This is actually VERY true. I talk to people in the top 1% income bracket and they talk about not being rich because they can't afford things like: private school for their kids, a house in one of the most expensive areas of the country and retiring at the age of 55.

I make a very healthy income in the US, but live in a very expensive area as well. However, I consider myself very fortunate to have the life that I do, even though I have to settle for things like: public school for my kids and not driving a new car every few years (shudder!).