But how did all these newly popular terms come to be used as they are?
"The rich"Everyone knows someone they consider to be rich. But many would struggle with a precise definition, and plenty considered rich by others would shy away from using the term.
In his book Richistan, Wall Street Journal reporter Robert Frank concluded that "people's definition of rich is subjective and is usually twice their current net worth". Some people would define rich as having more money than you "need" to live, but definition of "needs" vary dramatically.Continued