Yet what's different about today's wealth boom is that you can be in the top 1% of wealth or income and still feel middle-class. To get into the top 1% of Americans by wealth, you need about $6 million net worth, including the value or your home. I've interviewed plenty of people worth between $5 million and $10 million and believe me, they don't feel wealthy.

So writes Robert Frank on his WSJ Wealth Report blog. Frank adds that you would need at least $500,000 in annual income to be counted as rich in the US today. That is unless you live in New York City, in which case count on needing at least 50% more.

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