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Millionaires don’t feel rich till $7M

A million dollars ain’t what it used to be.

A million dollars ain’t what it used to be.

More than four out of 10 American millionaires say they do not feel rich. Indeed, many would need to have at least $7.5 million in order to feel they were truly rich, according to a Fidelity Investments survey.

Some 42 percent of the more than 1,000 millionaires surveyed by Fidelity said they did not feel wealthy. Respondents had at least $1 million in investable assets, excluding any real estate or retirement accounts.

“Every person in the survey is wealthy,” said Sanjiv Mirchandani, president of National Financial, a unit of Fidelity. “But they are still worried about outliving their assets.”

The average age of respondents was 56 years old with a mean of $3.5 million of investable assets.

Fidelity noted the wealthiest 5 percent of Americans hold more than 55 percent of the nation’s wealth.

 
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