Has wealth Shrunk in value?

ILoveYourVibes

Something set me thinking earlier.

A lot of people who would think of themselves as upper class ...black rock people etc ...not bad or nasty by any means.

But someone you would have once gone and thought ...wealth.

Now ...are middle class.

Partly because living standards have risen....partly because the economy tanked.

Has wealth Shrunk in value?

We talk A LOT about shrinking the gap between the rich and poor. But no one talks about wealth shrinking.

I think its actually important. As long term it does shrink living standards

Its weird to think if you are a millionaire you are just middle class now

There are a lot of people who are old money etc ...who are really middle class now in the UK. I mean some of them used to be in the house of lords etc.

Am i the only one who thinks this?

I mean i look at millionaires etc ...and to be honest when you EXAMINE them ..most of them are just middle class.

Nice house in d4 or ballsbridge or dalkey or somewhere ..but still middle class.

I mean people keep saying our politicians are wealthy ..i would think leo for instance ..is really just middle class

A million or even two or three ..today with tax ..its not a lot.

I am not snubbing it. I don't want people to think i take things for granted....i know there are people homeless.

But i mean you have to create true wealth in a country and a strong middle class.

CtevenSrowder

A 'millionaire' isn't middle class. What are you talking about?

banie01

CtevenSrowder wrote: »

A 'millionaire' isn't middle class. What are you talking about?

I'll say one thing for ILYV, it's quite refreshing to hear a Jew describe millionaires as "middle class". (Sarcasm)

Can't see this descending into a swamp at all.
Why bother with complaining about anti-Semitism? When you quite deliberately make a post designed to trigger stereotyped responses to a ridiculous statement, that should be viewed in the context of who made it?

TLDR: Jewess complains Millionaires are only middle class. Discuss Shylock's method of valuing wealth in an inflationary economy?

Mr_Muffin

I wouldn't mind being middle class if it means I'm a millionaire.

There are people who have inherited million euro homes who otherwise have very ordinary middle class jobs, and have no other wealth or savings. Is that who you mean?

Sonics2k

Living in a 1 million euro home in Dublin doesn't make you a millionaire. It just means the property market is insane, and that banks and realtors are doing a very good trade of pushing up the value of homes.

You're a millionaire if and when you have a million sitting in the bank.

Invidious

Class often has little to do with wealth.

Eric Cartman

Sonics2k wrote: »

Living in a 1 million euro home in Dublin doesn't make you a millionaire. It just means the property market is insane, and that banks and realtors are doing a very good trade of pushing up the value of homes.

You're a millionaire if and when you have a million sitting in the bank.

If liquid money defines being a millionaire then most people who would currently be regarded as millionaires are not, sure by that metric jeff bezos is only a millionaire, elon musk piles so much into investing in companies the chap probably only has 10 mil in the bank. Rich people make money work for them, its a tool , sitting in a current account is the same as it sitting in a shed.

Most people in Ireland who would be considered ‘rich’ would have their net worth primarily made up of what they own in property, shares of businesses and non volatile assets like art.

Owning a 750k nain house and a 250k holiday home plus say a half share in a business worth 500k would put somebodys net worth north of a million quid and theyd still only be very very middle class these days.

Because of property price inflation etc.. id go as far as to say nobody with a net worth of less than 2.5 mil is actually ‘rich’ in this country.

Smee_Again

Sonics2k wrote: »

Living in a 1 million euro home in Dublin doesn't make you a millionaire. It just means the property market is insane, and that banks and realtors are doing a very good trade of pushing up the value of homes.

You're a millionaire if and when you have a million sitting in the bank.

It kind of does. Many millionaires wouldn’t have a million in cash available to them, makes no sense to leave that much cash in a bank.

Beasty

I really do not equate "class" with wealth. I was brought up in what certainly started as a working class family, although I would suggest that by my teenage years we had moved into "middle class".

I have earned every cent of my personal wealth. By any financial measure I would fall into an "upper class" definition. I know people I would equate to being upper class, but I would not relate to them, and indeed would never want to. I am happy to consider myself still in the middle. I'm spending more time in semi-retirement doing physical work than I have since I worked on a farm during my school years. I'm happy to relate to the "workers" who have gutted my new house and brought it up to a high energy rating. I am much more likely to have a laugh with those guys than I ever would with some of the "Lords" and "Sirs" I have worked for and with over the years.

CountNjord

Ah yes, millionaire on paper, all fur coat and no knickers.

Reminds me of the 00's and this carry on was rampant amounts the highest class of stupidity, ignorance and naivety in society.

I guarantee the guy or lady turning up at the golf club in the oldest car has more cash at his or her disposal than Johnny cool or Janice couture...

The person at the horse's with the patched up Barbour jacket and worn boot'shas more class than the person dripping in flasy new gear and a gaudy pair of hunters.
I've seen it all myself.

As I've said before the old money and the working class have a lot more in common than the middle class.

I've no class, I just get distracted looking out the window and and drifting off into oblivion... much better than being in some gaudy sub culture....

mariaalice

Wealth is not shrinking the world becomes more egalitarian and poverty is shrinking.

https://www.cso.ie/en/releasesandpublications/ep/p-hfcs/householdfinanceandconsumptionsurvey2018/incomeandwealthinequality/

Yyhhuuu

The median net wealth is far less than 1 million in Ireland. I had to laugh at an earlier poster saying you had to have 2.5 mill to be considered 'rich'.

mariaalice

Yyhhuuu wrote: »

The median net wealth is far less than 1 million in Ireland. I had to laugh at an earlier poster saying you had to have 2.5 mill to be considered 'rich'.

Well of course these things are a matter of perspective.

El Tarangu

banie01 wrote: »

I'll say one thing for ILYV, it's quite refreshing to hear a Jew describe millionaires as "middle class". (Sarcasm)

Can't see this descending into a swamp at all.
Why bother with complaining about anti-Semitism? When you quite deliberately make a post designed to trigger stereotyped responses to a ridiculous statement, that should be viewed in the context of who made it?

TLDR: Jewess complains Millionaires are only middle class. Discuss Shylock's method of valuing wealth in an inflationary economy?

This makes even less sense than the OP