Paper millionaire

Paper millionaire simply means that the total networth of an individual are put in marketable securities. When referring to the world's richest people, their wealth are mostly tied up to the total value of businesses owned or other equities. These assets can change overtime.

If you refer to mr. ABC having a net worth of 20 billion dollars, it does not mean that all the assets are in cash, most of it are tied up in stocks or other securities which has the risk of falling down to zero value until actually liquidated.

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