Here’s How Much Money You Need for Bankers to Think You’re Rich

There is an obvious wealth gap between the poor and the rich, but there is also a large gap between the rich and the really rich. So what is considered rich in this day and age among the very wealthy? $25 million. To the majority of citizens this type of money is unfathomable, but to the extremely wealthy this is just “basic” rich though.

Bankers see wealth different, because no private banker would say that a person worth a couple million is “poor.” Wealth managers like to frame the type of client they target in terms of needs instead of rich or poor. With the new tax law of 2017 and the increase in the estate tax exemption, a couple worth $22 million would need different documents and services than a couple worth just a million more.

See Suzanne Woolley, Here’s How Much Money You Need for Bankers to Think You’re Rich, Bloomberg, May 23, 2018.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.