U.S. Millionaires Say $7 Million Doesn't Make You Rich, Survey Says

NEW YORK (By Helen Kearney) - A million dollars ain't what it used to be.

More than four out of ten 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. The threshold for "rich" rose with age.

"They 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 lifestyle, said Michael Durbin, president of Fidelity Institutional Wealth Services.

Still, millionaires are slightly more optimistic now than they were in 2009, when 46 percent did not feel wealthy.

Respondents were also more optimistic about the U.S. economy. While they thought the current U.S. economy remained very weak, they think it will improve by the end of this year.

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

(Reporting by Helen Kearney)

Copyright 2010 Thomson Reuters. Click for Restrictions.

Comments

[MillionsFast]

02:59 PM on 04/07/2011

I never thought the day would come when I would be ashamed of having only $7,500,000.00.

http://millionsfast.blogspot.com/

[builderman55]

10:55 AM on 03/20/2011

A recent study was done among all economic classes, asking them how much more money they felt they would need to feel content. Although I don't recall the exact figueres, each class had a defined amount: An extra $10,000, $50,000 etc. Without exception, the wealthiest said they would need TWICE what they had. Worth a billion? They'd need two billion. People who need obscene amounts of money to be satisfied should be seen for what they are: financial hoarders. The widow of a Madoff investor recently gave the federal government $7 BILLION back, having been targeted by Picard. Imagine that--being in a position to return $7 billion to the government when so many are suffering due to the machinations of the corporate class. I would be willing to bet that if all of the wealthiest people in America, coupled with corporations, who it was recently estimated were sitting on $1.7 TRILLION in cash, would start to invest in our economy, that no government stimulus would be necessary.

[Dadzilla]

03:59 AM on 03/17/2011

Let me settle the question... give me 6.5 million and I'll send you a long rambling report on my personal happiness rating.

[joeyc]

12:01 PM on 03/16/2011

Cry me a river.

[WhineandCheeseHead]

08:05 AM on 03/16/2011

It might help to report on the entire survey/article. Three fairly important things were left out. They plan on giving $38k to charity. The majority are mostly concerned with preservation of capital rather than growing capital. Also, 75% feel financially secure. So, they aren't quite as greedy as this article portray's...they just want to maintain or slowly grow their capital. They give a decent amount back which is completely omitted. They aren't asking anyone to feel sorry for them as most feel financially secure. Selective reporting at it's best. Links to the real articles below if anyone would like to get the real story.

http://www.fidelity.com/inside-fidelity/individual-investing/millionaire-outlook-2011

http://www.bloomberg.com/news/2011-03-14/comfort-level-for-some-millionaires-is-7-5-million-fidelity-survey-says.html

[denbeath]

04:31 AM on 03/16/2011

Me to Millionaires: Try living like me on a $449.00 a month SSI Disability check.

[archarabia]

12:16 AM on 03/16/2011

Have you ever heard the phrase "90 years young?" I want to be $7M poor.

[knightoftheroundtable]

11:56 PM on 03/15/2011

I am 73, not a millionaire but feel very rich. Feel very sad for these greedy folks. My wife and I wake up every morning so far, have 3 children, 5 grand children and feel blessed and I am atheist. I bet most of these greedy folks pray to god and ask for more. They need to wake up and smell the fresh air and take a deep breath while they still can, life is good.

[OldGent]

10:51 PM on 03/15/2011

I see, well I'll take just one million of those dollars and keep me in poverty. I understand that it won't get me to the $7 million level of middle class so I may have to take food stamps. I also guess that the unemployment money I received, which Congress said was too much, was just a mere "Here fella, take that and get a cup of coffee" like the good old days of depression. I hope I remember when I get that unemployment check that I remember to say thank you Mr. Congressman, I hope you didn't have to drop to middle class by giving me this coffee money. Oh, and maybe could I have an extension of benefits so I can get a sweet roll with that coffee, even if it is 3 day old. It's a tough world out there. I hope the middle class makes it.

[drosenth613]

09:58 PM on 03/15/2011

Well, this article would certainly help explain the fears that many Baby Boomers have about not being able to pay their health care expenses after retirement. Most of those Boomers feel that they just don't have enough money, even if they are sort of comfortable, relatively speaking. There was an interesting article on www.AfterFiftyLiving.com that dealt with this issue, http://www.afterfiftyliving.com/yourmoney/retirement/Americans__Retirement_Fears_Revealed/.

[scorpioman]

08:50 PM on 03/15/2011

the problem with money is, you never have enough, and you always want more

[scorpioman]

08:48 PM on 03/15/2011

not rich if you pay 50 grand a month on yer mansion

[laterthanyouthink]

09:03 AM on 03/16/2011

I don't think they have mortgages or credit card debt.

It helps to get out of the "Can I afford the monthly payment?" mentality.

[norby413]

08:33 PM on 03/15/2011

7 is plenty. But I'll agree, a million in assets to retire on is not "rich". It's doable, but very little room for splurging or unexpected setbacks.
Rich, to me, is complete security at a high lifestyle (not private jets and yachts, but free to travel and enjoy nicer things).

[irochfpst]

08:15 PM on 03/15/2011

maybe they should try downsizing like everyone else in america. i guess to them there is a difference between being a multimillionaire and feeling like one. the problem with these people is that they are always looking up and they have forgotten what life was like for them before they got there. they will only get sympathy from me when they are in my shoes-unemployed and little to show for a lifetime of work.