While the dictionary defines rich as "Possessing great material wealth" the real value of being rich is not having to worry about being poor (feeding yourself, affording rent, etc.). After a certain threshold, earning more does not increase happiness [0], and I would argue there is a big gap between being able to afford "a bit of consumption" vs spending money on whatever.

[0] http://www.purdue.edu/newsroom/releases/2018/Q1/money-only-b...