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Is 7 million enough to be rich?

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.

Answer Question
 
sweet-a-kins

Asked by sweet-a-kins at 10:13 AM on Mar. 14, 2011 in Politics & Current Events

Level 34 (67,502 Credits)
Answers (29)
  • OOOOOOOOOOOi for me yes, I would spend it like my last 50 !!!!! .......
    khf22

    Answer by khf22 at 10:14 AM on Mar. 14, 2011

  • I'd feel rich if I had access to a million dollars. It would last my lifetime.
    meooma

    Answer by meooma at 10:16 AM on Mar. 14, 2011

  • Our financial advisor told us that for every $100k you have invested, it should generate $5k a year in income for you at retirement. That means if you want to live on $60k a year, you need to have $1.2 million. I can understand why these people think that $1 million isn't enough to make them feel wealthy. By no means do we have anywhere close to any of these amounts of money, nor do we live on $60k a year, but when you retire you want to be able to travel and do things you never got to do during your working years. Plus by the time we retire, $60k might not be very much money to live on, so I can totally understand needing/wanting more.
    slw123

    Answer by slw123 at 10:18 AM on Mar. 14, 2011

  • I'd be happy with 1k $ right now lol. Hell, even 100 haha
    knicole0708

    Answer by knicole0708 at 10:19 AM on Mar. 14, 2011

  • A cool million invested well would do my family some justice.
    KoolMom617

    Answer by KoolMom617 at 10:22 AM on Mar. 14, 2011

  • for me $1 million is super rich LOL
    mysons_r_mylife

    Answer by mysons_r_mylife at 10:23 AM on Mar. 14, 2011

  • those ppl need to get smacked! A million, I'd jump at the chance!
    June_Mama09

    Answer by June_Mama09 at 10:23 AM on Mar. 14, 2011

  • It isn't as much as it used to be and if you live in extravagance you can blow through it rather quickly. I know someone who has done that.

    Carpy

    Answer by Carpy at 10:23 AM on Mar. 14, 2011

  • I guess a million would be rich to us poor folk.
    jenn4443

    Answer by jenn4443 at 10:31 AM on Mar. 14, 2011

  • That pretty much proves that no matter how much wealth a person has, it's never enough and they want more. The more money a person has, the more extravagant their lifestyle tends to be, then they see a need to make even more money to continue that life style as what would be extravgant to the average person, becomes common place to them. I think too, that someone with say, 2 million, will look at someone who has say, 10 million, and feel "poor" by comparison as they are not able to do or have all the things on 2 million that the person with 10 million can.
    meriana

    Answer by meriana at 10:32 AM on Mar. 14, 2011

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