I think the definition means that you have assets worth at least a million, right?
Nope. A millionaire is someone whose equity, whose net worth, is a million or more. Equity is defined as assets minus liabilities. If you had 200,000 in liquid assets such as bank accounts, stocks, and bonds, and 800,000 in real property and other fixed assets such as a factory, and equipment in the factory, and a house, and you had 950,000 that you owe, that you borrowed to buy the factory, the house, and the equipment, you would have assets worth 1,000,000,000, but a net worth, equity, of only 50,000. Doesn't matter what your annual salary is, if you spend your whole salary on expenses, instead of acquiring fixed assets or increasing the value of liquid assets. You could have a 1,000,000 annual salary, and if you blew the whole thing on food, interest payments, and entertainment, your net worth would still be 50,000. I would think a bankruptcy lawyer would know that?
-- double-entry accountant