Re: Definition of "rich"?


Peter Bjørn Perlsø wrote:
Everyone is talking about poverty and the poverty line, but do we have a
definition of when you're "rich"?

We have an upper limit on being rich with examples like Warren Buffett
and Bill Gates.

In the EU (AFAIK), poverty is defined as being below 60% of the median
income. Could we establish being "rich" as say, being over 300% of the
median income? Or is there already such a measure in place?

300% of the median income would be the bottom end of being rich if it
comes from an occupation. If it comes from wealth that would make it
unnecessary for a person to work for a living.

One article indicated that a well off life style would need $200,000 to
$400,000 per year depending on the are of the US. It included a second
home and luxury autos.

A better way to define rich is by a family's net equity. With 8 million
households have a net worth over $1,000,000 and 6% of those having a
net worth of over $10,000,000.

--
Ron

.

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