Why upper-income people underestimate wealth

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Episode 3449:

Nick Maggiulli explores the paradox of wealth perception, highlighting how even billionaires like Lloyd Blankfein don’t see themselves as rich. Drawing on Tolstoy’s timeless story and modern data, he reveals how relative comparisons and social networks distort our sense of financial well-being, reminding us that we’re likely far wealthier than we realize.

Read along with the original article(s) here: https://ofdollarsanddata.com/who-feels-rich-really/

Quotes to ponder:

"If your net worth is greater than $4,210, then you are wealthier than half of the world."

"Most people at the upper end of the income spectrum think they are less wealthy than they actually are."

"There is no right answer, because 'being rich' is a relative concept. Always has been and always will be."

Episode references:

Credit Suisse Global Wealth Report 2018: https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html

The Human Network by Matthew Jackson: https://www.penguinrandomhouse.com/books/572649/the-human-network-by-matthew-o-jackson/

Data from Saez and Zucman on U.S. wealth inequality: https://eml.berkeley.edu/~saez/saez-zucmanNBER14wealth.pdf

How Much Land Does a Man Need? (Tolstoy): https://www.gutenberg.org/ebooks/6157

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