Ramit Sethi explores why wealthy Americans claim to be middle class. People with $10 million and 70-foot boats downplay their money, reflecting a cultural split: America preaches frugality but is obsessed with wealth and status.
May 6, 2024
$10 million
a 70-foot boat
All the super wealthy people I talk to, they literally say that they're middle class. I'm like, why? Because in America, it's shameful to admit that you're wealthy. Like, I literally have their bank account statements in front of me. There are people who have $10 million. They go, we're comfortable. I go, you're more than comfortable. You have a 70 foot boat. In America, we have a tortured relationship with money. We hate it in the sense that we're puritanical. We always believe in frugality. No to coffee, no to this, no to that. But we also are obsessed with it. We look at our friends, Bora Bora pictures. We go out on first dates and try to find out how much money someone makes. We're obsessed with it. It's a very unhealthy relationship, wouldn't you say?
