Let's play a game. No fair Googling. Just answer with your snap reaction.
1) Where in the income distribution do you (either you (unmarried) or you and your spouse) have fit in order to be called "rich"? I'm looking for a percentile here.
2) What annual income do you have to make in order to be called rich?
There's no trick to this question. Just reply with whatever your gut tells you.
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5 comments:
This game is courtesy of Ezra Klein.
I'll put my answer up tomorrow evening (I've played this game before and I won't change my answer.)
i'd say top 7.5-5% or income bracket
or
250-275K whichever is higher
also depends on location (cost of living-major part of the discussion which is left out)
and single income or multiple income homes.
Rich to me in about net worth not income.....
But I'll play.
Top 1%
$1 million a year.
I agree with Bruce. I would guess that $250K is top 3-5%.
Cost of living must be considered. I believe that people in California should be able to afford a home, have children, and when a choice, on one income.
My answer was top 20% or 100K. I either have an expansive definition of rich or a tight definition of middle class.
I also tend to buy into Mike's definition of 'rich', in that income is only part of the game.
While cost of living certainly affects the 2nd answer, I suspect it basically does not affect the first answer.
There's an interesting theory in academic economic/psychology circles that suggests that relative wealth (or poverty) is actually much more important to people than absolute wealth or poverty. This suggests all sorts of (frankly) left-leaning redistribution schemes; while I find these certainly unwise in the long run, it's interesting nonetheless.
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