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Jul 30

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How Much is Rich?

Many dream of being “rich” one day.  But what is the amount of money that would make you “rich”?  CNNMoney.com’s Hibah Yousuf reported some interesting facts base on a survey conducted by UBS of 4,500 affluent investors.  The survey provided the following information on how much “rich” is:

  • 70% of those surveyed with at least $1 million of investable assets do not consider themselves wealthy.
  • $5 million is when millionaires feel wealthy.  Why $5 million?  The article suggest that this is the amount where people feel they have no constraints and can provide a comfortable lifestyle for future generations of family members.
  • Most wealthy people keep about 20% of their assets in cash for emergencies.

So now you know how much it takes to be “rich”. Whether you are aspiring or comfortably past this marker, it’s good to know where the line lies.

About the author

Anand Khemlani

I am a founding member of Fulcrum Inquiry, an accounting and economic consulting firm that performs damage analysis for commercial litigation, forensic accountings, financial investigations, and business valuations. I am a Certified Public Accountant (CPA), Accredited in Business Valuation (ABV), a Certified Fraud Examiner (CFE) and am a licensed Real Estate Broker. I regularly serve as an expert witness involving results of my forensic accounting assignments and damage analyses. My resume is available on Fulcrum's website

Permanent link to this article: http://betweenthenumbers.net/2013/07/how-much-is-rich/

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