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By Staff Reporters
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At the most general level, economists may define wealth as “the total of anything of value” that captures both the subjective nature of the idea and the idea that it is not a fixed or static concept. Various definitions and concepts of wealth have been asserted by various people in different contexts. Defining wealth can be a normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought to be a normative principle of its own. A community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy.
What does wealth mean to you?
In a recent survey by Edelman Financial Engines, 57% of respondents said they’d feel wealthy if they had $1 million in the bank. But for many people, that’s not enough.
Among those with $500,000 and $3 million in assets, 53% said it would take over $3 million in the bank for them to feel wealthy, and 33% said it would take over $5 million. Given that these are amounts some people will never even come close to amassing in their lifetimes, it may be hard to wrap your head around these answers.
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Filed under: "Ask-an-Advisor", Accounting, Career Development, Ethics, Experts Invited, Investing, LifeStyle, Taxation | Tagged: Edelman Financial Engines, feeling wealthy, how much to be wealthy?, how much tobe rich?, how much wealth?, rich, wealthy |
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WEALTH
The world has created $42 trillion in new wealth since 2020—but you probably didn’t see a big chunk of that hit your bank account, because 63% of it is in the hands of the richest 1% of the population, per a report released by Oxfam.
Advocating for steeper taxes on the wealthiest as the world’s most influential people arrived in Davos to ski and try to solve all the world’s problems, the charity noted that for every $1 of that new wealth earned by a person in the bottom 90%, a billionaire managed to snag another by $1.7 million.
Wink
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