People with net worths in 5-25 million dollars should not be lumped in with the "rich". amirite?

I could buy 1-5. But 5-25 is rich.

by kautzerantwan 5 months ago

It is rich, OP isn't denying that, they're saying they shouldn't be lumped in with the 50M+ crowd, nor the 100M+ crowd or anything above that is legitimately laughably buy anything I want for the rest of my life generational wealth. 5-25M is rich, but they're not unethical POS by definition rich

by Anonymous 5 months ago

I think that's why they invented the term the 1%. I mean prolly a lot of trust fund kids on that category 😂😂

by kautzerantwan 5 months ago

We haven't really created terms to describe the different levels of rich. But if I was at a bar and someone next to me was like, oh I do a few investments etc, but I'm not rich.. Then they tell me they are worth $25million, I'd be like so what does that make me, the rust on a penny? I'm in the UK but I also think location matters, if we're sticking to the US I've seen some ridiculous houses in Texas that are like 3x cheaper than I'd expect. If they lived in a penthouse in manhattan, then to others living there, they may not be seen as rich.

by Anonymous 5 months ago

Yeah that's unpopular for good reason.

by Due-Acanthaceae 5 months ago

Every wealth manager has a different tier for ultra high net. For our company it's $50MM or $25MM liquid.

by johathanmoscisk 5 months ago

Lol, soon the average american will not be able to afford eggs while the unavarege ones will be able to buy cities in some countries. Yet, this guy is doing mental gymnastics on what qualifies rich. Gtfo.

by Flat_Link 5 months ago

it is rich, but im sure you noticed people primarily critique BILLIONAIRES, not so much millionaires.

by Own_Property 5 months ago

Lumped in? Is this an onion article?

by Anonymous 5 months ago

This is infuriatingly rediculous If you have easily 80x the amount the average person makes a year on hand than you're rich What the hell kind of logic is this? Honestly sickening really

by FlatYogurtcloset3372 5 months ago

Well, this certainly is unpopular as far as what constitutes as rich 😂

by Anonymous 5 months ago

Retire with $25 million and you can withdraw $1 million a year ..

by Anonymous 5 months ago

Shade of Succession here. lol Really sounds like a rich person seeing a class war on the horizon and trying to tell poor people "No! I'm on your side!"

by WeakPost 5 months ago

It's absolutely ludicrous to say that someone worth $25m has the same struggles and concerns of the average person

by Anonymous 5 months ago

If you can afford to write a check for a Bentley, you're rich

by Anonymous 5 months ago

Nah, that's definitely rich. I wouldn't consider them to be part of the ultra wealthy personally but they're absolutely rich.

by Anonymous 5 months ago

how many of these poor people are suffering from being called rich

by Anonymous 5 months ago

I'm gonna agree with this one. I think we do overestimate how far that much wealth goes.

by Anonymous 5 months ago

I mean, a 65 year old entering retirement with 5 million accumulated is in a very, very different financial situation than a 25 year old who just inherited 25 million. I don't think net worth alone always tells enough of a person's story.

by Subject-Abalone3714 5 months ago

Doesn't the average person make a million in one lifetime? Imagine calling 25x that "not rich"

by Anonymous 5 months ago

I could definitely see 1-3 million as not rich, I mean most people who saved for retirement will be considered millionaires. Though there's heavy debate based on your needs if even 1 million is considered enough for a comfortable retirement, especially if you have health issues and stuff.

by Anonymous 5 months ago

This is an annoyingly disgusting up opinion

by ChipSea 5 months ago

People worth $25M shouldn't be lumped in with the "rich". Ok wetbrain

by Existing-Medium 5 months ago

I swear every time I see one of these "$X really shouldn't be considered rich" the value of X just gets more and more ridiculous

by Anonymous 5 months ago

You're confusing rich with wealthy. Rich Vs Wealthy

by Anonymous 5 months ago

If you gave me 5 million right now I assure you I could live lavishly (atleast what I'd consider lavish) for the rest of my life without much to worry about. 1/2 goes into stable/safe investments, 1/4 goes into risky investments, and I'm living on the 1/4 leftover for minimum 10 years before I have to touch those other investments

by Anonymous 5 months ago

$5 million in net worth shouldn't be rich. If you're in a high income state a "normal" house is going to be worth $1m. You probably need $5m in retirement savings to have a guaranteed solid retirement. At a 4% withdrawal rate you'd get $200k per year, which by retirement, assuming you own your house, should be comfortable. I'd say over $10 million you're definitely rich beyond what anyone would ever need to be comfortable.

by Anonymous 5 months ago

25 mil might be a stretch, but i definitely agree. i think most people don't really understand what net worth means, and any person smart enough to accrue that kind of net worth will have most of it tied up in assets.

by Loma15 5 months ago

We're in the lower end of that range thanks to decades of budgeting for one income and investing the other. We retired early and have a nice home, but we're still careful with money and don't live like "rich" people. And we take a lot of satisfaction in doing our own home repairs, gardening, cooking, etc. Wealth is a by-product of how we live, not the goal.

by Anonymous 5 months ago

5 million in net worth is owning a nice home that has probably appreciated in value over the years and owning some stocks and a nice retirement plan. 25 million is being rich. That's a very nice house, vacation home, cars and a loaded bank account. Probably better to say 1-5 million is not being ‘rich'

by Anonymous 5 months ago

Those people are rich, but they're not wealthy. Just ask Chris Rock.

by Humble-Albatross2714 5 months ago

Couldn't possibly agree more. This is not rich

by Anonymous 5 months ago