Yesterday we posted an excerpt from a Forbes article called “Brazil is creating 19 millionaires every day“. In the article, which seems somewhat exaggerated to most Brazilians, the definition of a millionaire is anyone with assets of R$1 million and up.

But a very simple calculation, according to blog Radar Economico, helps us better define what is a “millionaire” in that list.

The average price per square meter of an apartment in the metropolitan areas of Brazil has reached R$$6,000 in October. In this case, a “millionaire in the study above may simply have an apartment of 150 square meters (R$ 900,000) and a car such as Toyota Corolla, that goes for R$76,000 in Brazil. The remaining R$24,000 thousand can be invested, for instance, in fixed income, which would yield a “millionaire” income of R$2,900 (12%) per year.
Just so see how skewed are these statistics… a “millionaire” in Brazil these days could be just a middle-class clerk working at a bank.
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