|Gold Bars (Agnico-Eagle)|
Rather than merely reflecting what incomes may look like at any given moment in time, "distribution of wealth" statistics take into consideration the overall "ownership of assets in a society…"
Wikipedia also defines "wealth" as "those items of economic value that an individual owns." A simple way of expressing this is via the following formula: wealth equals assets minus liabilities. In other words, if your debt exceeds your assets, you're not actually "wealthy" (no matter how many
credit-card items you've purchased).
Nevertheless, you'd think that millionaires might consider themselves wealthy (and extremely fortunate – considering that much of the world is literally dying of poverty). However, Abby Ellin of ABC News reports on a surprising reality.
Ellin explains that a study titled "What is Wealthy" from the UBS investment bank indicates that "40 percent of those with $5 million in investable assets said they didn't feel they were rich ." Not only that, their "poor cousins" with "only" $1 to $5 million in investable assets" were feeling even more "deprived." Only 28% of this latter group felt "rich."
The "cure" for this "wealth anxiety" might be for such folks to part with a bit of their millions and purchase plane tickets to parts of the world where even one dollar can make a difference. They might then better understand how very gifted their comfortable lives have been.
Copyright August 2, 2013 by Linda Van Slyke All Rights Reserved