72% of Millionaires Don't Think They're Rich
To those with millions to invest, wealth means financial freedom
By Arden Dier, Newser Staff
Posted Jul 29, 2013 7:12 AM CDT
   (Shutterstock)

(Newser) – Having millions of dollars to invest doesn't make you rich, at least according to those who have those millions. A study by investment firm UBS has found just 28% of people with between $1 million and $5 million in investable assets consider themselves wealthy, ABC News reports. While your first reaction may be to scoff—especially since the median household income is $51,500—the study points to a real shift in what it means to be rich, and it isn't just wads of cash. Half of investors define wealth instead as "having no financial constraints on what they do," the study says.

The opt-in study surveyed 4,450 Americans over age 25 with at least $250,000 in investable assets—half had at least $1 million. "These people have a lot of money," said a financial expert. "But the reason they don't feel wealthy is because they don't feel like they have a comprehensive financial plan." Unemployment, the economy, and caring for relatives are all cause for concern, meaning millionaires face many of the same pressures as everyone else. Plus there's the feeling that the more you have, the more you have to lose, reports the Daily Mail. Apparently once you pass the $5 million mark, however, the pressure eases up; of that number, 60% said they were indeed well-off.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
72% of Millionaires Don't Think They're Rich is...
3%
27%
5%
9%
1%
55%
Show results without voting
You Might Like
Comments
Showing 3 of 47 comments
GreenKnight
Sep 1, 2013 10:19 AM CDT
To those with immense wealth (more than 50 million USD), immense wealth means either total world domination or total national domination -- depending on how ambitious they are. They don't consider themselves wealthy unless they can buy and sell the elected officials and administrative authorities of the nation they live in.
Grokthat
Jul 30, 2013 6:59 AM CDT
Similar to some suffering with anorexia, who look in the mirror and still see themselves as "fat." Having $5 million in investable assets is nearly 100 times the median income of $51,500.
pyrrho
Jul 29, 2013 7:09 PM CDT
They are NOT wealthy. If you must live on income from investments, you need to preserve your capital or you wind up on welfare and food stamps. You will be lucky to find safe investments with payout of more than 2%. If you have $2 million to invest that nets you $40,000 before taxes. My payments for health insurance take 25% of that. Try living on $30,000 when your ex gets $25,000.