How much interaction do the "mass rich" have with the super-rich?

[Anonymous]

Ok, I'll play. I have a nephew who is "mass rich." He works on Wall Street and has an Ivy League degree. He got invited to the Winklevoss twins' Christmas party. Does that count? Not much more interaction than that.

[Anonymous]

My uncle is 1m+/year and he lives very much an upper middle class life. He's certainly not taking private jets every weekend or even employs any permanent housekeeping help. Couple of luxury cars, 2 UMC level houses where his mother lives + where his daughter lives + country club membership in small town.

[Anonymous]

Anonymous wrote:My uncle is 1m+/year and he lives very much an upper middle class life. He's certainly not taking private jets every weekend or even employs any permanent housekeeping help. Couple of luxury cars, 2 UMC level houses where his mother lives + where his daughter lives + country club membership in small town.

Ok. So?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are the 'working rich' on a street of mostly inherited wealth rich. Not much in common, nor do our paths intersect.

How do you know your street is mostly "inherited wealth rich"? I doubt there's a single street in the DC area where a majority are inherited wealth.

Um, yes there is. Ask a high end realtor. It is notorious and very well known amongst people who care about segregating themselves from the striving masses.

There are actually many streets in this town that are mostly inherited wealth rich. They may not be super-rich, but they live off their inheritance vs their personal income. I can think of dozens of people at our school that don't have jobs that pay enough to support their lifestyles and presumably make up the difference from inherited money.

[Anonymous]

OP: I am super-rich. Do you want to hang out with me? Just name time and place.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are the 'working rich' on a street of mostly inherited wealth rich. Not much in common, nor do our paths intersect.

How do you know your street is mostly "inherited wealth rich"? I doubt there's a single street in the DC area where a majority are inherited wealth.

Um, yes there is. Ask a high end realtor. It is notorious and very well known amongst people who care about segregating themselves from the striving masses.

There are actually many streets in this town that are mostly inherited wealth rich. They may not be super-rich, but they live off their inheritance vs their personal income. I can think of dozens of people at our school that don't have jobs that pay enough to support their lifestyles and presumably make up the difference from inherited money.

And these dozens of people all live on the same street?

[Anonymous]

Anonymous wrote:

Anonymous wrote:My uncle is 1m+/year and he lives very much an upper middle class life. He's certainly not taking private jets every weekend or even employs any permanent housekeeping help. Couple of luxury cars, 2 UMC level houses where his mother lives + where his daughter lives + country club membership in small town.

Ok. So?

Someone drew the line for out of sight rich at incomes of 1m+. It's low. Pp is thinking like a poor plebe.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My uncle is 1m+/year and he lives very much an upper middle class life. He's certainly not taking private jets every weekend or even employs any permanent housekeeping help. Couple of luxury cars, 2 UMC level houses where his mother lives + where his daughter lives + country club membership in small town.

Ok. So?

Someone drew the line for out of sight rich at incomes of 1m+. It's low. Pp is thinking like a poor plebe.

It really depends. Income is a pretty incomplete picture, and it only tells you part of the story. But if someone has $1M income over an extended period (like a decade plus), and doesn't blow it all, and makes good investments, then such a person can certainly reach the out of sight rich. But it's not automatic.

[Anonymous]

https://www.joshuakennon.com/the-hierarchy-of-the-rich-in-the-united-states/

1. The Millionaires Next Door
2. The Capitalist Class
3. The Glittering Rich
4. The Ruling 15,000 Families of the United States
5. The Forbes 400 List

I assume that the OP is contrasting people in level 1 with those in level 3 and above. The hierarchy is wealth-based and not income-based.

We live adjacent to a very wealthy area, the kids attend schools with wealthy parents, etc. We interact frequently with very wealthy people.

Overall, the very wealthy are very similar, but their weekend options, etc. are dramatically different than ours. They have private jets, weekend homes in wealthy enclaves (e.g., Sun Valley), have multiple memberships in exclusive clubs (e.g., Augusta, etc.). We donate a fair amount to our school; they donate a new athletic field.

Another difference is that we don't get the interesting investment options available to Qualified Clients.

[Anonymous]

Anonymous wrote:Um, yes there is. Ask a high end realtor. It is notorious and very well known amongst people who care about segregating themselves from the striving masses.

And how do these people prevent someone with enough money to buy in from moving in?

You seem to be conflating "rich enough to buy in" with "inherited wealth."

[Anonymous]

We probably qualify as mass rich ($1m+ annual income). We might come across the super rich on occasion but it's mostly through work. We live in Bethesda so there aren't super rich people that we'd cross paths with in our daily lives. Interestingly DC crossed paths with a lot of super rich people in college (at a state flagship university but not in this area).

[Anonymous]

Anonymous wrote:We probably qualify as mass rich ($1m+ annual income). We might come across the super rich on occasion but it's mostly through work. We live in Bethesda so there aren't super rich people that we'd cross paths with in our daily lives. Interestingly DC crossed paths with a lot of super rich people in college (at a state flagship university but not in this area).

Thomas Friedman is married to a billionaire heiress and he lives in Bethesda. Also doesn't Irene Pollin live in Bethesda? Her net worth has to be in the hundreds of millions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We probably qualify as mass rich ($1m+ annual income). We might come across the super rich on occasion but it's mostly through work. We live in Bethesda so there aren't super rich people that we'd cross paths with in our daily lives. Interestingly DC crossed paths with a lot of super rich people in college (at a state flagship university but not in this area).

Thomas Friedman is married to a billionaire heiress and he lives in Bethesda. Also doesn't Irene Pollin live in Bethesda? Her net worth has to be in the hundreds of millions.

There's no shortage of rich people in Bethesda, but %-wise there's still plenty of non-rich.

Friedman lives across the street from the French school on Bradley Blvd (the lower school). It's Bethesda, but right on the edge towards Potomac.

[Anonymous]

Mass rich here with ~1M HHI. I feel that I can probably occasionally rub elbows with the super rich, but not on a daily basis. Maybe once or twice a year?

I regard the super rich as people with tens of millions in networth at a bare minimum. Lets pick a round number of 50 million. Lets further assume that "only" 40 million of that is in working capital, and lets further assume that the investments are generating a modest 4% annual return. That's still 1.6 million a year, significantly above where we are at.

Once you start talking about "hundreds of millions", which I believe one of our neighbors have, then it's an entirely different order of magnitude. Imagine having tens of millions in income every year. At that level, you have at a minimum of $27k every day in income when you wake up. A $5000 meal starts looking acceptable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We probably qualify as mass rich ($1m+ annual income). We might come across the super rich on occasion but it's mostly through work. We live in Bethesda so there aren't super rich people that we'd cross paths with in our daily lives. Interestingly DC crossed paths with a lot of super rich people in college (at a state flagship university but not in this area).

Thomas Friedman is married to a billionaire heiress and he lives in Bethesda. Also doesn't Irene Pollin live in Bethesda? Her net worth has to be in the hundreds of millions.

Maybe but we don't run across either of them. Neither lives in our neighborhood, or have kids the ages of our kids, and we are not active in a synagogue.