Lots of Rich People Seem to Be in Tough Financial Straits


Here’s a fairly remarkable poll from Gallup about financial well-being. The direction of the answers is unsurprising: if you earn more, you’re more likely to have enough money to buy the things you need, and less likely to be cutting back on spending.

And yet, of those making over $240,000, a full 10 percent say they don’t have enough money to buy the things they need. And an astonishing 37 percent say they’re cutting back.

I’m not sure what to make of this. Either there are a whole lot of rich people who manage their money really badly, or else this is some kind of statistical artifact. Or maybe rich people consider separate summer and winter getaway homes to be among the things they “need.” It’s a headscratcher.