Millionaires don’t all “feel wealthy,” according to the “Fidelity Millionaire Outlook” survey, although the majority do. What’s the magic number? Really, there are two.
Although the 1,000-plus millionaires polled for the survey have, on average, $3.5 million to invest (outside of real estate and company retirement accounts), those who “feel wealthy,” 58%, began to feel wealthy once they had median assets of $1.75 million to invest. The 42 % who did not feel wealthy said they would need a median asset level of $7.5 million to feel wealthy.
“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,” Michael Durbin (left), president, Fidelity Institutional Wealth Services, stated in a release. “Regardless of what the market does, these factors are likely to change and, therefore, millionaires will continue to reassess what it really means to feel wealthy.”