Defining rich

“When you can buy what you want, do what you want, and not give a damn what it costs.”

– JP Morgan

THE word “rich” has various definitions. It depends on the context — material or spiritual.
Is it a quality that describes a lifestyle? Or does it apply to various elements that project an image?
In the material world, the rich are a class apart from (and above) the normal, working crowd. They are envied, superior and impervious to what the rest of the world has to say.
Although the rich are insulated from many problems of survival, they are not invulnerable. They have larger than life problems that ordinary mortals do not have — how to keep their money intact, how to increase/preserve their investments, how to avoid paying exorbitant taxes, how to save face. Recent reports revealed that the diminished wealth caused severe depression, desperation, and suicides among the uber rich.)
Rich is a state of mind, an attitude. In this context, one can be very wealthy in material terms but impoverished in the mind. One can be poor financially but be rich spiritually. There are many individuals who qualify — the clergy and the religious sisters, teachers, artists, social workers.
One example is the case of J. Paul Getty who had all the money in the world but he refused to pay the ransom for his artist-grandson and namesake who was kidnapped in Rome in the 70s. His own son was not productive and unsuccessful, and lived in the Middle East. The daughter-in-law begged and tried her best to save her son. The kidnappers cut off his ear and sent it to the aging, miserly grandfather. Mr. Getty owned priceless works of art (now part of the Getty museum) and lived in mansions and estates. But he could not bear to part with some of his cash until he saw the real threat.
Author Henry James explained that one is rich if one can meet the demands of his imagination. In this mode of thought, rich individuals satisfy their whims by spending huge amounts of money. Their passion is to acquire expensive possessions such as property, toys, and people.
The problem with this attitude is in not knowing when it is enough. Financial advisors and bankers discreetly classify their wealthy clients according to a finely calibrated chart:
“High net worth” used to apply to clients with at least $/€5 million, depending on the markets. “Substantial wealth” described clients worth more than $/€100 million. These figures have changed drastically after the financial tsunami.
Those individuals who have lost their fortunes are called “discontinuities.”
An exiled member of the old society oligarchy deprecatingly called himself “nouveau pauvre” (new poor), the aristocratic genteel set. Although he was still wealthy, he wisely chose to live low key.
Financial institutions do not distinguish between new money “nouveau riche” and old money. That distinction is reserved for the social scientists and society arbiters to comment, speculate, or classify.
In the Philippine context, old money is vintage money, or wealth that has stayed in the family for at least three generations. The era would be the 30s (pre-World War II). Anything acquired from the 50s to the present is considered “new money.” There are exceptionally smart and lucky and hardworking individuals who rose in the 70s-90s and whose wealth today is considered legendary. They are in the Forbes list of billionaires.
Like good wine, money must be aged properly. People who have money are distinguished from one another by the manners and mannerisms. The old rich hide it. The new rich flaunt it. (Not politically correct, during hard times.)
More than a century ago, John Jacob Astor remarked that a rich man had assets worth a million dollars. That was when the purchasing power of one dollar then was equivalent to today’s $50.
Two decades ago, a millionaire used to be defined by bankers and brokers as someone with an annual income of one million dollars. The numbers have increased substantially.
Rich people are classified according to the age and source of their wealth. The major categories: Heirs — Rich inheritors of money made by their ancestors. The Rich and Famous — Individuals who are famous merely because they are rich. The Rich and Powerful — Individuals who are powerful because they are rich.
The sub-categories consist of the following: Old rich — working rich, idle rich, useless rich;
New rich — Those who acquired their money during and after WWII.
Robber barons are those who acquired their wealth through dubious activities. (Manufacturing liquor during the prohibition years; or supplying arms, fuel and vehicles to the enemy during the war, etc.)
Entrepreneurs who made their fortunes through honest hard work and good timing.
Arrivistes — the socially ambitious people and fortune hunters who married into money (heiresses and heirs);
Cronies — people who made money through political influence and connections. Some cronies are recycled holdovers or returnees from exile, former cronies from previous administrations.
Lucky Rich — people who struck gold: in the stock market and financial markets, lottery, sweepstakes; beneficiaries of bequests from wealthy and generous employers.
Filthy rich — pyramid schemers, human traffickers, drug lords and dealers, smugglers, gun runners, vice lords, money launderers, cybercriminals, politicians who take advantage.
Miserable rich — the misers who penny-pinch, hoard, count, and worry about their billions but are tight-fisted and selfish.
Philanthropists — the rich but generous angels who share their personal wealth and their corporate resources through their various foundations.
Money is a means; not the end. It is a tool to help make a better life for others. Having money is not all about buying pleasure for oneself.
The Talmud has an interesting saying, “You are rich if you are satisfied with what you have.”
 
Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.
mavrufino@gmail.com