That's the old-fashioned definition of "millionaire," which no longer really means someone with a million in assets, because inflation has messed up the implications of that. It used to be that someone who had a million in well invested assets could live very luxuriously indeed by drawing off $30K or $40K per year, and never run out of money. These days you'd need maybe ten million to live in a remotely "millionaire" style. It's also often used for someone who makes a million dollars per year, which this person doesn't quite, but not so far off.