Rich Families and Wealthy Families – Is there a Difference?
Rich families may be different than wealthy families. Rich families can be defined as families that have more than enough of material possessions or owning much money or property. A rich family may own more than enough material property yet not be socially connected or socially connected in previous generations. Rich families are just that: rich families due to owning material possessions.
Rich families can afford to do many things that average families cannot do. Rich families may own a boat, airplane or a second home. They may possess investment property and own their own business. Rich families may not be “wealthy families” but they still have available to them many options. Rich families may not be mega wealthy or have impressive heritage but they may be comfortable in their lifestyle and social standing. Rich families can be said to be families that have accumulated their family money and material possessions through their own efforts.
Rich families may be wealthy families and wealthy families may be rich families. Crossover between these two definitions does occur. In some circles being a “wealthy family” is superior to being a rich family. The implication is that the rich family earned the wealth through their own efforts while the wealthy family has built their status as a wealth family through previous generations. Rich families represent “new money” while the wealthy family is represented by “old money”.
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