A Millionaire Corner survey asks investors do define the word "rich."
When you think of the word “rich”, there are pictures that come to mind of a person throwing money into the air, or Scrooge McDuck catapulting himself into a mountain of money.
Being “rich’’ means different things to different people, and money certainly plays a role. But the word comes with different implications depending on the investor you talk to.
According to a Spectrem’s Millionaire Corner survey of more than 1,100 affluent investors, 55 percent said “rich’’ means the level of wealth a person has. For others (6 percent), it is the amount of income one is generating. Still others (24 percent) say that “rich’’ comes from the lifestyle one leads.
When investors are segmented based on age, income and other factors, differences in the definition of “rich” come out. For example, 61 percent of males say wealth level defines “rich”, while only 48 percent of females do so. Females are far more likely to consider income as the key factor to being rich than males (10 percent to 3 percent).
Based on net worth, those that have great wealth see wealth level as the definition of “rich”. Among investors with a net worth of $5 million or more, 73 percent said wealth level defines “rich”, while among investors with a net worth under $100,000, only 42 percent say it is wealth level and 18 percent say it is income that defines “rich”.
Professionally, income matters not one bit to business owners or corporate executives. Sixty-eight percent of corporate executives consider wealth level as the indicator of “rich’’ and 58 percent of business owners agree. Lifestyle differs among them as well, with 31 percent of business owners and 21 percent of corporate executives indicating that as their definition of “rich”.
From the standpoint of age, investors between the ages of 41-50 see lifestyle as the definition of the word more so than others. Thirty-two percent of investors between 41 and 50 chose lifestyle as the indicator, while only 16 percent of those under 40 did so.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.