individual with a net worth of more than ten million. Decamillionaires are successful and smart individuals who know how to build wealth and monetize their talents. They are hardworking and persistent in building even more wealth.
Becoming a decamillionaires means adopting many of the traits synonymous with wealthy individuals.
The percentage of Americans with a net worth of more than 10,000,000 ($10 million) is 0.5%.
There are an estimated 2,600,000 decamillionaires in the world, of which 1,800,000 are in the United States.
Becoming a decamillionaire isn’t easy. However, here are a few steps to help you get there:
Set clear financial goals.
Build multiple streams of income.
Live below your means.
Continuously learn and improve.
Build a strong network.
Take calculated risks.
Stay focused and disciplined.