Four in 10 Millionaires Don't Think They're Rich

Many say they'd need $7.5 million to feel really wealthy
By Kevin Spak,  Newser Staff
Posted Mar 14, 2011 5:25 PM CDT
Apparently you're not rich unless you have at least $7 million, at least as far as millionaires are concerned.   (Shutterstock)

(Newser) – Poor millionaires. Sure they have more money than around 98% of the population—but does that really make them rich? Around 42% of them don’t think so, and fret over their retirement savings, according to a new survey from Fidelity Investments. “They are still worried about outliving their assets,” one Fidelity executive told Reuters. Indeed, the older respondents got—the average age was 56—the more money they thought it took to be rich.

“They compare themselves to their peer group,” said another Fidelity executive, “and they are also thinking about the long period they will have in retirement and want more assets.” Many said they’d need at least $7.5 million before they’d feel rich—a little more than twice the average $3.5 million in assets respondents had. In its results, Fidelity dutifully noted that the top 5% of Americans control more than 55% of the country’s wealth.

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