BY SUZANNE WOOLEY, BLOOMBERG NEWS
Just how rich is “rich”?
The answer, of course, depends on who’s asking—and these days, many are.
In rich-tropolises such as New York and London, 1 percenters moan that living on $500,000 a year feels Dickensian. With a pot of $40 million—and private schools, a Hamptons retreat, a horse and a charity to feed—a hedge funder on the Showtime drama “Billions” exclaims: “F—! I’m broke!”
Here, then, is a real answer, courtesy of the hush-hush world of private banking: $25 million.
Twenty-five million dollars in investible wealth. The kind of money you could afford to see dip into the red for a quarter or three, maybe even a year or two, without breaking a sweat. With $25 million, maybe, just maybe, you’re starting to be rich.
Because in this era of hyper-wealth and hyper-inequality, that is simply where rich begins—a ticket, in truth, to the first, lowly rung of rich. For most of the planet, $25 million represents unfathomable wealth. For elite private bankers, it buys their basic service. Read the complete story from Bloomberg News by clicking here.
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