How much net worth would someone need to have for you to make the claim, "he/she is rich, in a material sense", if you'd ever make such a claim?
If you're not from america, think of the amount in local currency units, then go here and find your country on the list: http://data.worldbank.org/indicator/PA.NUS.PPP
Divide the amount in your head by the number you found for your country there, then post the results in dollars to give us the amount in purchasing power terms.
Depends on region, heavily.
By wealth, I'd say rich is having a net worth of over $500,000. These people are typically business owners, doctors, etc.
My area is average by national standards. Think $40,000 household income, regular kinda people.
Read the report from oxfam on income inequality yo.
If you consider higher amounts rich then much less than one percent of the population is rich.
I suppose you could say that if you want though.
You mean the one saying that the richest 1% have an average wealth of about $2.7 million? Besides, that's on a global scale. Half a million dollars does not make you rich in the developed world. It barely buys a modest house here in the UK. In the US about one in ten households has a million in assets excluding their main residence. They might justifiably be called rich.
I believe its around 1 percent of the world that has 700k dollars.
Really? Do you have a source on that?
10 percent having a million in assets seems like quite a lot
It's all relative anyway. I live in London, where the average house price is £500000, or roughly $750000. The idea that being rich means owning your own home outright (and an average one in an average part of town at that) is a bit of a stretch.
More people are getting poorer and more people are getting richer. The middle class is disappearing. I live in an area that is primarily middle class with few people that will fall into the getting richer category. Hence, my belief that people worth $500,000 are rich. Relatively speaking, this amount of money is rich in my community. Average home price is probably about $150,000.
I like it though its nice living in an affordable, modest community that's developed.
The average house in the city where I live is over 1MM. If you dont even have enough net worth to cover your residence how can you call yourself rich? My definition of rich is having enough to be financially independent. To cover BLE [basic living expenses], lifestyle and health expenses and legacy funding from your assets plus having your house paid off. I would say lets call it a net worth of 4MM to say you are well off. Also take into account age. A 30 year old with the finances of a 50 year old is well to do. But a 50 year old with a few MM is doing alright. Im a pro financial planner btw and working on my CPA part time.