Re: Definition of "rich"?


<royls@xxxxxxxxx> wrote in message
news:4442f195.3312157@xxxxxxxxxxxxxxxxxxxxxxxx
On Sun, 16 Apr 2006 13:22:27 +0200, peter@xxxxxxxxxxxxxxxx
(=?ISO-8859-1?Q?Peter_Bj=F8rn_Perls=F8?=) wrote:

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

Depends if you mean relatively or absolutely. Even the poorest in the
USA today are rich by the standards of 200 years ago.

Hi,

Yes.

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?

"Rich" has nothing to do with income. It is defined by assets. Just
how much wealth qualifies one as rich is moot, but IMO being three
sigmas above the mean in assets is unambiguously rich, while two
sigmas does not make it. Another way to think about it: if you can
afford a distinctly affluent lifestyle including at least one
full-time servant without either working or dipping into your assets
(adjusted for inflation), you are rich.

I think you put too much emphasis on that servant. For example I would not
want one even if I could afford it. I would consider my self rich if I
could go where I pleased and do what I wanted, without even looking at a
price tag or checking to see if I could afford it. That would put me beyond
mere "rich".

My wife says being rich means not clipping coupons anymore.

...In the USA, that would
require assets of about $5M.

That sound reasonabe to me now. But if I actually had $5M if might not look
like so much anymore :-)

Or to put it still another way: who wants to marry a mere millionaire?

-- Roy L

A poor person.

If 1 million dollars seem like a lot, then you are poor. If one million
does not seem like a lot, then you are, if not rich, at least not poor.



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