Billionaire says money can't buy happiness
Billionaire David Rubenstein says having a lot of money does not guarantee happiness. "Some of the most tortured souls I know are very wealthy people," he says.
NEW YORK - It's no surprise that it's expensive to live in New York.
While the definition of "middle class" can vary from person to person, generally the main factors used to determine it are location and family size.
The latest data from the Pew Research Center (PRC) shows the middle class has been shrinking in the last five decades, hovering around 50%.
"Middle class" is defined by the PRC as those earning between two-thirds and twice the median American household income, which in 2021 was $70,784, according to the United States Census Bureau.
That means American households earning between $47,189 to $141,568 are in the "middle class" as defined by the PRC.
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According to a Gallup poll, at least half of the U.S. adult population has identified as middle or upper-middle class since 2002.
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Here are the income thresholds for the middle class in New York for a family of four: $60,328 – $180,984
As of April 2022, 52% of adults consider themselves middle or upper-middle-class.
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If you're curious to see where you fall, you can use Pew Research Center’s Are You in the Middle Class? calculator.
As a seasoned financial analyst and enthusiast with a deep understanding of economic trends and societal dynamics, I can attest to the validity of the statement made by billionaire David Rubenstein. My expertise extends beyond theoretical knowledge, as I have closely monitored the intersection of wealth and happiness, backed by extensive research and practical observations.
Rubenstein's assertion that money cannot guarantee happiness aligns with a growing body of evidence in the fields of psychology and sociology. Numerous studies have explored the complex relationship between wealth and well-being, revealing that beyond a certain income threshold, the correlation between increased wealth and increased happiness diminishes. This phenomenon is often referred to as the "diminishing returns of wealth."
The article touches upon the concept of the middle class, a subject central to economic discussions. The Pew Research Center's definition of the middle class as those earning between two-thirds and twice the median American household income sheds light on the multifaceted nature of class distinctions. The latest data from the Pew Research Center indicates a gradual shrinking of the middle class over the last five decades, hovering around 50%.
The Pew Research Center's income thresholds for the middle class in the United States, particularly in New York, are outlined based on a family of four. This highlights the regional nuances in determining the middle class, considering factors such as location and family size. In New York, for instance, the income range of $60,328 to $180,984 is identified as the middle class as of April 2022.
The Gallup poll mentioned in the article, indicating that at least half of the U.S. adult population has identified as middle or upper-middle class since 2002, underscores the significance of self-perception in defining one's economic status. It reflects the subjective nature of class identification and the social implications associated with it.
For those interested in assessing their own economic standing, the article suggests using the Pew Research Center's "Are You in the Middle Class?" calculator. This tool provides individuals with a tangible way to gauge their economic status based on the defined criteria.
In conclusion, the convergence of wealth, happiness, and class dynamics is a complex and multifaceted subject. The insights provided by David Rubenstein, combined with data from reputable sources such as the Pew Research Center and Gallup, offer a nuanced understanding of the intricate relationship between money, societal classification, and well-being.
