It’s a question many of us have never really considered before:
What makes you rich?
Well, to answer that question, it seems, it depends on how rich you are. According to a story on The Wall Street Journal’s website, there is definitely a wide gap between what a typical American considers “rich” and what a wealthy American considers “rich.”
Having a net worth of $1.4 million will put you in the top 5 percent of Americans, according to the Federal Reserve. But, let’s be honest: Does $1.4 million, in this day and age, REALLY strike you as someone who is rich?
The difference is striking, as respondents from affluent households felt that a better benchmark of wealth was significantly more. Forty-five percent of respondents felt that threshold was $5 million, 25 percent said $25 million, and 8 percent said that $100 million or more qualifies as rich. Conversely, only 22 percent believed that $1 million was enough to qualify someone as rich.
Previous studies had shown that typical Americans double their annual income to determine their concept of rich.
Travel
January 9, 2008SeaNet and turnkey yachting
