does $3 million net worth mean you are rich?

got a friend in the states and his family are worth $3 million. Does that mean he is wealthy/rich/well off or what? not quite sure what it means in the states to have $3 million net worth.

They dont even have any stocks! So its like just a house n their cars.

What does $3 million mean in the states? where would that put you?

Update:

no no he told me they own them all cash outright. house + 2 cars

6 Answers

Relevance
  • 1 decade ago
    Favourite answer

    It only means they have a house and cars worth $3m, and they have no worries about being evicted. It doesn't mean they are well off enough to splash the cash willy nilly. My house is paid off too, so in theory I am "rich" - but in reality I can't afford to waste money. My income is small, but the roof over my head is secure. And it is only worth money if I sell it - the valuation is just a paper valuation, just a notional thing. It doesn't translate into cash in my pocket unless I get rid of it.

  • Karen
    Lv 5
    1 decade ago

    If they own the house and cars outright they probably don't have any credit card debt or other loans. The house could be worth $2,000,000 but it is only worth that on paper because with the economy they might only get half that much. But back to your question, no they are not Rich but yes to the wealthy compared to most American and well off for sure.

  • Anonymous
    1 decade ago

    It depends,you can put the house into consideration but cars usually lose their value after a short period of time ,today there a lot of people who have real estate worth millions but don't have any cash on them and yes 3 millions is a lot ,but i am not from the states so i don't know how things are there.

  • Anonymous
    1 decade ago

    It depends on where they live and how many of them there are.

    I also suggest that you not believe him until you see the financial statements for yourself. Cars tend to be depreciating assets and that house will have to be replaced by some other place to live should they sell it.

    In my corner of the country you can be happy and comfortable with three million dollars but you wont be rich.

  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • live
    Lv 4
    4 years ago

    interior the ninties till 2,000 while the Republicans took over.existence grew to become into stable!We had a 4 hundred billion greenback surplus,we've been nevertheless respected by using something of the international.the biggest concern grew to become into if invoice have been given a b.j. or no longer.The tax breaks for the wealthy are no longer honest!Now below The Republicans as quickly as lower back we are approximately bankrupt!the wealthy do no longer pay their share and the hollow retains widening.each and all the breaks are for the rich.on account that 2,000 this manner of great sort of of the stable jobs,(union) have been broken or the companies searching for greater low priced exertions or tax incentives for leaving the U.S. have relocated.attributable to George and Dick.the wealthy love the illegals to apply for much less costly exertions.

  • 1 decade ago

    How smart is your friend?

    He might not know that his parents have loans on all the items they have.

    /

Still have questions? Get answers by asking now.