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That happens to me all the time in the stock market and I don't have close to 1MM

You take 100% losses "all the time"? That's the risk being discussed, not taking a $1000 loss on a $50,000 investment.

No this is not arbitrary, accredited investors have a specific set of requirements they need to meet in the US: https://www.investopedia.com/terms/a/accreditedinvestor.asp

Is that attitude limited to millionaires? I know a lot of people who have $1000 to invest who are nowhere near having a million dollars in assets.