Everyone has a different view on this and even everyone is different in terms of judging who is rich or not and I think that's okay.
For me, real wealth is how someone can control their money to be able to increase regardless of whatever they do but it is productive enough for them to increase the value of their assets, not just collecting as much money as possible because for me no matter how much we save money, it will still run out if we are not good at being able to turn the money into other things that can provide multiple benefits.
To me, someone who has real wealth is a person who never looks at money as a scarce thing. If you are Elon Musk, and worry that your contracts will end, and your cars won't sell, you are not really wealthy. What can he do that he can't do if he sold it all? If he sold ALL he has, and has even just a few billion dollars, he would be richer and be able to do whatever he wants.
So wealth has nothing to do with networth, it has everything to do with what you do with your money. If I had 5-10 million dollars, I would live a richer life than Elon Musk, how? I would not worry about money, and if I do not worry about money but he does, then how can he be considered richer? That's what it means to be rich for me, and I have always been like that.