Levels of Wealth
In North America, with an annual income of around $300,000, you likely have a job in a senior position. It is still relatively easy to feel that you do not have enough money with that much income, as you might get caught up in luxury items and have to pay the price for them.
At this level, wealth starts to be measured in net worth rather than income as it is likely that you have more assets and you are probably not making your money just from a salary. This level includes people with a net worth of $10-30 million. At this point, you can live very comfortably and money is not a problem for you or your family. You can cover any expense at this point although you do not have enough money that you can choose any item to buy or never have to think twice about the price of something.
This leads us to our third level of wealth where you may have a net worth of $30-100 million. You might run or have a large stake in a well-established company. You likely have residences across the world and stay in the most luxurious places which you visit. This is the point where you will fly private no matter where you are going and have multiple assistants who people have to talk to before they can get a hold of you. Your social circle now is filled with community leaders and high net worth individuals, making you feel you don't have enough, in some cases you may have less than everyone around you.
Now with a net worth of $100 million to $1 billion, it is no trouble to have dinner with celebrities, Hollywood stars as your name is likely in the crowd as well. In addition to buying whatever you feel like, you may achieve any experience imaginable. Donations and fees can get you or your family to anyone. Now buying Gucci products is not enough at this point, rarity is the main concern, such as having the founder of Gucci produce a 1 of 1 item for you.
Having a net worth of 1 billion+ you are now a part of 3,000 people across the world who are identified as billionaires. At this point, you have everything including access to anyone. Want to start a company? It is likely that a company started by you at this level will get a valuation of multi-million with just your idea. The public may believe you with your status and connections to the ultra-wealthy. Lastly, as a billionaire, you now have great influence. If you were to hold a seminar thousands of people would show up. Your choices/opinions can have a major influence, for example, you say a startup won't succeed, it won't be a surprise to see the stock falling the next day.
In short, wealth has many levels. If you want to be the 1% of the 1%, go for it. Maybe you aren’t interested in growing your wealth through business. Just keep in mind that with lots of money comes great responsibility.
Written by Tejpal Gill