There are clearly very different standards of what constitutes "wealth" when it comes to owners and bankers. In two recent articles, Bloomberg makes the distinction clear.
In the first article, "How Much Money Do You Need to Be Wealthy in America?", those who own the money (or whatever) reveal their standard of measurement.
To be financially comfortable in America today requires an average of $1.4 million, up from $1.2 million a year ago, according to the survey. The net worth needed to be “wealthy”? That’s an average $2.4 million, the same as last year in the online survey of 1,000 Americans between age 21 and 75.
There were some heartening signs amid the numbers. While 18 percent defined wealth as being able to afford anything they desired, 17 percent said it was “loving relationships with family and friends.” That jibes with how Joe Duran, chief executive officer of money manager United Capital, said he likes to think of “wealth.” After building and selling his first company, “I realized that money is nothing more than fuel,” he said. “It is a resource that lets you have choices, but if you don’t think about what you are working for, you will die rich but not live rich.”
There's more at the link.
Banks, on the other hand, have a very different perspective on wealth. In a second article, "Here’s How Much Money You Need for Bankers to Think You’re Rich", Bloomberg lays it out.
For most of the planet, $25 million represents unfathomable wealth. For elite private bankers, it buys their basic service.
Call it economy-class rich. Business class? That's $100 million. First class? $200 million. Private-jet rich? Try $1 billion.
. . .
No private bankers worth their wingtips will say they don’t care about clients with “only” a few million ... But “to get the highest level, companies have raised the bar,” said Brent Beardsley, who leads Boston Consulting Group’s work in asset and wealth management globally.
The measure of what makes someone rich has changed dramatically in the past two decades. In 1994, when Peter Charrington, global head of Citi Private Bank, first joined the firm, “Three million was largely considered ultra-high net worth across the industry,” he recalled. “Fast-forward almost 25 years, and $25 million is how we define ultra-high net worth.”
. . .
That’s not to say $25 million opens all doors. Abbot Downing, Wells Fargo’s operation for ultra-high-net-worth families, works with clients who have at least $50 million in investable assets or $100 million in net worth. Ascent Private Capital Management of U.S. Bank sets what Martim de Arantes Oliveira, regional managing director for its San Francisco office, calls a “stake in the sand” at $75 million in net worth for multigenerational wealth.
Again, more at the link.
Well, that makes it simple, doesn't it? Neither my bank nor I think I'm rich - not even close to it!