What do you consider a wealthy family? What are some of the details...vacation house, country club?

[Anonymous]

I always hear of people being from a wealthy family but not sure if i totally understand.

[Anonymous]

Downton abbey

But in 2015 in the us the equivalent would be multiple residences and staff (and I don't mean a housekeeper).

The following is extreme wealth in my mind. House in dc area with at least 30 plus rooms and ability to easily entertain 100 or more. Full time housekeeper, chef , governess and personal assistant. Possibly more than one housekeeper. Country side historic manor house fully restored with 100 acres another 30+ rooms and staff of its own. Additional apartments or houses in the multi million dollar range in at least 2 additional world class cities. All houses are staffed. Any apartments are in luxury full service buildings. Private aviation with pilot on staff. A yacht 6+ bedrooms exclusive of crew quarters (full time crew in staff) if they are in to that. A ski house in the 10,000 square foot plus range if they are in to that. No country club, but socialites who regularly attend opera, theatre, ballet etc. likely have buildings and wings named after them for numerous causes.

[Anonymous]

Private art collection and curator. Lends pieces out to museums.

[Anonymous]

Executives.

[Anonymous]

First two responders answered are good.

A net worth of greater than $500 million at a minimum. Preferably over $1 billIon.

There are many people in DC metro who are well-off or comfortable, but not wealthy.

[Anonymous]

Anonymous wrote:Executives.

Executives (some are fixated on this term) are not wealthy. At least not most of them. They are well off. This is not to say they don't have a great life merely to say they are not wealthy.

A basic question is would their net worth support multiple-generations. Most "Executives" net worth would not. Nor would the net worth of most law partners.

[Anonymous]

Focusing on clubs, vacation houses, etc. is not always a good indicator. Warren Buffet, lived in a modest rambler house in Omaha and had none of the obvious trappings of wealth.

[Anonymous]

Anonymous wrote:Downton abbey

But in 2015 in the us the equivalent would be multiple residences and staff (and I don't mean a housekeeper).

The following is extreme wealth in my mind. House in dc area with at least 30 plus rooms and ability to easily entertain 100 or more. Full time housekeeper, chef , governess and personal assistant. Possibly more than one housekeeper. Country side historic manor house fully restored with 100 acres another 30+ rooms and staff of its own. Additional apartments or houses in the multi million dollar range in at least 2 additional world class cities. All houses are staffed. Any apartments are in luxury full service buildings. Private aviation with pilot on staff. A yacht 6+ bedrooms exclusive of crew quarters (full time crew in staff) if they are in to that. A ski house in the 10,000 square foot plus range if they are in to that. No country club, but socialites who regularly attend opera, theatre, ballet etc. likely have buildings and wings named after them for numerous causes.

That is very wealthy.
wealthy starts at net worth $5-10M: 2+ homes
then there are the centa millionaires $100M + : live like rock stars or old money-- above sounds like centa
then the Billionaires -- not too many middle class people know billionaires.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Executives.

Executives (some are fixated on this term) are not wealthy. At least not most of them. They are well off. This is not to say they don't have a great life merely to say they are not wealthy.

A basic question is would their net worth support multiple-generations. Most "Executives" net worth would not. Nor would the net worth of most law partners.

NP - pretty sure "Executives" was meant as a joke - there have been a lot of Executive threads lately that are humorous.

[Anonymous]

PP is posting a financial advisor's definition of wealthy. It is not correct.

Wealthy means you can buy whatever you want and it will not really affect your net worth. If a $100 million net worth person buys a jet it will affect their net worth. If a billionaire buys the same jet the affect to net worth will be negligible.

[Anonymous]

Anonymous wrote:PP is posting a financial advisor's definition of wealthy. It is not correct.

Wealthy means you can buy whatever you want and it will not really affect your net worth. If a $100 million net worth person buys a jet it will affect their net worth. If a billionaire buys the same jet the affect to net worth will be negligible.

That is the stupidest definition I've ever read. Doesn't even make sense. Omg
you can't buy the Hope diamond, sorry you're not wealthy.

[Anonymous]

Wealthy means your kids' kids would never have to work. Wealthy also means you make sure they are able to do something so that they can support themselves.

[Anonymous]

OP--Did you mean wealthy as in very well off or mega-rich, which is how this is being answered. I think you meant very well off.

Wealthy for me in this area means you can afford to send your kids to private school all the way through college, including boarding school for high school, without loans or scholarships, and have the money to fund their law, business, or med school afterwards if that is what they want to do. And all the while live according to your taste in a nice neighborhood and no need to scrimp in retirement. You could do a country club, exotic vacations etc. if you wished, but many who are wealthy don't crave these things.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Downton abbey

But in 2015 in the us the equivalent would be multiple residences and staff (and I don't mean a housekeeper).

The following is extreme wealth in my mind. House in dc area with at least 30 plus rooms and ability to easily entertain 100 or more. Full time housekeeper, chef , governess and personal assistant. Possibly more than one housekeeper. Country side historic manor house fully restored with 100 acres another 30+ rooms and staff of its own. Additional apartments or houses in the multi million dollar range in at least 2 additional world class cities. All houses are staffed. Any apartments are in luxury full service buildings. Private aviation with pilot on staff. A yacht 6+ bedrooms exclusive of crew quarters (full time crew in staff) if they are in to that. A ski house in the 10,000 square foot plus range if they are in to that. No country club, but socialites who regularly attend opera, theatre, ballet etc. likely have buildings and wings named after them for numerous causes.

That is very wealthy.
wealthy starts at net worth $5-10M: 2+ homes
then there are the centa millionaires $100M + : live like rock stars or old money-- above sounds like centa
then the Billionaires -- not too many middle class people know billionaires.

Well obviously this is wealthy! But I would describe other people as wealthy who have far less than this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Downton abbey

But in 2015 in the us the equivalent would be multiple residences and staff (and I don't mean a housekeeper).

The following is extreme wealth in my mind. House in dc area with at least 30 plus rooms and ability to easily entertain 100 or more. Full time housekeeper, chef , governess and personal assistant. Possibly more than one housekeeper. Country side historic manor house fully restored with 100 acres another 30+ rooms and staff of its own. Additional apartments or houses in the multi million dollar range in at least 2 additional world class cities. All houses are staffed. Any apartments are in luxury full service buildings. Private aviation with pilot on staff. A yacht 6+ bedrooms exclusive of crew quarters (full time crew in staff) if they are in to that. A ski house in the 10,000 square foot plus range if they are in to that. No country club, but socialites who regularly attend opera, theatre, ballet etc. likely have buildings and wings named after them for numerous causes.

That is very wealthy.
wealthy starts at net worth $5-10M: 2+ homes
then there are the centa millionaires $100M + : live like rock stars or old money-- above sounds like centa
then the Billionaires -- not too many middle class people know billionaires.

Well obviously this is wealthy! But I would describe other people as wealthy who have far less than this.

Also I think the only people who could really sustain this type of a lifestyle would be billionaires. They would also need a steady stream of income to keep up with all the ongoing expenses.