The Race to "Rich"

How much money does it take before you are rich? Even better, how much does it take to feel rich yourself? According to a recent survey of affluent households, defined as those with investable assets of $500,000 or more, it turns out that $1 million just doesn’t cut it. When asked how much money it takes to be rich, 45% chose $5 million, 25% selected $25 million, and 8% picked $100 million, according to the research by Millionaire Corner, a newly launched Web site (www.millionairecorner.com) powered by Spectrem Group. Only 22% said $1 million is enough to be rich. Achieving such wealth–and holding onto it for generations–is the topic of a new book by Spectrem’s Catherine McBreen and George Walper, titled Get Rich, Stay Rich, Pass It On: The Wealth Accumulation Secrets of America’s Richest Families. The book is based on years of research in addition to interviews with ordinary individuals who were able to amass enough wealth to pass it on to successive generations. In their research, the authors found that the proper mix of entrepreneurial activities and income-producing real estate is the key to achieving perpetual wealth.