At what point are you rich in America? (dollar, money, government)
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The actual number will vary by the person, but I would say that it's the point that someone no longer needs to "work for a living."
In other words, they can do what they want, when they want, with no worry about paying for Maslow's first two hierarchies of needs - physiological (food, water, etc...) and safety & security. The other needs - love and belonging, self-esteem, self actualization -- no amount of money can buy those for you, or at least not buy them genuinely.
You're rich when those first two are automatic and you don't have to give thought to them. Instead, you can focus on the top 3. Most of us work, or worked for our livings, so we're not truly rich, even if we made quite a lot of money. If you can quit your job and take care of the bottom two rungs for the rest of your life, you're rich. If you're maintenance of those needs is dependent on some kind of job, you are not rich, although you may be a much more privileged worker than others.
To maintain my and my wife's current lifestyle for the rest of my life (not necessarily hers), I'd need a bundle of somewhere between 3.5 and 4.5 million, not taking into account inflation. Taking inflation into account probably more like 8 million.
Like someone else said it's relative & in the eye of the beholder/s. If I had 100K cash before taxes my wife & I could retire easily. And I'm pushing 49 & my wife is pushing 43, Most here are in debt to their eyeballs from the time they finish college until the day they die, the odds are their children are in debt as well.
All in all your not rich until you don't owe anyone a damn thing.
There have been many good answers given in this thread. My definition of rich is very objective. I think in general people in the USA would agree that the following means that your "rich" (not wealthy) or at least very very well off:
-The ability to generate PASSIVE income that is at the 95th percentile of personal income or higher. Meaning you effectively do not have to work if you don't want to and you make enough money to live a comfortable lifestyle. Latest income data puts that number at $125K. I think lower passive income can fit someones personal definition of "rich" but not necessarily what society would consider rich. For example, someone making $45k in passive income may consider themselves "set." However, most people would not consider that guy rich or well off.
-A net worth (outside home equity) of at least $2 million + only if you have all your debts paid off (mortgage, CC, loans etc.) This level of net worth combined with the above income and no debt will let most responsible spenders have a very nice lifestyle. Your net worth/income would have to be higher if you have debts that require mandatory monthly payment.
**Please do not respond with "well in NYC or LA $125K is poverty level wages!!" The numbers above are for normal COL areas. Obviously, if your considering what is "rich" in high COL areas; you have to adjust the numbers based on that areas COL.
In America? I should think it would be obvious. You are rich at the moment you are born in America.
Everybody in America is rich by virtue of the fact that they live in America. America is the wealthiest, most advantaged, most privileged super-power country in the world and the American people are the world's most privileged, advantaged, entitled people. The American people are the 5%'ers of the world. They have more material possessions, they pay less than people in other countries for food, housing, land, energy, vehicles, technology, toys, education, entertainment - every little luxury and social benefit you can think of - you name it, Americans have got it in spades. Even Americans who are poor by American standards are rich.
Some Americans have more than other Americans but all Americans have more than the rest of the world.
Wealthy beyond the rest of the world's dreams and it's all taken for granted.
I don't know why you would ask the question and I don't understand why nearly everyone except for a couple of people answered the way they did without taking into consideration how spoiled and entitled it all sounds by comparison with what people in the rest of the world have got.
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