Wednesday, August 09, 2006

How Wealthy do you Want to Be?

Publishing magnate Felix Dennis has established the following wealth scale in an article published online in the Sunday Times (London). I guess my old objective was to be in the comfortably wealthy camp ($10 million US is approximately 6.8 million British pounds). But are there really so many levels?

I wonder, th0ugh, how this scale might look were it based on income (or cash flow). What do you think? At what point does additional income cease to make a difference, since it really increases neither your control of your time nor your standard of living?

For me, of course, I still measure wealth in time. One thing is certain, though. If you aren't born to wealth, then the only way to get to the other levels is to get control of your time, and use it to focus on expanding your wealth.

Dennis's Wealth Scale

Total assets

£1m-£2m The comfortable poor

£2m-£5m The comfortably off

£5m-£15m The comfortably wealthy

£15m-£40m The lesser rich

£40m-£75m The comfortably rich

£75m-£100m The rich

£100m-£200m The seriously rich

£200m-£400m The truly rich

£400m-£999m The filthy rich

More than £999m The super rich