Posted on 03/15/2011 12:21:31 PM PDT by SeekAndFind
So it turns out millionaires get money envy too.
Apparently the benchmark for when the rich actually think of themselves as rich, is about $7.5 million, according to the results of a Fidelity Investments survey on the subject, says the NY Post.
Over 1,000 households were surveyed that had an average of $3.5 million in investable assets.
Less than half of those, approximately 42 % said they don't feel like they're rich, and would need about $7.5 million to make them feel: I'm wealthy.
Apparently those that did say they think of themselves as moneyed, "were younger on average and have a greater number of remaining years in the workforce," said the Post.
(Excerpt) Read more at businessinsider.com ...
The original article here from the New York Post:
http://www.nypost.com/p/news/business/millionaire_blues_you_got_not_really_sxyVaF82VpWCrG3LbjVBFK
EXCERPT:
Millionaire blues: You’re not really rich unless you’ve got $7.5M
How much does it take to feel wealthy these days? For many millionaires, it’s about $7.5 million, according to a survey by Fidelity Investments.
“Wealth is relative, and to some extent the more you have, the more you realize how much more you need,” said Sanjiv Mirchandani, president of National Financial, a subsidiary of Boston-based Fidelity, in an interview before the survey’s release yesterday.
The more than 1,000 households surveyed had an average of $3.5 million in investable assets. About 42 percent said they don’t feel wealthy, saying they would need about $7.5 million to feel rich.
The 58 percent of respondents who said they do feel wealthy were younger on average and have a greater number of remaining years in the workforce, said Mirchandani.
There are about 5.5 million US households with at least $1 million in assets, or about 5 percent of the population. Millionaires control 56 percent of the country’s wealth, according to Fidelity.
The survey found millionaires’ outlook for the future is the most positive it’s been in at least four years. “They’re beginning to feel that perhaps we’re turning the corner on a more consistent basis,” said George Walper Jr., president of Chicago-based Spectrem Group, a consulting firm that tracks attitudes among millionaires.
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Wow, that’s great...so after Obama and Bernanke get done hyperinflating the USD, we’ll all be rich!
Interesting article....I guess a Million doesn’t go as far as it used to......So can we now call Obama one of the “Rich”??
I agree. If you only have 1 or 2 million in financial assets, you’re just upper-middle-class.
No matter how much I have, I almost always want more.
Financial assets—yes. Investable assets set at a million=wealthy. This is usually the minimum for certain wealth management firms. With housing (especially in California still) it is much easier these days to be in the asset category you mentioned for the upper middle class.
Someone once asked John Rockefeller how much was enough. His reply was: “just a little more.”
As agent Maxwell Smart said, “I just missed it by that much”.
$7.5 million, invested in 5-year t-bills with a rate of return of 2.125%, would produce a yearly income of $158K.
Many government union retirees with guaranteed pensions would be effectively considered wealthy.
“You are rich when you make more than your wife can spend!” He didn't even pause to think!
I’m not legitimately rich.
How do you define legitimately poor?
Sad part is we could take everything from anyone with over a million, and we might pay for the last couple of years deficits.
I’ll take half in cash right now!
So an investment firm believes you are wealthy if you possess $7.5 million in assets, but the government believes you are wealthy if you make $250,000 a year in taxable income ... whats wrong with this picture.
They’ve got it all wrong. Rich is anyone who has more money than Michael Moore.
There is a big difference between assets and income.
A person with a $5 million business, might only be taking $100,000 in income (or less).
I’d consider myself rich if I just made 1/4 of a million...
Indeed! I've seen people of every economic spectrum unhappily living beyond their means.
I've seen people who drive $70,000 cars, only putting in $10 of gas, because that's all they've got.
I can honestly say that I can buy most anything that I want to with cash (including new cars), but that is only because I don't buy everything that I see.
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