Quote:
Originally Posted by lio45
The question of whether someone with $2M of assets is “wealthy” is a legitimate one, but the question of whether that lady has a net $2M of assets (wealth) isn’t.
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Right.
I mean, in a country that deifies homeownership, there's a separate issue of cash-poor households in high value homes.
My Aunt in CA lives in a home on a street where lots go for about $6 million, but is a coupon-cutting pensioner who lives a pretty modest lifestyle. She'll likely never move. In places like Bed Stuy, Brooklyn, there are grannies on food stamps living in paid-off $3 million+ brownstones. They might not fit the stereotype, but they're (by most measures) fairly wealthy. The wealth will probably only be realized by children/grandchildren.