How wealthy

Tough question. At one time $1 mil was considered the benchmark. According to the article below there are now over 10 million millionaires in the US. So that is still a very small percentage 3.1%. And imo you have to factor where someone lives. Cost of living varies in the US and throughout the world. But based on where I live, $1 mil would still be considered wealthy by most. Probably not in the state of CA.

http://www.cnbc.com/id/102489739
 
Are we talking about assets of $1 million or annual income of $1 mill?

Assets wise Hubby and I could be classed as millionaires if you add together our pension fund and the value of our smallish 3 bedroom brick veneer home with one bathroom and one toilet. Our income is modest, consisting of allocated pensions from our funds and part aged pensions.

We are not wealthy but we are rich.
 

Dame Warrigal said:
Are we talking about assets of $1 million or annual income of $1 mill?

Assets wise Hubby and I could be classed as millionaires if you add together our pension fund and the value of our smallish 3 bedroom brick veneer home with one bathroom and one toilet. Our income is modest, consisting of allocated pensions from our funds and part aged pensions.

We are not wealthy but we are rich.
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DW, please explain the difference in connotation you are suggesting between the words rich and wealthy.
 
Wealthy is just about money. I'm rich in other things - family, friends, meaningful life.... get the picture?

I feel rich every time I hear the warbling of the magpies that live in my eucalyptus tree or see my wattle tree in full bloom.
 
I mean just monetary assets - cash money, investments, stock value, home value, estimated value of contents of home, car, etc. Not necessarily an annual income. Wealth is a relative thing - to a homeless person, someone with $5000 would seem rich. To Donald Trump or Bill Gates, a millionaire would be a pauper.

I am not asking to reveal your asset value (unless you're claiming bragging rights), just what is your definition of how much money would it take for you to consider someone wealthy.
 
Wealth is indeed a relative thing. I've been to Kenya and Papua New Guinea, and the fact that I have been able to do so would indicate that I am wealthy. In fact, compared to the people of those two countries I would appear to be the equivalent of minor royalty.

In Sydney, I'm just a retired school teacher who owns a car and a house in a less than prestigious suburb who can afford private health insurance and the occasional holiday trip. Nothing special at all.
 
Now I would think that an annual income of $ 1Mil would be wealthy, as it's not that unusual for people who have had two decent incomes, lived frugally, invested wisely to have a net worth of $1 mil... or more. As DW said, when you all up all your assets, house, cars, personal property, investments, pensions.. that amount is not hugely wealthy... especially when you are going to have to use that money and the dividends to live on for the rest of your life. It's comfortable, but hardly in the Donald Trump catagory.
 
It is a relative thing. At different times in my life, up to the present, other people observing me, my family, my life style.might refer to me as rich,wealthy, well off, comfortable. I refer to my self as quite comfortable.
 
Lon said:
It is a relative thing. At different times in my life, up to the present, other people observing me, my family, my life style.might refer to me as rich,wealthy, well off, comfortable. I refer to my self as quite comfortable.
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Me too.... but I am NOT what I would call filthy rich.. I have worked very hard and have always been very conservative with how I spent money and consistantly lived beneath my means in order to make sure I would have a comfortable retirement. People call me the same as you Lon, but that is hardly the case. I am going to have to watch my money and budget my lifestyle and expenditures in order for the plan to work.. No way will I be able to spend at a whim.. especially when I stop working.
 
I, unlike most of you, am miserably poor. In fact I was just about to appeal to you for generous financial donations. If you feel helping a old man out of this poverty basement status please submit your non tax deductible gift to: AZ Jim, 123 suffering St., Povertyville, Arizona. The knowledge that you made life make better for a deserving, and cute, old codger will give you a warm feeling that will last for minutes. PS I am not Ralphy but I did spend most of yesterday looking at myself in a mirror.
 
Dame Warrigal said:
Wealth is indeed a relative thing. I've been to Kenya and Papua New Guinea, and the fact that I have been able to do so would indicate that I am wealthy. In fact, compared to the people of those two countries I would appear to be the equivalent of minor royalty.

In Sydney, I'm just a retired school teacher who owns a car and a house in a less than prestigious suburb who can afford private health insurance and the occasional holiday trip. Nothing special at all.
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We must be really wealthy with the amount of countries we've visited then. Of course, we don't do 5 star - well just a couple of lodges.
 
That's a loaded question.

As long as one is paying are their bills and not left wanting or needing they are not poor. This is why when it comes to taxes of individuals you frequently hear 'fair share' without a number. But what is their "fair share" or wealthy or rich? Is a person living pay check to pay check really poor or is a person with money in the bank rich/wealthy? Also do not confuse sellable assets as money in the bank until they are actually sold.
 

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