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That's the difference as I've seen it for a few decades. I was 25 or so and my 40-yo roommate set me straight when I called some rich people "wealthy".
There's no hard line, no actual number, but I've gone with what OP stated.
Maybe another way of looking at it. "Wealthy" means you can't lose it except in case of colossal, and continuing, fuck ups. And past a certain point, apparently losing isn't even possible. (Looking at you Elon.)
"Rich" means you don't have to worry about money, not a tiny bit, but you have to be wise enough to hang onto it. At that stage, it's not a matter of spending, it's a matter of warding off the thieves and scammers after your bank ๐ต.
Worked for a rich family. They weren't cheap in running the business, not holding themselves back kinda cheap, but they were extremely cautious. Anyway, the kids will be the third gen and they always blow it. :)