6 ms·

> And class is hard to judge objectively. Very simple, actually. $1 million+ in annual income or $10 million+ in assets is an objective starting point, all the

> And class is hard to judge objectively. Very simple, actually. $1 million+ in annual income or $10 million+ in assets is an objective starting point, all the way to mega billionaires like Musk and Bloomberg.

svieira 2y ago
Congratulations, the small-time local farmer with 10 acres, two quality high tunnels, a mid-sized tractor, and a couple of trucks and trailers is now wealthy. Assets are not necessarily liquid.
- blackhawkC17 2y ago
  Edge cases do not negate the whole point. For example, I'm pretty sure you can find a billionaire who's very cash-poor, i.e., wealth is locked up in the value of a private company. Does not change the fact that anyone with $1 billion+ of net worth is ultra-rich. Whatever the edge case may be, anyone with $1 million+ annual income and $10 million+ in assets is undeniably upper-class, including your hypothetical farmer. Note that I never claimed their assets should be taken...just stating an objective definition for upper class.
  - Detrytus 2y ago
    > For example, I'm pretty sure you can find a billionaire who's very cash-poor, i.e., wealth is locked up in the value of a private company Donald Trump comes to mind, struggling to pay $464M bond set by New York judge.
- michaelmrose 2y ago
  10 acres of farmland is worth around $30,000 its also 200 meters by 200 meters they probably don't need much of a tractor and can probably do with one truck for what amounts to a hobby nobody could live on. The USDA says a small family farm averages around 231 acres or about $693,000 in land. Even adding the equipment its a long way from 10M in assets and that isn't even accounting for the elephant in the room DEBT. Any sole proprietorship which is net positive to the tune of 10M is in fact by any reasonable measure wealthy.
bawolff 2y ago
Most of those situations the student wouldn't own those assets. If you go by how much money relatives have, then you end up being unfair to kids who have been disowned or if the kid has a rich uncle that has never given anyone a penny, etc.

svieira 2y ago

Congratulations, the small-time local farmer with 10 acres, two quality high tunnels, a mid-sized tractor, and a couple of trucks and trailers is now wealthy. Assets are not necessarily liquid.

blackhawkC17 2y ago
Edge cases do not negate the whole point. For example, I'm pretty sure you can find a billionaire who's very cash-poor, i.e., wealth is locked up in the value of a private company. Does not change the fact that anyone with $1 billion+ of net worth is ultra-rich. Whatever the edge case may be, anyone with $1 million+ annual income and $10 million+ in assets is undeniably upper-class, including your hypothetical farmer. Note that I never claimed their assets should be taken...just stating an objective definition for upper class.
- Detrytus 2y ago
  > For example, I'm pretty sure you can find a billionaire who's very cash-poor, i.e., wealth is locked up in the value of a private company Donald Trump comes to mind, struggling to pay $464M bond set by New York judge.
michaelmrose 2y ago
10 acres of farmland is worth around $30,000 its also 200 meters by 200 meters they probably don't need much of a tractor and can probably do with one truck for what amounts to a hobby nobody could live on. The USDA says a small family farm averages around 231 acres or about $693,000 in land. Even adding the equipment its a long way from 10M in assets and that isn't even accounting for the elephant in the room DEBT. Any sole proprietorship which is net positive to the tune of 10M is in fact by any reasonable measure wealthy.

bawolff 2y ago

Most of those situations the student wouldn't own those assets. If you go by how much money relatives have, then you end up being unfair to kids who have been disowned or if the kid has a rich uncle that has never given anyone a penny, etc.