[saberience]

No, paper millionaires. You're only an actual millionaire once you sell your stock. You become a paper millionaire when the IPO happens and you gain liquidity and price increases.

[esoterica]

According to your logic there is no such thing as an actual millionaire. No sane person keeps a million dollars sitting in cash in a savings account, they invest it somewhere (equity, bonds, real estate, etc).

[mrnobody_67]

Lots of people keep 10-20% of assets in cash.

if you have $20 or $30m, you'd almost certainly have $1m in cash sitting around.

[esoterica]

I would be very very surprised if the median person with $20m net worth keeps $1m in cash on a long term basis.

[inverse_pi]

Touche :)