I don't really consider myself that rich and I know people who are wealthy as well but everyone's wealth is allocated differently resulting to different standard of living. My current family has 3 members in the household. Our primary resident has an estimated market value of $1,475,000 USD that we fully own and no mortgage. My family also leases out other properties we fully own with no mortgage, one of them is a residential home with an estimated market value of $1,607,000 USD and commercial land with an estimated market value of $650,000 USD. Each member of the household has a stock and mutual funds portfolio. Person A has a total of $274,000 USD, Person B has a total of $400,000 USD and Person C has a total of $230,000 USD. Although our family can afford to live in a $3,000,000 USD beachfront mansion, the weight of our wealth will be on our primary household and we would be house poor. However there are other families who know how to allocate their wealth very well.
Read more: Is my family's wealth allocated fairly well?
