What do you consider rich?

[Bitch]

This is a very subjective question since we all live in different places.

Someone in India could say 200k $ net worth is rich.

Someone from EE would say 1 million $.

An American living in LA would say rich begins at 10+ million $.

I’m curious, what are your thoughts.

 

[subtochad]

I am going to propose an objective definition, that is that being rich is simply being in the top 5% of wealth in whatever geographical location you choose to view it from. Ultra rich is being in the top 0.1% of of wealth in whatever location you are in.

 

[Bitch]

I am going to propose an objective definition, that is that being rich is simply being in the top 5% of wealth in whatever geographical location you choose to view it from. Ultra rich is being in the top 0.1% of of wealth in whatever location you are in.

I like your theory, but let’s suppose that you have a 2 million $ net worth in a place like Monaco. Are you considered poor then by your definition and as soon you move to, let’s say France, you become rich?

I think being rich has more to do with your purchasing power rather than location. 2 million $ is still 2 million everywhere you are and you can spend that anywhere you’d like.

If you live in Monaco and you have such net worth you will still be considered rich by most Europeans

 

[subtochad]

I like your theory, but let’s suppose that you have a 2 million $ net worth in a place like Monaco. Are you considered poor then by your definition and as soon you move to, let’s say France, you become rich?

I think being rich has more to do with your purchasing power rather than location. 2 million $ is still 2 million everywhere you are and you can spend that anywhere you’d like.

If you live in Monaco and you have such net worth you will still be considered rich by most Europeans

Being rich and poor are not the only two options. Perhaps the man in Monaco downgrades to upper middle class when he moves to another location.
And the reason why I would argue that percentile is a better metric than purchasing power is that "rich" and "poor" are relative terms. Rich literally means = more money than average. The average is going to significantly vary depending on the location, hence you need a definition that varies by location.

 

[PubertyMaxxer]

I'd say being in the top 5% of Income Earners of industrialised countries

 

[Corleone]

I'd say being in the top 5% of Income Earners of industrialised countries

You aren‘t rich if you define wealth by how much you earn in comparison to the wage slave class. It is about how much you have.

 

[LooksOrDeath]

You're rich if you make 95th percebtile income in your area

Making 200k/year in Manhattan NY would make you rich in the country but upper middle class in your local area

 

[grimy]

$10m sounds right. I don't think anyone would argue a decamillionaire isn't "rich".

 

[traveler]

financial freedom