3 ms·

Thanks to raising a kid in a large US city, and through my job in tech, I've met and/or regularly interacted with a fair number of "rich" people, as defined by

Thanks to raising a kid in a large US city, and through my job in tech, I've met and/or regularly interacted with a fair number of "rich" people, as defined by this article. The level of richness definitely was in tiers. $1B+ - I've met five of these types, and all of them were founders of tech companies. $100M+ - Again, a small sample size of only three or four people. One was a founder of a non-tech business, and the others were children of founders of large tech companies. $10M+ - This was the smallest bucket with only 1-2 people. Both were in finance. $1.5M+ - Dozens upon dozens of families. Some lawyers and the one "unexpected" small business owner occupied the lower end of the range, while nearly everyone else was in finance. < $1.5M - Everyone else.

dc-programmer 4y ago
Any sweeping generalizations you can make about the different groups?
- righttoolforjob 4y ago
  seems like he missed getting to the point..
- Phrenzy 4y ago
  There is a great Reddit post that discusses this topic. https://np.reddit.com/r/AskReddit/comments/2s9u0s/what_do_insanely_wealthy_people_buy_that_ordinary/cnnmca8/?context=3 https://np.reddit.com/r/AskReddit/comments/2s9u0s/what_do_in...
- fatnoah 4y ago
  My own experience was that only a couple of people in the groups I mentioned seemed like anything other than normal people, i.e. other moms and dads at Scouts, school events, kids sports & activities, etc. The only real sweeping generalization I can make is that money (somewhat at $10M+ and mostly at $100M+) means that almost nothing is impossible. When you've got that kind of cash, a $200 dollar shirt is functionally the same price as a $20 shirt. It's not worth worrying about cost below some minimum increment. Most were also highly involved in multiple cultural and philanthropic organizations. There's also a level where it almost becomes impossible to NOT make money. One family I know decided to renovate their primary residence, so they bought another single-family residence nearby (keep in mind, this is downtown in a major US city) to live in during the multi-year reno. Once the reno finished and the moved back in, they renovated the "temporary" home and sold it at a large enough profit to pay for both renovations. The other "generalization" is that all had pretty unique attributes. One of the $1B folks traveled with an entourage everywhere, while another rode his mountain bike to/from work and was super-low key despite having multiple homes, flying private, etc. Another in the $10M+ club mowed his own lawn, had one used car, but lived in an $8M home. Yet another in that same club is on the board of many cultural organizations. Some had drivers, and some didn't. One family had a nanny who was on one of those nanny shows that were popular a while back (and she was freaking amazing, BTW. She was magic with kids. My kid absolutely adored her)

dc-programmer 4y ago

Any sweeping generalizations you can make about the different groups?

righttoolforjob 4y ago
seems like he missed getting to the point..
Phrenzy 4y ago
There is a great Reddit post that discusses this topic. https://np.reddit.com/r/AskReddit/comments/2s9u0s/what_do_insanely_wealthy_people_buy_that_ordinary/cnnmca8/?context=3 https://np.reddit.com/r/AskReddit/comments/2s9u0s/what_do_in...
fatnoah 4y ago
My own experience was that only a couple of people in the groups I mentioned seemed like anything other than normal people, i.e. other moms and dads at Scouts, school events, kids sports & activities, etc. The only real sweeping generalization I can make is that money (somewhat at $10M+ and mostly at $100M+) means that almost nothing is impossible. When you've got that kind of cash, a $200 dollar shirt is functionally the same price as a $20 shirt. It's not worth worrying about cost below some minimum increment. Most were also highly involved in multiple cultural and philanthropic organizations. There's also a level where it almost becomes impossible to NOT make money. One family I know decided to renovate their primary residence, so they bought another single-family residence nearby (keep in mind, this is downtown in a major US city) to live in during the multi-year reno. Once the reno finished and the moved back in, they renovated the "temporary" home and sold it at a large enough profit to pay for both renovations. The other "generalization" is that all had pretty unique attributes. One of the $1B folks traveled with an entourage everywhere, while another rode his mountain bike to/from work and was super-low key despite having multiple homes, flying private, etc. Another in the $10M+ club mowed his own lawn, had one used car, but lived in an $8M home. Yet another in that same club is on the board of many cultural organizations. Some had drivers, and some didn't. One family had a nanny who was on one of those nanny shows that were popular a while back (and she was freaking amazing, BTW. She was magic with kids. My kid absolutely adored her)