How much money should you have to be considered rich?

Question

Own a multi-million dollar home, few great getaways a year, nice cars, shopping, high tech, great dining, etc.

Would a net worth of around 15 million dollar cover this? Should there be more?

Answer 1

as long as you are living comfortably

and you seem to be.

Answer 2

$24,454,732.

Answer 3

Rich is a relative term.  You might feel poor next to a millionarie, yet seem incomparably rich to a starving beggar.  

Also, the purchase price is far different from its actual value.  A fancy mansion may only cost you $5 million to purchase, but may cost tens of thousands every year in ongoing costs like taxes and maintenance.  The cost of a "great getaway" varies wildly if you prefer a simple beach house or want an 8-star luxury hotel.

Also, you have to figure taxes into what you earn - you might win $20 million in a lottery, but you would end up paying almost half that in taxes, so you would need to earn even more to maintain a $15 million lifestyle.

But overall, if you have $15 million free and clear, I think you could afford pretty much all the stuff you want for many years, if you spend responsibly.

Answer 4

As long as you are satisfaying your basic needs and hobbies and able to invest the amount by which you would be able to maintain atleast your current status of living, If you have that much amount then its on the line and if you have more than that.... then go for fixed deposits or debt funds to avid on returns and earn a fix amount.

Answer 5

It use to be a cool million.  But, that won't do these days.  15 million free and clear should do the trick.  That being said, next to a billionaire you might feel like a pauper when they fly in on their own personal jet.  

With 15 million you could earn 8% each year.  That's 1.2 million in earnings.  Uncle Sam will take a good portion of that.  Even so, with proper tax sheltering you would be able to go and do most anything.  Or, sit on you tail and do nothing at all.