Yes, it takes more than $10 million to be seen as rich these days. It takes more like $25 million. Not only is that the minimum for the red-carpet treatment at a growing number of banks, it is also, in the view of many experts, the sum needed for a truly cushy retirement, one free of financial worry.
From, a typically smug and inane article from Barron's featured on today's Yahoo Finance page.
I wonder who these 'experts' are? In any case, the world being described here is so far removed from that of the vast majority that one wonders why it's even being published here. Surely it would be better distributed in some hedge fund brochure.
When the upper strata of society becomes so utterly detached from the world of the 'little people', truly dangerous resentments arise to generate revolution and social upheaval. It may not be tomorrow, but it will happen eventually if the balance is not corrected. Let's hope, then, that it is.