The Sufferings of the Millionaires, and the Sufferings of the Millions | |
By: Peterr Saturday March 19, 2011 9:10 am |
This is rich (so to speak):
Despite the stock market’s positive performance over the past couple of years, the Fidelity survey found that 42 percent of millionaires still do not feel wealthy, compared to 46 percent, who said they didn’t feel wealthy in 2009. In fact, among those who classified themselves as not feeling wealthy, the investable asset level needed to begin to feel wealthy is $7.5 million.
Of the 58 percent of millionaires who say they feel wealthy — up slightly from 54 percent in 2009 — they began to feel so at $1.75 million in investable assets, which is consistent with 2009 and up from $1.5 million in 2008.
“Our survey reinforces that the feeling of wealth is relative, based on factors such as the current market environment, a person’s age, lifestyle, and so on,” said [Michael R.] Durbin [president, Fidelity Institutional Wealth Services®].