Are You Rich? Updated Study Defines What It Means To Be Wealthy
It’s a common question that people ask themselves—how well off am I compared to the rest of the population? Am I earning above, below or about average for someone of my age and background?
Well, a new report from L’Observatoire des Inégalités, an independent organisation which studies inequality in French society, has defined what it means to be wealthy and how many people that includes.
To be considered rich, a person must have a revenue of €3,673 per month ($3,903)—this amount is double that of the average person and comprises 4.5 million people in France.
A couple with two children under the age of 14 would be considered rich if they have a combined monthly revenues of €7,713 ($8,267).
This monthly figure is now slightly more than when this study was conducted in 2020, when being rich for one individual would amount to earning €3,470 ($3,924) every month.
1% of the population would be considered “super rich” if they have revenue of €7,180 ($7,696) per month, after tax, per person and in France, the richest people at present—in terms of revenue—are those that are slightly older than the rest of the population (an average age of 57), they no longer have children at home, they own their own properties and they hold managerial positions in the workplace.
Unsurprisingly, this new research found that the richest people in terms of overall wealth (and not just revenue) are older (70% are older than 50), 39% are retired and 28% live in Paris and its surrounding regions.
Incidentally, the richest person in France is Bernard Arnault, president of LVMH, the world’s largest luxury goods company—his wealth is equivalent to the total value of all property in Marseille, France’s second largest city.
The study is the second of its kind and its aim is to inform the debate surrounding the quality of life for individuals and particularly surrounding poverty and global inequality.
As the study says, “to be rich in life is to have a lot, but how much is a lot?” Well, now everyone has the answer.