Luxury Institute News

November 16, 2011

How much to be wealthy?

By Judy Martel
Bankrate.com
November 15, 2011

Being a millionaire ain’t what it used to be. Nearly 800 wealthy individuals worldwide surveyed by Barclays Wealth say it takes a minimum of $10 million in liquid assets to define a person as wealthy. The fact that the definition specifies liquid wealth is important. As many of the superwealthy discovered during the recession, wealth built on real estate and other illiquid assets can become a house of cards that leads to bankruptcy when spending equals or surpasses the wealth on paper…

Click the link to read the entire article which includes a quote from Milton Pedraza, CEO of Luxury Institute: http://www.bankrate.com/financing/wealth/how-much-to-be-wealthy/

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