A Princeton study last fall showed extra income didn't affect most people's happiness above about $75,000 a year. Another study by Gallup found the happiest people in America earn $120,000 a year.
These folks may be happy. Just don't call them rich.
Survey after survey shows many Americans wouldn't consider themselves "rich" until they had a net worth of $5 million-$10 million. British publisher Felix Dennis says you aren't rich until you have at least $150 million. Russian oligarch Sergei Polonsky says anyone without a billion dollars "can go to hell."
The question over what's considered "rich" became important a few years ago after some politicians suggested anyone making more than $250,000 could afford a tax hike. Plenty found this absurd, and perhaps rightly -- what $250,000 buys varies wildly depending on geography. A quarter-million bucks in North Dakota buys a ranch. In New York City it (literally) buys a parking space.
If you have 5 minutes you can check all the information about this study here: http://www.fool.com/investing/general/2011/05/27/why-you-dont-feel-rich.aspx?source=isesitlnk0000001&mrr=1.00
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