How Much Do You Need to Earn/Accumulate to be "Wealthy"?

Recently I ran into two studies -- one on "affluent" people in the U.S., the other on "wealthy" individuals -- and while the studies themselves were "ok", it's how they defined the participants that most interested me.

Here's how the first study defines its participants:

The Phoenix study defines affluent as those having at least $250,000 in investable assets or $150,000 in income.

Now, here's how the second survey defined its "wealthy" participants:

The survey was conducted by Harris Interactive online this fall among a nationwide cross section of 1,485 adults (age 18 or over) with annual incomes of $150,000 or above (if employed), at least $500,000 of investable assets (if employed) or at least $1 million of investable assets (if retired). 

Here's my question for you: Are these people really "wealthy"? I always thought of people who were wealthy or affluent as having millions of dollars (or at least a couple million), not a few hundred thousand. What do you think? How would you define wealth?

In the end, you can't really determine if these people are really wealthy or not because the information is based on income and assets -- which really doesn't tell us much. You have to know someone's net worth to accurately determine whether he is wealthy or not.

Thanks to All Things Financial and Million Dollar Goal for pointing me to these studies.

Comments

[RS]

I totally agree FMF. I was looking at that first study as well at one point and was amazed to see that my household actually fit into one of the affluent categories. I have never felt all that wealthy or affluent...just goes to show that the more you make, the more you spend. I decided that I need to start being more aggressive in my savings after seeing this info.

http://ypfb.blogspot.com/2005/12/number-of-affluent-households-soars-in.html

[Steve Mertz]

Wealthy-I would put it at $5 million and above! They are talking to folks in the cheap seats! :) steve

[monitorinvest.com]

Realize that More Money is Not the Answer
More money is not going to solve your problem. Money is a magnifying glass; it will accelerate and bring to light your true habits.
If you are not capable of handling a job paying $18,000 a year, the worst possible thing that could happen to you is for you to earn six figures. It would destroy you. I have met too many people earning $100,000 a year who are living from paycheck to paycheck and don't understand why it is happening. The problem isn't the size of their checkbook, it is the way in which they were taught to use money.
The miracle of life is that it doesn't matter so much where you are, it matters where you are going. Once you have made the choice to take control back of your life by building up your net worth, don't give a second thought to the "what ifs". Every moment that goes by, you are growing closer and closer to your ultimate goal - control and freedom.

Every dollar that passes through your hands is a seed to your financial future. Rest assured, if you are diligent and responsible, financial prosperity is an inevitability. The day will come when you make your last payment on your car, your house, or whatever else it is you owe. Until then, enjoy the process.
Cheers,
Little Guy Can Succeed Online
http://www.Monitorinvest.com

[DWorth]

I agree with RS... I think the line for wealthy is somewhere north of $5MM in investable assets.