Quora Answer: Am I Considered Wealthy if I am Worth $1 Million?

The following is my answer to a Quora question: “Am I considered wealthy if I am worth $1 million?”

If I assume you mean that your net worth is $1 million, which is your assets less all debt and liabilities, and that you have an income of at least $75,000 to $100,000 per annum, you are not wealthy.  You are mass affluent.

To be wealthy, you have to be high net worth.  To be high net worth, you need to have $1 million in liquid assets, which is on top of your net worth, and to have an income of at least $300,000 per annum.  These numbers may vary according to where you are in the world.  If you have a net worth of $5 million and above, you are very high net worth.  If you have above $30 million in net worth, you are ultra-high net worth.