I'm inclined to believe that in today's world one can,perhaps,define "rich" in a standardized way...at least in connection with a certain part of the world.
I've traveled to certain Third World countries...India and Tanzania being just two.There,one is rich if he/she has access to drinking water that doesn't give you cholera.
I've also traveled to Greenwich,CT...the Upper West Side of Manhattan...Palm Beach...and Dubai (where I've seen a Bugati Veyron Vitesse in the Dubai Mall's valet parking area).There,$500K/yr just about allows you to get by.
To a guy like myself I consider myself to be comfortable but not rich.Condo of 1,000 sq feet,a late model German car (not a Mercedes or Porsche),the ability to do some traveling and have a nice piece of Prime Rib from time to time.
In Tanzania I'd be considered obscenely wealthy.In Greenwich,CT I'd be considered poverty stricken.But to me in just about every spot on earth except a few here,a few in Europe,a few in the Middle East and,perhaps a few elsewhere (they say Sydney real estate is outrageous) I'd say $500K/yr is rich...unless,perhaps,you're supporting a family of 10.
Just sayin'...
While I tend to agree (I’d love to be making $500k/yr!), people often expand their expenses as they earn more. If you have a docked boat, a big house with big taxes, nice cars, large family, etc. and THEN lose your job...how long until you have to cut back? Considering taxes and the cost of things I could see, at $500k/yr, being in the same situation as many when losing employment...it starts to hurt, fast.
I’d say you’re rich if you don’t have to cut back (money in bank).