Moral Low Ground

Economy

$7 Million Isn’t Rich, Say American Millionaires

March 15, 2011 by Brett Wilkins in Rich & Poor with 0 Comments

They say that everything is relative, but American millionaires are relatively clueless about what constitutes being rich. A new survey of more than 1,000 US millionaires conducted by financial services giant Fidelity found that 42% do not feel wealthy. Many agreed that they would need at least $7.5 million to be “truly rich.”

“Every person in the survey is wealthy,” Fidelity’s Sanjiv Mirchandani told Reuters. “But they are still worried about outliving their assets.” Michael Durbin, president of Fidelity Institutional Wealth Services, said that millionaires “compare themselves to their peer group… and they are also thinking about the long period they will have in retirement and want more assets” to fund their lifestyles.

The average age of survey respondents was 56, with an average of $3.5 million in investable assets. Respondents were slightly more optimistic today than they were just two years ago, when 46% said they did not feel rich.

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