With the constant stream of enviable posts of extravagant lifestyles on our social media feeds, one might find themselves questioning “Why am I working so hard and feeling so stressed up for?” I wouldn’t call it keeping up with the Joneses as even friends and acquaintances may also fall into the category of a Henry.
The term “Henry” or “High-earner not rich yet” was coined by Shawn Tully of Fortune magazine back in 2003 to describe individuals with an annual income of US$250,000–US$500,000. Melkorka Licea wrote in her article with The New York Post in 2019 that Henrys — referring to millennials earning a six-figure income annually with re-adjusted estimated value of US$100,000–US$250,000 ($134,696– $336,739) — are finding themselves financially strapped as their expenses creep up while their saving remains stagnant.
While income is commonly used as a gauge to determine a Henry, I have observed that different articles may have varying criteria. Hence, identifying a Henry can sometimes come down to a matter of spending habits rather than income alone. With a higher disposable income, Henrys often become the targets of luxury brands, travel companies and marketing campaigns that encourage them to spend excessively.
