I once read the book “How to Get Rich” by publishing magnate Felix Dennis, in which he defined being “rich” as having a net worth of $30 to $70 million of cash-on-hand. At the time, I can remember thinking that was an astounding, even crazy number, but I’m sure many in the so-called 1% would agree completely. As this graphic, The Rich Index points out, the definition of “rich” is very much in the eye of the beholder.
What is likewise fascinating about these findings (based on a Gallup poll) is that many people would consider themselves rich when earning less than $60,000 a year, while a smaller percentage would put the number at a $1,000,000. Maybe not as surprising, the poll, which was split across demographics, points out that men think they need more money to be rich than women, a pattern repeated between college graduates and non-graduates.
One very telling bit of information from the graphic is this: the financial demographic you come from says a lot about what you think “rich” means. For people from a wealthy family, the bar is set much higher, begging the question: how many people actually consider themselves rich? What is the definition of rich for you?