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.

FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2019 demands.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate