Posted To: Pipeline Press

What, exactly, qualifies a person as “rich”? It depends who you are – here in the States the wealth of the top 1% is about 225 times greater than that of the typical family, compared to 125 times in 1962, and the cumulative wealth of the Forbes 400 was $1.54 trillion, equal to worth of the bottom half of American families . Household net worth has been falling, and a recent Gallup poll states that the median income to be considered “rich” is $150,000 a year, up from the $120,000 that qualified a person as rich in 2003. Amongst different demographics, however, what makes one “rich” is relative. About 15% of respondents said it would take $1 million a year or more to fall into that category, but three in 10 say that they’d qualify as prosperous even pulling in less than six figures. About half…(read more)

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