In order to qualify as accredited, an investor must accomplish at least one of the following:
1) Earn an individual income of more than $200,000 per year, or a joint spousal income of more than $300,000 per year, in each of the last two years, and expect to maintain the same level of income.
2) Have a net worth exceeding $1 million, either individually or jointly with his or her spouse (excluding a primary residence).
3) Be a bank, insurance company, registered investment company, business development company, or small business investment company.
4) Be a general partner, executive officer, director, or a related combination thereof for the issuer of a security being offered.
5) Be a business in which all the equity owners are accredited investors.
6) Be an employee benefit plan, a trust, charitable organization, partnership, or company with total assets in excess of $5 million.
For more information, please see: http://www.sec.gov/answers/accred.htm