The difference between "wealthy" and "rich" as you rightly pointed out is quite distinct in economics but very faded in common language. Especially media such as newspapers and television use the terms in a fairly fluid way. But in addition to an impact from an economic measurement point of view, as you said this difference has implications on people's psychology, even on their personal self-evaluation. The references to identity are very interesting.
The difference between "wealthy" and "rich" as you rightly pointed out is quite distinct in economics but very faded in common language. Especially media such as newspapers and television use the terms in a fairly fluid way. But in addition to an impact from an economic measurement point of view, as you said this difference has implications on people's psychology, even on their personal self-evaluation. The references to identity are very interesting.