Funny discussion...try any Google search on "rich" or "wealthy"
and the vast majority of results have it confined to the top 5% of household incomes in the US, or a net worth of more than $1M. This recent Newsweek survey I linked shows that the new threshold is widely considered to be $2.4M.
I've never really thought about $400K as "rich." My net worth is around that (mostly retirement, home equity, etc.) and I certainly don't feel rich nor live a rich lifestyle. If I were making $400K/year in income perhaps I'd feel differently, but then again if I had that kind of money my net worth would most likely exceed $1M anyways.
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In response to this post by PalmyraHoo)
Link: http://www.newsweek.com/millionaires-us-wealth-charles-schwab-rich-poor-627893
Posted: 12/18/2017 at 09:15AM