What makes a customer affluent? How much money does someone have to make or have to be considered affluent? How is wealth defined? For the sake of convenience, this discussion defines three categories of wealthy customers.
The moneyed customer.
The rich customer.
The ultra-rich customer.
Later on, each of these categories will be divided into sub-categories, such as women, men, same-sex, baby-boomers, and the self-made. But generally speaking, the three basic categories are defined as follows.
Moneyed customers. The people in this category make $200,000 to $1 million dollars per year. They are usually young professionals, what used to be called “white-collar workers.” More often than not they are highly educated, having graduated from colleges or universities. However, this is not always the case. There are many exceptions. Some have graduate degrees, and many attended professional schools, where they received specialized training in a specific discipline. This group includes doctors, lawyers, computer sciences and dentists. Others graduated from professional business schools. Some are entrepreneurs, who hope to grow their small-businesses into large corporations. In reality, this category is difficult to define, other than the fact that they are motivated to succeed.
This category is experiencing rapid growth, and is in the upper 3 percent based on income. In other words, they make more than 97% of the population in the United States. Unique to this category are the baby-boomers, who are not young. Indeed, they are close to retirement. Some are from blue-collar backgrounds. Nevertheless, they have tremendous wealth.