Have $1 million? You ain't rich enough
Millionaires are passé. A new report on wealth published by British banking group on Monday says ‘millionaire,' the old word for the wealthy, has lost its charm. You need 10 million US dollars now to be truly considered wealthy. In other words, you have to be a dollar crorepati, according to 35 per cent of 790 wealthy individuals surveyed by the bank to measure the bar on wealthiness. A self owned home does not count in the calculation to define the wealth status. "This is the perceived level at which people believe they are truly wealthy as it gives them influence within their community and a greater sense of control over their own destiny," Satya Bansal, head of Barclays Wealth in India, said. "This level of wealth elevates their status so they behave more like people with assets of $50 million, than people with $5 million," it said. An old world million dollars is not enough because it now costs more to enjoy some luxuries such as a butler, concierg...