Yeah, 'rich' is a term that is used to quickly sometimes, I don't think someone worth a net worth of $1-2M is 'rich', I think they are financially secure. I think someone is rich when they have more money than they will spend in their lifetimes. I would say that is >$10M
It might be interesting to try and develop some categories, which might also aid the conversation (because people are often discussing very different things right now).
I'll start. Here is how I would categorize it:
>$1M: Financially Secure - have built enough wealth to take care of their own future and retirement.
>$10M: Rich - have accumulated wealth beyond their own needs. Will very likely leave a significant inheritance to the next generation.
>$100M: Ultra Rich - uses for money change, lifestyle is significantly different. They tend to largely associate with other people in the same group. Live globally, and could move their assets out of the country at any time (other than active businesses)
>$1B Obscene Rich - all the characteristics of the Ultra Rich, but at completely different levels. Their lifestyles share little with most other people.
>$10-100B - Unicorns. They need to - collectively - be better stewards of the world that has made them kings and queens.
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