Imhotep Evil

1 million doesn't cut it anymore, but 1 billion would do nicely.

You rich if you're a brainiac buisnessman
... like Bill Gates/Paul Allen (M$) or S. Brin/L. Page (Google) or Steve Jobs.

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Centurion

What's so unusual about that? You can be academically talented have an IQ above average and still be as worthless at business as an in-an-out meal is as a dinner. Making money is a game, a gift regardless if it is legal or illegal. If you're good at it, you can flip a coin into a bundle of money.
P. Diddy is a good example. He is an artist and honestly a quite wack one. The money he has had coming in from record sales is only a fraction of what some of the top selling artist who have existed the latest 10 years. Thanks to his money skills he is worth an estimated $346 Millions, which makes him one of the richest people in show business.

audi_rudy

I feel that many people try and get the impression that they are rich by taking out huge loans to buy big houses and nice cars. But then these people live miserable lives trying to afford these things. I think that being rich is having enough money in the bank to buy whatever (reasonably) you want and not worrying about how your going to pay for it. I think that 10 mil would probably do the trick as long as you continue to make money.

MoSs AMG

to me money doesnt make you rich... when u are satisfied with ur life and what u have makes u rich, no matter how much u got.

450SEL6.9

What's unusual is that the blokes on the list in '87 were not worthless businessman or some lucky guy who won the lottery. Most of them were self-made. They were very smart people business-wise. I never said anything about any of these guys being academically talented or what they IQs were. By "smartest", I meant they were smart in business.

What I said was that it is surprising (to me) for 75% of the richest businesspeople in '87 to disappear from altogether from the '07 Rich List.

True, but I asked what 'net worth' one needs to be rich. Net worth already accounts for the people who take out huge loans to live lavishly because net worth subtracts the liabilities.

Matt

Your only rich if you're life is filled with love and friendship

Most people dont just store millions of dollars in the bank. What makes a person rich is has aptitude in spending and his ability to make wise decisions with the money he earns and the assets he buys and develops. In fact, someone once told me, its not how much money you have, its how much you can borrow. I totally agree. But i would say that if your income is over 500k$ you're technically rich or perhaps "well-off". According to the U.S. government tax bracket, if your making over 100k$ you are rich.

450SEL6.9

And it's that mentality which has partially contributed to household debt (as a percentage of GDP) in America exceeding pre-Great Depression levels.

Matt

perhaps, but If nobody borrowed money from the banks-our economy would shut down. In fact borrowing for investment has always had a positive affect pushing our economy closer to potential output. you should read Rich Dad, Poor Dad-its a great book.
BTW, money is only one type of wealth-assets are another-and if you can borrow, it means that the bank has decided that your assets are greater than your liabilities.

450SEL6.9

Just because a bank lends you money does not mean it made a decision your assets exceed liabilities. In fact, many banks do not even take a detailed look at your assets, specifically when they give you an unsecured line of credit. Credit cards offers go out to anybody and everybody. Mortgages are granted to just about anyone and 1/7th of all mortgages written in the past few years in the USA are held by people with the worst credit. Pretty soon these peoples liabilities will exceed their assets.

Banks lend you money because it is their business to lend money. They know how to manage their inevitable bad debts. A decision to grant a customer a loan says little about assets > liabilities.

I agree with you that borrowing investment is indeed a wonderful idea. However, the people who are borrowing are not borrowing for investment. They are borrowing (against their equity in their home) for consumption, to buy that new boat or that fancy new SUV.

So, getting back to the original question . . . Is the new "rich" $10 million, 25 or 50 million?

YoUhimhER

i'd say $20million in owner's equity.

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