CHICAGO (Reuters) - Pity America’s poor millionaires.
Almost half of them, it turns out, do not feel rich enough despite their out-sized savings and nearly two-thirds fret over the chance that rising taxes might further erode their enviable nest eggs, according to a new survey.
Fidelity Investments, the Boston-based financial services company, polled U.S. households with assets to invest -- excluding workplace retirement accounts and real estate -- of at least $1 million.
Of the more than 1,000 millionaires who responded, 42 percent said they just do not feel all that well off.
Fidelity then asked the unsatisfied cohort of millionaires what it would take to make them feel better about their net worth. The answer: assets to invest of at least $7.5 million.
For comparison sake, the average U.S. household has a net worth -- including retirement assets and real estate holdings -- of just $86,000, according to the Federal Reserve.
Sixty-four percent of the millionaires who participated in the Fidelity survey said they were “extremely or very concerned” about the impact of potential tax changes on their investments -- and were talking with investment advisers to minimize the impact.
Reporting by James B. Kelleher