Millionaire on Paper

Millionaire on Paper

A person with net assets in excess of $1 million (or the equivalent in another currency) but with less than that amount available in cash or cash equivalents. For example, a millionaire on paper may own a house worth $2 million, but have significantly less in salary or savings. A millionaire on paper may be able to borrow against his/her assets but otherwise does not have access to his/her wealth unless he/she liquidates.
References in periodicals archive ?
But an economics expert yesterday said being a millionaire on paper did not guarantee a fat cat's lifestyle - or even a decent quality of life.
Douglas Hill, Xylan's vice president of marketing, who's now a millionaire on paper due to an employee stock option plan, said he's pretty calm despite winning the corporate equivalent of a lottery.