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It depends on where one lives. Where I currently live, it takes about $25M in wealth just to get out of middle class and into lower upper class. And, to get int
by ap22213 10y ago
It depends on where one lives. Where I currently live, it takes about $25M in wealth just to get out of middle class and into lower upper class. And, to get into the true upper class requires maybe $500M to a billion. And, at that level, it is effectively infinite money (like > $250k a day in passive income, at the lowest level).
-4 in less than 30 minutes. that's a record for me. I must have said something controversial. So, glad that I could help :-)
- hueving 10y agoI'm not aware of any place on earth where someone who has $24 million in wealth is considered 'middle class'. That's $180,000 annually at a measly 0.75% interest (what my peon savings bank currently gives) for doing absolutely nothing. If you can quit your job and ride on 180k passive, risk-free income, you're not middle class.
- ap22213 10y agoYou're not alone - trust me. Most people don't believe me. But, then, I grew up in a place where many if not most household incomes are less than $15k / year. It's all relative though - I have enough saved up to probably live as a rich man in probably 99% of the earth. Yet, I keep pushing myself to get into the upper class of a minuscule area of the world. It's kind of screwed up.
- hueving 10y agoSorry, I should have been stricter with my phrasing. There is no place on earth where you can consider yourself middle class only having $24m in net worth. What you are referring to is likely a small community filled with people with net worths above $100m, but that doesn't change the class level because of what I pointed out. If you can quit your job and make 6 figures off of interest, you are not middle class anymore wherever you live. Just because you can't afford a penthouse apartment in downtown Manhattan doesn't mean you are middle class.
- ap22213 10y agoI get what you're saying - but the reality is that globalization is to blame. Years ago, if one was born ambitious and able, with enough luck they'd get relatively 'rich' and most likely stop when they hit that point. Nowadays, the same type of person has to accumulate a much larger amount to feel any satisfaction. And, it doesn't help that those with wealth have clustered together.
- Jtsummers 10y agoCan you give us a hint as to where this place is? I believe that you believe this, and it may be true, but the rest of us are having a hard time figuring out where this place is that the upper class is half a billion dollars, and tens of millions only makes you middle class. Again, within a city or perhaps some particularly small but remarkably wealthy country, maybe. But which one?
- deleted 10y ago[deleted]
- arethuza 10y agoPlaces such as the UK have a socio-economic class system where class really has rather little to do with money - upper class here means aristocracy not just rich. Money really doesn't have that much to do with it.
- mikestew 10y agoYou're not alone - trust me. Most people don't believe me. It might help if you actually stated where you live. As it stands, you're talking about your girlfriend who "goes to a different school". Which school, and what's her name?
- ap22213 10y agoLoudoun county, which is ranked as the highest income county in the US.
- monocasa 10y agoAccording to this, middle class in Loudoun county is ~$150K household income. http://www.loudountimes.com/news/article/the_loudouns_at_122000_a_year_an_average_family_cant_keep_pace_with_cost898 http://www.loudountimes.com/news/article/the_loudouns_at_122... Looking at Zillow, it's cheaper than where I live (Boulder, CO).
- mikestew 10y agoThank you for clarifying. Virginia, and not Tennessee, I take it. What that means is that few, if any, in Loudon County, VA are middle-class. It does not mean that you need $25 million to be middle-class in Loudon County. It means you need to be rich to live in Loudon County.
- ap22213 10y agoLOL - of course many of you just seem to want to rebuke me. Makes sense, given today's culture. But, you're just adding to the problem. Most current problems in our society stem from people getting more satisfaction out of pushing web buttons than doing real things out in the real world. Oh, well, sucks to be many of you but I guess really good to be me. It's just really sad. Especially sad given how poor I grew up.
- hueving 10y agoIt's sad that you have been sucked into a life of such competitive materialism that you can't find satisfaction with a net worth less than 25m. If you grew up poor and have 20m now and are still not satisfied, there is likely no number that will ever satisfy you.
- wavegeek 10y ago> That's $180,000 annually at a measly 0.75% interest Actually that 0.75 is negative in real terms (after taking off inflation currently 1.1% - not to mention taxation). A person drawing $180k would be burning their capital.
- pjmorris 10y agoIs the $25M in US dollars? If so, that seems like plenty to be upper class in any place I'm aware of. For example, at 4% return on investment, that'd yield $1M US annually. 500K would be enough money to, e.g., rent two rooms at the Mayfair Hotel in London, or the Contemporary Hotel at Disneyland for the year and eat out every night. Maybe you live in a place more rarefied than Mayfair or Disneyland, but there aren't many of those places, so your experiences may not be typical.