Myelle Lansat/Business Insider
29-year-old Iris Yao said health is an important aspect of what it means to be rich.
- We asked 17 people in New York City what they think it means to be rich.
- Some people said being rich is about having good health and feeling fulfilled, while others said it's about being able to pay your bills without worrying.
- What it comes to how much money you'd need in the bank to be considered rich, the answer was nearly unanimous: millions.
Being "rich" means something different depending on who you ask.
In today's society, richness could mean financial abundance, good health, being surrounded by love, or doing something you love.
After asking people on the streets of New York City how they define being rich, we discovered that the answer can also change based on location and living situation - someone living in NYC will say something different than a Texan. But when it comes to how much money you'd need in the bank to be considered rich, the answer was nearly unanimous: millions.
And that's not just the view of people in New York. The second annual 2018 Modern Wealth Index from Charles Schwab surveyed 1,000 Americans about wealth. Respondents said it takes $1.4 million in the bank to be financially comfortable; but to be considered wealthy, one would need $2.4 million.
Between Trump's trade war, rising FED interest rates, and talk of another economic depression, being rich and having money in the bank mean two different things to Americans, for the most part.
We spoke to 17 people around New York City to find out how they define being rich and how much they think a person needs in the bank to be considered rich.