According to a report in 2017, there are 36 million millionaires in the world. That is a 170% jump from 2000. But can you consider yourself wealthy or rich after you earn your first million? Or in other words, how rich you need to be to be considered wealthy?
According to a poll, Americans say you need an annual income of about $100,000 to be considered rich. In the poll, Americans said that if you earn $90,000 per year, you are considered “neither rich nor poor”.
In addition to having money, Americans say there are other factors that contribute to their personal definition of wealth. For example, they consider leading a stress-free life and having “a peace of mind” as personal definition of wealth. In the same time, small portion of Americans (11%) say that having lots of money is not the definition of wealth and it cannot buy happiness.
According to some statistics, in America, in order to be financially comfortable, you need an average of $1.4 million, which is an increase of $1.2 million a few years ago. And in order to be wealthy, you need to have a net worth of an average of $2.4 million.
When you are considered wealthy, there are certain perks. According to most Americans, these are the luxuries you can afford once you are wealthy:
Here is a portrait of the prototype millionaire in America.
How many millionaires are there in America?
If we take all of the factors above into consideration, we come to the conclusion that 3.5% of households in America are considered wealthy. More than 95% of the millionaires in America have a net worth of between $1 million and $10 million. The small 5% are those extremely rich people like Jeff Bezos and Bill Gates.