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

(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.

  (Shutterstock)
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