Tuesday, August 13, 2013
According to as study by the big Swiss bank, UBS, wealth means having no financial constraints on activities. When forced to pick a dollar amount, they pick $5 million as the amount it takes to be considered “wealthy.”Well, considering the fact that a really nice Gulfstream 550 can cost as much as Peter Jackson’s $68 million plane, it seems to us that “no financial constraints” and $5 million don’t always go together.
Wealth is relative. Having no financial constraints for a hermit can mean having no money. For the people in Jackson’s income level, no financial constraint can mean (in J.P. Morgan’s words) that if you have to ask how much it costs, you can’t afford it.
Bud Norman has a comment on the Lifestyles of the Rich and Famous with particular emphasis on Obama.