Final answer:
No, there is no universally accepted target net worth value that indicates one is rich or wealthy as wealth is subjective and calculated based on the sum of assets minus debts, influenced by various factors and perceptions. option 2.
Step-by-step explanation:
No, there is not a universally accepted target net worth value that is considered rich or wealthy. Wealth is subjective and varies greatly depending on a wide range of factors, including the cost of living in different geographical areas and personal circumstances. Measuring wealth involves calculating the sum of the value of all assets, including money in bank accounts, financial investments, a pension fund, and the value of a home, while subtracting all debts such as mortgages and credit card debts.
It is difficult to define a universal figure for being 'rich' or 'wealthy' as perceptions of wealth are also influenced by social and cultural contexts. Nonetheless, researchers can use certain benchmarks and indicators to understand economic conditions and outcomes, evaluating income and wealth inequality in society. For instance, the Global Wealth Report by Credit Suisse is one such tool that defines levels of wealth but does not set a uniform standard for what constitutes being rich or wealthy globally.