Accredited Investor Definition: Who Qualifies in 2026
Troy Buckholdt
An accredited investor is a person or entity that meets SEC tests to invest in private offerings limited to accredited investors, like 506(c) real estate syndications. Individuals qualify with income over $200,000 ($300,000 with a spouse or spousal equivalent) in each of the last two years, a net worth over $1 million not counting their home, or a Series 7, 65 or 82 license. About 24.3 million US households, or 18.5%, qualified in 2022.
Who qualifies as an accredited investor?
| Test | Requirement |
|---|---|
| Individual income | Over $200,000 in each of the two most recent years, with a reasonable expectation of the same this year |
| Joint income | Over $300,000 with a spouse or spousal equivalent in each of the two most recent years, with the same expectation |
| Net worth | Over $1,000,000, alone or with a spouse or spousal equivalent, excluding your primary residence |
| Professional license | A Series 7, 65 or 82 license in good standing |
| Knowledgeable employee | Certain employees of a private fund, for investments in that fund |
| Insider of the issuer | Directors, executive officers and general partners of the company selling the securities |
A "spousal equivalent" is "a cohabitant occupying a relationship generally equivalent to that of a spouse," according to the rule.
Which entities are accredited investors?
Most entities qualify in one of these ways:
- Assets: more than $5,000,000 in total assets, if not formed to buy the securities being offered.
- Investments: owning more than $5,000,000 in investments, a test added in 2020.
- Family offices: more than $5,000,000 under management, if it wasn't formed to buy the securities and its investing is directed by an experienced person.
- All owners accredited: an entity in which every equity owner is accredited.
The SEC adopted the 2020 amendments on August 26, 2020, and they took effect December 8, 2020.
How many people are accredited investors?
About 24.3 million US households, or 18.5%, met the definition in 2022, according to an SEC staff report from December 2023. That's up from about 1.8% of households in 1983, largely because the dollar thresholds haven't been adjusted for inflation.
Are there new rules for accredited investors in 2026?
On September 30, 2026, the SEC issued five notices asking for public comment on new ways for individuals to qualify:
| Release | Possible new way to qualify |
|---|---|
| 33-11445 | Passing an accredited investor exam to be developed by FINRA |
| 33-11446 | Holding a US CPA license |
| 33-11447 | Holding a CFA charter |
| 33-11448 | Holding a CFP certification |
| 33-11449 | Holding a Series 79 license, or Series 86 and 87 together |
These are notices requesting comment, not final rules. Comments on the exam notice are due December 4, 2026. Nothing takes effect unless the SEC issues a separate order.
A separate 2025 SEC staff letter affects verification, not the definition: SEC staff said high minimum investments plus written representations can count as reasonable verification in 506(c) deals. See accredited investor verification.
Why the definition matters for real estate syndications
Most syndications are private offerings under Regulation D:
- Rule 506(c) deals, the ones sponsors can market publicly, are open only to accredited investors, and the sponsor must verify each one.
- Rule 506(b) deals allow up to 35 non-accredited but sophisticated investors in any 90 days, with no public marketing.
- Regulation Crowdfunding and Regulation A let non-accredited investors in, usually with investment limits.
See 506(b) vs. 506(c) for how sponsors choose.
How DoorRaise handles accreditation
On DoorRaise, investors prove they're accredited once, with a professional letter, income documents or net worth documents, and reuse that verification on future deals while it's still current.
DoorRaise isn’t open to the public yet.
Built for apartment buildings with 5 or more units: one link for the deal, escrow until closing and a standard fee card.
FAQ
What qualifies you as an accredited investor?
Income over $200,000 ($300,000 joint) in each of the last two years, net worth over $1 million excluding your home, or a Series 7, 65 or 82 license in good standing.
Does home equity count toward the $1 million net worth test?
No. Your primary residence isn't counted as an asset, and its mortgage usually isn't counted as a debt. But mortgage debt above the home's value counts against you, and so does any increase in that debt in the 60 days before you invest, unless it came from buying the home.
Can a couple qualify together?
Yes. Joint income over $300,000, or joint net worth over $1 million, counts for spouses and spousal equivalents.
Is there an accredited investor exam?
Not yet. In September 2026 the SEC asked for comment on a FINRA-developed exam, but it hasn't been adopted.
Do accredited investor thresholds adjust for inflation?
No. The $200,000, $300,000 and $1 million thresholds have stayed the same, which is why the share of qualifying households has grown.
Sources
- 17 CFR 230.501, definitions (eCFR)
- SEC, amendments to the accredited investor definition
- SEC staff review of the accredited investor definition (Dec. 2023)
- SEC Release 33-11448 (CFP notice)
- Federal Register, potential accredited investor exam notice (Oct. 5, 2026)
- Morrison Foerster, SEC seeks comment on new pathways (Oct. 2026)
- SEC, Rule 506(b)
- SEC, Rule 506(c)
This post is general information, not legal or investment advice. DoorRaise is not a broker-dealer, investment adviser or funding portal.