What to know

Having a large amount of wealth and assets. In general, like the word poor, rich is a rather vague term. To many people, rich is associated with factors like having a high salary, though this might not correspond to a great deal of wealth (e.g., a professional athlete signing their first major contract after growing up in an average-income household) or income (someone whose wealth is concentrated in investments and assets rather than liquid funds).

Especially when contrasted with poor, rich is often associated with prestige that may be unearned, such as having higher intelligence, harder-working, and other generally positive traits. Specifying income levels or categories where possible and appropriate (“X individual makes a seven-figure salary/is a multimillionaire”) can help cut through these connotations. It’s also helpful to note the realities of generational wealth, particularly inherited wealth.

Additional resources

• Do You Know the Difference Between Being Rich and Being Wealthy? (Wall Street Journal)
• Are You Rich? How the Wealthy Are Defined (US News & World Report)
• Being Wealthy Is So Much More Than Just Being Rich (Forbes)

Summary

Since the term “rich” (like “poor”) is vague, it’s helpful to specify income levels or categories where possible and appropriate (X individual makes a seven-figure salary/is a multimillionaire). It’s also important to note the realities of generational wealth.

Related terms

• old money/new money
• poor/low-income
• “self-made”