IMHO, in absolute terms, neither of the scenarios quoted are actually rich.
Being leveraged (liabilities, debt) is slightly worse-off in terms of freedom of choice.
@raoawesome i would like to suggest this series of 6 articles
to help you decide for yourself with confidence. 
Here’s some food for thought -
After, one has achieved financial independence,
all subsequent financial queries are in the territory of - " What’s the meaning of life? "
In other words…