Since 1982, the federal government has limited the ability of individuals to invest in private placements, anything from hedge funds to real estate deals, to “accredited investors.” The definition of that term, in Regulation D under the Securities Act of 1933, makes two things, income and wealth, a proxy for financial sophistication: An accredited investor is anyone with an annual income of at least $200,000 for each of the prior two years (or $300,000 together with one’s spo