I spoke to some US-based scholars today about a study they are planning to do on the question whether American citizens think one can say that at some point, one is having too much money. Long-time readers of our blog might recall that in January 2018 I asked you for input on a study I was setting up in the Netherlands to find out whether the Dutch think there is the symmetrical thing of a poverty line – a riches line. And yes, they do. The study has in the meantime been conducted and published in the journal Social Indicators Reserach, and is open access – available to all. I am very grateful to my collaborators and (economic) sociologists Tanja van der Lippe, Vincent Buskens, Arnout van de Rijt and Nina Vergeldt, since I would never have been able to do this on my own: the last time I did empirical work was in 2002 (and in the good tradition of economics graduate training, I never collected my own data when I was trained as an economist, hence it was a great adventure to set up this survey).
Based on our data, we find that 96,5% of the respondents made a distinction between a family that is rich and one that is extremely rich, whereby the standard of living of the latter is described as: “This family has much more than they need to lead an affluent life. They never have to consider whether they can afford certain luxury spending, and even then, they still have plenty of money left to do extraordinary things that almost no one can afford. No one needs that much luxury.” [click to continue…]