to wonder what you need to have to be considered rich?

[boxingboxer]

well, that really?

Am i rich because I own my house?
Am i rich because I have a car?
Am i rich because I can feed my kids?

When does one become rich?

I would say when you can spend what you like without thinking about it.

lots of money.

surely?

when you have enough savings to live comfortably and take care of any disasters without batting an eyelid over costs.

However that is the definition of shallow rich. True rich means being loved and content with those around you.

yes money - plenty of it

and no debt

true love and being content

Enough assets/money to last me the rest of my life, to work through choice rather than need.

To be able to take holidays whenever I/we want.

should amend: money to spend on whatever you'd like, no debt, knowledge that your financial future is secure.

I think the definition is different, depending on your own personal circumstances. For everyone there will be someone who is materially richer than you, regardless of how much you have. (Unless you're Bill Gates or the Sultan of Brunei of course!)

i think 'rich' generally implies that you work because you want to / enjoy it and if you didn't you could just resign and know that you had plenty to tide you over till you could find a new job or start up some kind of 'venture'.

Its all relative.

Rich is a subjective measure. 'Wealth' is less important than disposable income relative to lifestyle.

Not having to work...ever. But doing so if you want to. Being able to buy a house without thinking about it. Taking for granted that your children will go to a top private school without even thinking of the cost. I don't know anyone rich and never have. I know comfortably off people, but no-one rich.

i will be rich when i can afford private school for my kids!

One man's ideas of what rich is can be very different..

In Africa - richness is based on the no. of cows and no. of children you have !

My definition of rich is perhaps having the trappings of a luxurious lifestyle (the big cars, big houses, glamorous holidays etc..) without worrying too much as to how you are going to pay for it. Also the ability of being able to live wherever you please ...

Tricky question. It depends on what lifestyle you want as well doesn't it - for example I live in the outskirts of London, have a good job but a big mortgage too and whilst I'm not poor I don't think of myself as rich (nearly 2/3 of my salary goes on mortgage alone!) BUT if I sold my house I would have enough equity to buy a smaller property outright in an area where prices were at their lowest, and still be left with a substantial sum in the bank to live off, fritter away, etc...in which case I probably would be considered rich.

Oh dear, what a stereotype on Africa! You really should say, 'in some parts' of Africa

Rioswag - where I come from in Africa the traditional tribes do think this way .... sorry if I didn't make that clear

well less than 10% of people in the world have all of the following

always enough to eat, heating and can afford the rent/mortgage for own house, 1 car and any form of savings

that makes the vast majority of people in uk rich

another definitiion of rich is a salary of about 10k more than present

I would say the being able to buy anything at all without thinking is extremely rich

but my own definition here in uk would be in a position where you can afford all reasonable bills save for rainy day and old age, have 1 holiday a year run your car easily and the unexpexted like car breaking down boiler bursting roof blowing off garage in gale would not cause any financial hardship and if lost job would have enough saved for at least 6 months

Rich, hmmm, is that top rate of tax rich or Russian Oligarch rich?

It's just too subjective to define.

How long is a piece of string?

I am not sure what you need to be considered rich, but to feel rich, you only have to be richer than those in your social circle.

No point being a CEO if your friends are hedge fund managers.

Good point blueshoe .

As far as money goes, it depends on what your priorities are. In some ways DH and I are richer than our parents (kids at private school, have a pony) but in others we are poorer (smaller house, only one car, our pensions probably won't be up to much). But obviously by some people's standards none of this comes anywhere near being rich, and we do count the cost of holidays, meals out etc. We have the things we most want, and I guess that's what matters.

I reckon entry level for rich by average UK standards at the moment is probably three to five million in capital assets, plus a reliable six-figure income. Below that, all the way down to about £75K a year plus or minus savings you're reasonably well-off. Below that you're 'hard working middle class' until you qualify for income support.