I do not feel rich. Hoping some day to get there, or at least comfortable/not worried.
Lol, I don't feel rich because I have a ton of money. I feel rich because of what I've managed to do with the money I have.
Philosophical take: In developed nations it's much easier to have a lot of money than to feel rich.
I imagine it's very hard to feel rich in the US.
I think many people consciously or unconsciously equate the concept of "feeling rich" as something along the lines of, "do I go to bed at night without the slightest concern that a lack of money will ever effect my family or our level of happiness."
With the constant headlines blaring warnings of instability (inflation! bear market! war! end of democracy! climate change!) and notions of what it means to be successful and live a happy life (big house, "nice" schools, international vacations, etc.), this pushes the amount needed to achieve this level of "feeling rich" very high, because how can you feel fully secure against these threats unless you've got $XX million saved? And to be sure, many of these are legitimate concerns that may profoundly affect the stability of the markets, quality of life, cost of living, etc., so there are legitimate bases for these feelings.
I also think the number gets pushed even higher for families with kids. Just my personal observation, but I notice many parents with the mindset of "if I don't give my kid every possible advantage and shield them from every possible hardship, they will get eaten alive in this dog-eat-dog world and I will have failed them as a parent." This also blasts the amount needed to "feel rich" to very high levels.
Yep, that's pretty much my point. Between healthcare and education worries, and a lack of social programs, I can imagine it's pretty hard to feel "safe" financially as an American, and I think most Americans equate feeling rich with feeling totally financially safe.
The book "The Nordic Theory of Everything" really showed this cultural phenomenon as a journalist from Finland moved to the US and steadily developed intense financial anxiety she had never had before despite a higher household income.
Not a Finn (although I did live there for a bit, it's not a perfect country but I do think any American would think it's heaven on earth) but from Western Europe.
Can confirm I feel very rich. Our household income is a bit more than two times the average. That means we've got boatloads of money. We both have company pensions and in our case the National Bank makes sure those are well-funded and they don't go bankrupt. By virtue of just living in this country, not even working, I will get social security which is tied to minimum wage. There are lots of social programs for those on a low income or with a disability. We have savings, investments, personal pension investment accounts on top of the company pension, a house that we can easily afford in a nice, green, walkable neighbourhood in a nice city. In a working class area because those areas are safe here. And best of all, I have a life-changing, career-destroying disability, too, To stay alive, I need medication that according to the internet cost
$8000/month in the US. Our mandatory health insurance here costs €100/month for an adult, kids are free and low-incomes get subsidies. After a €350 deductible every year I get my meds for
free. And all my hospital appointments too. Plus, I can see what my pharmacy bills my insurance and it's "only" €2000/month so the meds themselves are a lot cheaper here.
Over the past year our utilities bill has gone up from €75 to €175 a month and it's expected to get much higher this winter. I'm not worried. Groceries get more expensive. I'm not worried. Inflation all around, I'm not worried. Union has made sure I get a COL raise as well as my standard annual raise. I think I qualify as pretty rich now. And even if we include the house my net-worth isn't even 6 figures. I was a young adult without any kind of parental support (financial or mental) during the Great Recession. I took a few classes in economics, I understood the cycle of high and low conjuncture. I knew that the Great Recession would end eventually, and that I had to make sure I was going to have all my ducks in a row by the time the new recession came. I figured out a million ways to make money, bought a house in 2015, didn't fall into the lifestyle inflation trap, got rich and now I'm doing great.
I remember as a kid, asking my parent who complained about the mortgage payment and how life was much easier and cheaper before kids "why don't people save very very hard and pay off a loan as quickly as they can??" because that sounded logical. My parent said it didn't work like that in the real world and they will ask me again when I'm 40. Well, I'm not 40 yet, but I still believe 10-year old me was right.