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Once Again I Ask-How Do You Define Rich?

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MWmetalhead
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Re: Once Again I Ask-How Do You Define Rich?

Post by MWmetalhead » Fri Sep 17, 2021 6:58 pm

In an effort to answer the question posted in the opening post, I'll offer the following:
There is no distinct cut off between wealthy and non-wealthy. One should think of it as a continuum or scale instead.

Those who are CEOs of publicly traded corporations, and / or own tens of millions of dollars in unencumbered investments and liquid assets, live in a mansion with butler or maid service, own a fleet of exotic automobiles, or belong to a country club reserved for wealthy elitists are almost undoubtedly very wealthy. Such people aren't just "one percenters," they are one-tenth of one-percenters.

Significantly below that group of folks on the continuum are the "very well off." They might live in a $1 million home but not a $5 million home, send their kids to private schools, take expensive vacations a couple times a year and drive Range Rovers. Wealthy? I would certainly say so.

A household in the U.S. that makes ~$250,000 annually is in the 95th percentile of income earners, for what that's worth. $250,000 a year goes much farther in some places in the U.S. than others. If we're talking $250k in income every year for many years, I'd certainly call that "moderately wealthy" in most midwestern U.S., desert SW, mid-Atlantic, and southeastern U.S. locales.



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