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The precise definition is at http://www.sec.gov/answers/accred.htm

Either you are, or you are not. There is no paperwork or exam (is that constitutional to seggregate based on wealth?)

For most individuals, the requirement is:

a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000

or

a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds $1 million



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