Are you wealthy, or just rich? Here’s how to tell, according to financial advisers.

“It’s like the famous aphorism: Money talks, wealth whispers,” one user said in a video from last July that received nearly 4 million views. “They don’t draw attention to themselves — and that’s often a sign they have true net worth.”

According to a recent Federal Reserve survey, the average American’s net worth is just over $1 million. So are most Americans truly millionaires? And how can you achieve that status?

One viral video, posted in June, pokes fun at how people who are “rich” versus “really rich” might act while shopping for a T-shirt. Another post, viewed almost 85 million times, compares two houses and labels them “millionaire” and “billionaire” according to size. Other users have turned the look of generational wealth into a fashion trend: There are more than 250,000 posts under the hashtag #OldMoneyAesthetic.

MarketWatch asked more than a dozen wealth advisers and finance professionals how they defined “rich” versus “wealthy.” There’s definitely a difference, they agreed — and there are secrets to achieving the latter, even without an ultra-high income.

What’s the difference between rich and wealthy?

There’s no formal dollar-based distinction between being rich and being wealthy, advisers said. But there is one working definition: “Look at net worth, rather than income,” said DJ Hunt, a Florida-based financial adviser.

Net worth is calculated by summing up the value of an individual’s or family’s assets minus their debts or financial liabilities. You can earn a big salary and still have a low net worth, Hunt added.

“I know folks who make seven figures a year and spend every bit of it. They have really great ‘stuff,’ but are a couple of missed paychecks away from bankruptcy,” Hunt wrote in an email to MarketWatch. “Then, there are other seven-figure earners who drive Toyotas, shop at JCPenney and have eight-figure investment portfolios.”

Multiple advisers told MarketWatch that when they think “rich,” they think big spending and flashy status symbols.

“It’s a measure of accumulation of a lot of assets: real estate, boats, toys, money — that sort of thing,” said Matthew Echaniz, a vice president of relationship management at Osaic, a wealth-management firm. The label “rich,” he added, “doesn’t necessarily portray someone who is in control of their finances or financially free.”

In that sense, an individual might be considered rich but still be in a position of financial precarity.

“It means they’re highly leveraged. It means they spend as much as they earn, and oftentimes spend more than they earn,” said Paul Sullivan, author of “The Thin Green Line: The Money Secrets of the Super Wealthy.” “It goes along fine for a while, and then it doesn’t.”

That’s because with that approach to spending, one unexpected obstacle — an increase in interest rates, for example, or a sudden job loss — could seriously jeopardize that person’s financial health, he said.

On the other hand, being “wealthy” signifies longevity, resilience and a kind of financial freedom, experts said.

“Financial freedom means you have the ability to say no to anything you want, and to say yes to anything you want,” Echaniz said. “You’re not beholden to employers or to interest-rate changes. You’ve set yourself up in a way that there’s no obstacle you can’t overcome, and there’s no person you can’t say no or yes to.”

How to build wealth — even with an average income

There are some strategies people can use to focus on building wealth, advisers said — and a super-high income isn’t always a requirement.

One tip for bridging the gap between rich and wealthy is keeping your spending in check, Echaniz said. That might mean foregoing luxury purchases that only depreciate in value — luxury cars, expensive clothes and similar splurges — even if you can technically afford them.

Funneling that income instead into investments and appreciating assets are a part of the recipe for building long-lasting wealth, he said. Common examples could include a 401(k) account, mutual funds or real estate.

Wealthy people are often prudent with their debts as well, Sullivan added — focusing on “good debt” that funds investment in things that appreciate in value, like real estate or a growing business.

Wealthy individuals also typically have multiple streams of income, Echaniz said. Those could include dividends, business ownership, property ownership or employment, he said.

You don’t need to be in the top 1% of earners — or even the top 10% — to achieve the freedom and stability that characterize wealth, experts said. Sullivan pointed to a family member of his, a former schoolteacher who was saved prudently for retirement during her career. She lives in a two-bedroom condo and drives an average-priced car, but is able to take frequent trips to Europe and to visit her grandchildren.

“She is wealthy,” he said. “She is able to make the choices she wants to make in her life.”

Several advisers, including Nicholas Crown, a content creator and founder and CEO of Revise Annuity, also mentioned that their definition of “wealth” extended beyond what could be recorded on a balance sheet.

Crown, who makes TikTok videos about the difference between “rich” and “really rich” people that regularly receive millions of views, said the distinction is less about money than about mindset.

Crown’s videos often portray a “really rich” character who is generous, thoughtful and willing to learn from the people around him — qualities that help an individual thrive and find success in whatever they do, he said.

“It just comes down to open-mindedness and collaboration and treating people with respect,” he told MarketWatch. “It’s really hard not to succeed when you act this way.”

In other words, he said, being “really rich” is about something much bigger than your bank account.

“It’s not just a nice way to view the world — it’s also really effective,” Crown said. “There’s not a price tag on it.”

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