How much do you really need to feel rich?
For some people, even $3 million is not enough to be considered truly wealthy.
Oddly consistent ratio
Most studies show that people need twice their worth to feel wealthy!
Video: How Rich is Rich?
The vulnerability of high-beta wealth
Robert Frank of the Wall Street Journal and author of “The High-Beta Rich” discusses fluctuations in wealth among the richest Americans in this video from The Economist’s World in 2012 Festival on December 3rd 2011 in New York City.
The High-Beta Rich by Robert Frank
“The rich are not only getting richer — they are becoming more dangerous.” That’s according to Robert Frank’s new book — The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble and Bust — which argues that the spending binges of the top 1 percent have become “the most unstable force in the economy.”
According to the Wall Street Journal writer, for some of the high-beta rich wealth is a “mirage in the desert,” wherein the facade of fancy trappings conceals massive debt. Frank spoke to NPR’s Neal Conan