Kippreport gets the scoop from Neelesh Bhatnagar, CEO of Emax, and Nadeem Khanzadah, head of omnichannel retail at Jumbo GroupSeptember 2, 2015 5:24
Do people think you’re wealthy?
A new survey reveals how much money you need to be wealthy in the UAE
August 20, 2013 6:54 by kippreport
You may not be scrounging around the house for loose change, but how much money must you have to be considered wealthy? According to a new poll by the deVere Group, the answer largely depends on where you live in the world.
For instance, having US$1 million or US$2m in your bank account would likely mean that you’re financially comfortable, but in countries like the United Arab Emirates or Hong Kong, you would not necessarily be perceived as wealthy.
The survey, conducted with more than 900 of the financial advisor’s clients, reveals that in Hong Kong, the average level of wealth someone would need to be deemed ‘wealthy’ is US$2.8m. In the United Arab Emirates, that number is slightly less, but it’s still a staggering US$2.6m, while in the United States it would be US$1.4m, US$1.4m in the United Kingdom and US$1.2m in South Africa.
The poll was undertaken to help gain a more in-depth understanding into the perception of wealth, what people really think about money and to get a better grasp of their financial goals.
Interestingly, those polled were also asked whether money brings them happiness. As it turns out, the overwhelming majority believes that it does. Eighty six per cent of respondants in Hong Kong replied ‘yes’, with 84 per cent in the UAE, 81 per cent in the US, 77 per cent in the UK, and 72 per cent in South Africa responding in the same way.
Nigel Green, deVere Group’s founder and chief executive says, the poll highlights that wealth is “a subjective, largely relative issue”.
He adds: “It’s our experience that an increasing number of people across these five territories are becoming what would be deemed as wealthy.”
It’s clear that, as far as the findings are concerned, it is widely believed that money can bring people happiness. Green says he suspects the reason why most people insist money is a major contributor to happiness is because it provides a wider scope of opportunity.
As American comedian Groucho Marx once said: “While money can’t buy happiness, it certainly lets you choose your own form of misery.”