In the interst of fairness (perhaps) to those who frankly have a lot of money and influence, the Washington Post provides us with a mythbusting piece about millionaires. The first myth, you might be shocked to hear, is the following:
1. Millionaires are rich.
Being rich has gotten more expensive. A $1 million fortune was unusual in the early 19th century. The word “millionaire” wasn’t even coined until 1827by novelist (and future British prime minister) Benjamin Disraeli. In 1845, Moses Y. Beach, editor of the New York Sun, published a small pamphlet called “Wealth and Biography of the Wealthy Citizens of New York City.” The price of admission to Beach’s list, which was wildly popular, was a mere $100,000.
By the time the first Forbes 400 list of the richest people in America was published in 1982, the smallest fortune featured was $75 million. There has been so much wealth creation in the past 30 years — much of it thanks to the microprocessor behind modern-day fortunes such as Dell, Microsoft and Bloomberg — that only billionaires are on the list. Today, $1 million in the bank generates only about $50,000 per year in interest. That isn’t chump change, but it’s roughly equal to the 2010 median household income.
That's the whole entry on that point. You're not rich if you're not the richest. Also, I guess, by "milionaire" the author means a person having exactly one million dollars in the (federally-insured) bank, no other job, no other assets.
Might I suggest someone define "rich" for this guy?