What’s Wealthy? 72 Percent of Millionaires Say They Aren’t

Money Talks News

To feel wealthy, does one have to:

A. Have $1 million in assets?

B. Have $5 million in assets?

C. Take a daily swim in a vault of gold à la Scrooge McDuck?

D. Have personal gardeners, housekeepers, assistants and chefs?

Is that your final answer?

According to a new investor survey released by UBS, the correct answer is B.

“Most millionaires do not consider themselves to be wealthy. Having $5 million in investable assets seems to be the key threshold, as 60 percent of these investors feel wealthy,” the report says.

The survey also gives a little insight into why investors feel that way. Asked to define wealth, most said it’s not about a number. Half of participants said wealth means “no financial constraints on activities,” while 16 percent said it means passing a certain (unspecified) asset threshold. Smaller groups said it meant never having to work or that they are able to ensure a comfortable lifestyle for their kids.

Apparently having a pile of money doesn’t necessarily mean you’re great at planning what to do with it. “The top two personal concerns for investors are long-term care and the financial situation of children and grandchildren,” the survey says. Yet only a third felt they were highly prepared for long-term care. While 57 percent felt they should plan financial support for their adult children, only 41 percent had.

The survey included 4,450 adults with at least $250,000 in assets. Half of participants were millionaires.

What’s your definition of wealth? Share your thoughts on our Facebook page.

This article was originally published on MoneyTalksNews.com as 'What’s Wealthy? 72 Percent of Millionaires Say They Aren’t'.

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