U.S. millionaires say $7 million not enough to be rich

NEW YORK Mon Mar 14, 2011 11:07am EDT

A picture illustration shows a 100 Dollar banknote laying on one Dollar banknotes, taken in Warsaw, January 13, 2011. REUTERS/Kacsper Pempel

A picture illustration shows a 100 Dollar banknote laying on one Dollar banknotes, taken in Warsaw, January 13, 2011.

Credit: Reuters/Kacsper Pempel

NEW YORK (Reuters) - 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)

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Comments (25)
nosmtrthanu wrote:
U.S. millionaires say $7 million not enough to be rich

There you have it, folks. just file it under…… greed.

Mar 14, 2011 10:35am EDT  --  Report as abuse
Watermoon wrote:
Works on the other end as well. A family of four in this country making $21,000 a yeafr is called poor. In the rest of the world, you must make less than $3000 for a family of four in order to be called poor. Guess you could file tha under greed as well?

Mar 14, 2011 11:13am EDT  --  Report as abuse
BethCK wrote:
I wonder what they would say about those of us with college degrees who are scraping by on $10 an hour part time jobs without benefits till the economy turns around? Life is tough.

Mar 14, 2011 12:04pm EDT  --  Report as abuse
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