Author Topic: Am I Rich?  (Read 4100 times)

Gyosho

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Am I Rich?
« on: March 01, 2017, 03:24:10 PM »
I'm trying to find a calculator that will tell me how rich I am compared to the rest of the US using these input variables:

net worth
annual income
age
household size

Does anyone know of such a calculator?

solon

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Re: Am I Rich?
« Reply #1 on: March 01, 2017, 03:49:45 PM »
I've always liked http://www.globalrichlist.com/

It doesn't have all your requirements, but it's still pretty eye-popping.

Undecided

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Re: Am I Rich?
« Reply #2 on: March 01, 2017, 06:11:03 PM »
I've always liked http://www.globalrichlist.com/

It doesn't have all your requirements, but it's still pretty eye-popping.

Eye-popping, but correct? Enter an income of $380,000, and that site claims there are about 1.4 million people in the world making more. But the IRS said there were about that number of US taxpayers making that amount in 2010. Seems suspect.

Giro

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Re: Am I Rich?
« Reply #3 on: March 02, 2017, 12:08:05 PM »
This calculator is individual income.  Is the IRS using taxpayer as household if filing jointly?  That seems close then.

380,000 for an individual seems like a decent income.


mjs111

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Re: Am I Rich?
« Reply #4 on: March 02, 2017, 01:33:44 PM »
If you want to see what your percentile is compared to just people in the US these are a couple of good sites:

http://www.shnugi.com/networth-percentile-calculator/


http://wealthometer.org/US/calculator1.html

The data being used is a few years out of date but it gets you in the ballpark.

Mike

catccc

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Re: Am I Rich?
« Reply #5 on: March 02, 2017, 02:05:03 PM »
I've always liked http://www.globalrichlist.com/

It doesn't have all your requirements, but it's still pretty eye-popping.

With $760K in investments I'm in the top 1.03%?!  I'm not sure if I believe that.

catccc

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Re: Am I Rich?
« Reply #6 on: March 02, 2017, 02:16:18 PM »
You might also be interested in the Millionaire Next Door's Under/Prodigious/Average accumulator of wealth metric, which looks at most of your factors (excludes household size).  It doesn't tell you if you are rich, but it gives you an idea of the expected accumulated wealth one might have given their age and income.  It doesn't really work very well for young people starting out that may have student loan debt, though.

Gyosho

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Re: Am I Rich?
« Reply #7 on: March 02, 2017, 03:39:49 PM »
Globalrichlist shows that I am in the top 0.07 % by income and top 0.37% by wealth. Too bad they don't factor in age/household size.

I am grateful for my good financial fortune, at any rate.

khangaroo

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Re: Am I Rich?
« Reply #8 on: March 02, 2017, 03:59:57 PM »
I've enjoyed this blog post by the Financial Samurai (it's not a calculator, just graphs/charts)

http://www.financialsamurai.com/the-average-net-worth-by-age-for-the-upper-middle-class/

Lanthiriel

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Re: Am I Rich?
« Reply #9 on: March 02, 2017, 05:07:29 PM »
The comparison of the Global Richlist calculator against the Shnugi calculator is very interesting. Globally, I've got it made. Top .15% income and top 6% wealth, but solidly middling for my age bracket in the U.S. (51-54% depending on whether I use my or my husband's age). It just goes to show you that just by virtue of living in the US, you're so much more likely to be fortunate on the global scale.

On the flip side, damn it bums me out that I got started on this so late in the game. Here's to doing better than average from here on out.

trashmanz

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Re: Am I Rich?
« Reply #10 on: March 02, 2017, 05:32:27 PM »
You are rich if you are have family or friends that you care for and are living a contented and fulfilling life.  I don't know any website that can measure that (yet). 

MoonLiteNite

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Re: Am I Rich?
« Reply #11 on: March 03, 2017, 12:52:02 AM »
I've always liked http://www.globalrichlist.com/

It doesn't have all your requirements, but it's still pretty eye-popping.

With $760K in investments I'm in the top 1.03%?!  I'm not sure if I believe that.


If you live in USA, you are basically in the top 1% of the world if you actually count EVERYTHING that you have and have access to.
- Cell phones, microwave, a fridge, dish washer, car, house, internet, TV, washing machine, clothes dryer, etc....

I put in 210k for home, 85k for investments and 20k for other stuff.
Put me in to 3%...

Using annual income of 65k/yr put me at 0.15% of the world, which is about correct from everything i have read and seen.


edit:
Loveeee all the stats on the bottom of that screen. It really shows how great you have it.
« Last Edit: March 03, 2017, 12:58:03 AM by MoonLiteNite »

MoonLiteNite

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Re: Am I Rich?
« Reply #12 on: March 03, 2017, 01:01:54 AM »
@op

Not really what you are looking for, it just compares their 401k accounts for people in USA

https://communications.fidelity.com/wi/2012/howdoicompare/

yachi

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Re: Am I Rich?
« Reply #13 on: March 03, 2017, 07:18:32 AM »
I've always liked http://www.globalrichlist.com/

It doesn't have all your requirements, but it's still pretty eye-popping.

Some of the comparisons are off.  Enter a $1,000 Annual income, and it says "Your monthly income could pay the monthly salaries of 4 doctors in Pakistan."

But most sources put pakistan doctors at 10,000 to 22,000 rupees monthly. ($149 to $329).  Granted that's very, very low but not $20.83 low.

Enter 120,000 rupees yearly (the lowest end of pakistan doctor pay based on glassdoor.com and other googling), and it says "Your monthly income could pay the monthly salaries of 18 doctors in Pakistan."

soccerluvof4

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Re: Am I Rich?
« Reply #14 on: March 03, 2017, 10:14:16 AM »
You are rich if you are have family or friends that you care for and are living a contented and fulfilling life.  I don't know any website that can measure that (yet).



Well said!

Gyosho

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Re: Am I Rich?
« Reply #15 on: March 05, 2017, 10:32:22 AM »
Interesting redefinition of the word "rich". That is certainly not my definition, nor the definition of the many wealth calculators on the internet.

Please see this thread:
http://forum.mrmoneymustache.com/post-fire/another-'you're-too-young-to-retire'-comment/50/

for a discussion of the meaning of the word "retirement".