Most people don't understand what "wealthy" means.
If you have a $10 million or more net worth and little or no debt, you're pretty damned wealthy by almost anyone's standards - whether you make seven figures or less than 6 figures, whether you take the bus or drive nice cars, and whether you own a 1500 square foot home or a 15,000 square foot home.
You're likely paying cash for pretty much everything at that level, unless your wealth and income come from businesses you own that tend to be cyclical and require borrowing and often tend to tie up much of your capital.
If you're leveraged to the tits and have little or no net worth and minimal savings and investable assets, you're not wealthy - you're poor or middle class at best no matter how much you make or how things look.
And if you owe more than the value of your assets, you're broke and probably a paycheck or 2 away from bankruptcy - no matter how much you're making, what you drive, or how high you live. And if you're not putting anything away in retirement and are constantly refinancing the mortgage every couple of years and using the house as an ATM so that you can buy more and more stuff, you're never going to get anywhere.