First, what is definition of a millionaire? I think one of the more commonly accepted version is : Having nett USD1M of assets, excluding your primary residence. Uncle will not include CPF in measurement Uncle has equity of about 1.6M in my primary residence, but cannot count that. But there is also an outstanding mortgage of 1.6M. So do I deduct 1.6M from the value of my other assets? My home is where me and my family live in, it's our shelter, it does not generate passive income, even if its market value continues to go up over time. In fact, it is an expense, due to mortgage interest, property tax, utilities and upkeeping costs. But should I just deduct the outstanding mortgage from my net worth? That doesn't make sense, because at least 50% of the monthly repayment goes into the home equity. So maybe I'll take a haircut of 50% (i.e. 800k) as a cost. So combined with my wife, we'll have a net of almost USD2M in assets, excluding the equity of our home. Yay! We are ...