NewNewAccount
So an annual before tax income of $218,750 is considered rich then?
I mean, yeah? Kind of? I’d say it’s at least lower-upper class, which some people may consider rich. But, again, in my head rich is more about net worth, not income. Once someone’s investments are working for them then I’d say that’s a key indicator.
Obviously both can be true, depending on perspective. But being rich is a spectrum.
If you’re a poor studen, the 40 year old who can pay cash for a car but cannot retire still may seem rich but could very well be firmly middle class.
Someone in their 20s who never has to work is more likely to be considered rich by most anyone’s standards. But someone in their 70s who is living modestly in retirement would still meet your second definition but few would consider them actually rich.
I think using net worth is a better measuring stick. In the US someone worth more than $10m is almost certainly living very well off and most would consider them rich.