It really depends on how you define rich. I think the traditional concept of “having enough assets work for you that you do not have to” (i.e. the idle rich) is

It really depends on how you define rich. I think the traditional concept of “having enough assets work for you that you do not have to” (i.e. the idle rich) is the correct bar, but we often mean mega-rich now (centimillionaires+) when we say rich. I ran a small business you’ve never heard of, and left it four years ago with a not huge (<£1M) amount of money - but it was enough for me to acquire enough working assets that I have been able to retire from having to work in my early 30’s. I spend less than the assets earn, and because I’m free from having to work, I’m able to live in an inexpensive country, where my purchasing power is huge - freeing yourself from direct labour is the dividing line in my view - and you can get there by eschewing depreciating assets and instead acquiring earning assets. I don’t own a helicopter, I don’t have a yacht, my car is a beat up 1988 hilux - I could have those things, but then I would be poor again. I did spend a lot on coffee, while running the business, admittedly.