Being a 'Hundy'

About 5% of Americans are millionaires. Most of them — about 95%, according to an estimate by WealthEngine — have between $1 million and $5 million. And many think that's just not enough.

Billionaires "view $100 million as the starting point for real money," Richard Kirshenbaum, the New York Observer columnist who wrote the book "Isn't That Rich? Life Among the 1%," told Town & Country. "They call it a hundy. Like, 'Oh, they made it, they have a hundy.'" The estimate isn't his own but came from several billionaires he has interviewed. WeathEngine estimates that 0.09% of America's millionaires are worth more than $100 million.

Norman Vanamee in Town & Country magazine consulted experts to estimate the "happiness number" for a hypothetical, wealthy, non-working couple in their 40s with two teenage kids in an expensive private school in New York City. They live in a parkside Fifth Avenue apartment, buy art, take private jets, donate to charity, and have a household staff — a chef, a driver, and a housekeeper — plus two vacation homes. They're also setting aside $25 million for each child to inherit.

An analyst from US Trust cited in the Town & Country report estimated the hypothetical couple would need to have a net worth of $190 million to sustain this lifestyle.

Here are some of the costs considered in the estimate:

• Real estate: $18 million apartment on Fifth Avenue facing Central Park, $2 million for furniture and decor, $20 million for a weekend home in the Hamptons and a vacation spot in the Caribbean.
• Education: $1.7 million a child for a "no-expense-spared educational strategy," which includes private school and tutors, music lessons, sports, trips abroad, and four-year Ivy League tuition.
• Philanthropy: $25,000 annually to sit on the board of a New York City museum, plus $15,000 a table at annual charity events.
• Staff: $190,000 annually for a driver, a chef, and a housekeeper.
• Art: $20 million to $100 million apiece in a seven- or eight-piece collection, or about $1 million annually.
• Health and beauty: $150,000 annually for wardrobe, grooming, trainers, and cosmetic procedures.

Other experts peg the happiness number at about $100 million.