What is a non-accredited investor?

Definition: A non-accredited investor is an individual who does not meet the SEC's income, net worth, or professional criteria for accredited investor status.

Non-accredited investors fall below the accredited thresholds: income below $200,000 annually (or $300,000 jointly), net worth below $1 million (excluding primary residence), or lack of relevant professional licenses or institutional affiliations.

For decades, federal securities laws limited non-accredited investors to public markets (stocks, bonds, and mutual funds), while high-return private investments were limited to accredited and institutional investors. This created a fundamental inequality in access to wealth-building assets. However, regulatory changes, particularly the JOBS Act of 2012, opened significant opportunities for non-accredited investors. Today, non-accredited investors can access private equity, venture capital, and private real estate through: Regulation Crowdfunding offerings (up to $5 million per issuer annually, with per-investor annual limits); Regulation A and Regulation A+ offerings (open to all investors, federally or state-regulated); and certain other SEC-exempt offerings with appropriate investor education.

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