It’s a question of mindset, but often correlated with scale. A rich person is a successful car dealership owner who has a net worth of $50 million, drives a Lamborghini on the weekends, lives in an 10,000 square foot mansion, has a sweet private movie theater, and owns a 60 foot powerboat. His economic activity is focused on consumption. He wants to leave his kids enough money to be rich for life. I can’t give many examples because these people are soon forgotten, but Donald Trump was almost one of these guys until he got some new ideas late in life.
A wealthy person has a net worth of $100 billion, is driven around in a Mercedes S600, has a 120 foot sailboat, goes to private parties at Sundance, values their time above everything else, and is focused on his legacy and place in history. His economic activity is focused on investment. He wants to leave his kids with enough money, connections, and capabilities to become among the great American families, shaping policy and public life for centuries. Think Rockefeller, Carnegie, Gates.