Fifty percent of millionaires with $1 to 5 million in assets fear that one major setback, such as a job loss or market crash, would negatively impact their lifestyle.
So reports UBS in the 11th edition of its “Investor Watch,” a survey of 2,215 U.S. millionaires. The investors have at least $1 million in net worth, including 610 with at least $5 million in net worth.
“This heightened fear is even more prevalent among millennial millionaires, who although having made their fortunes at a younger age, feel even more pressure to ‘keep up with the Joneses’ compared to other generations,” the report states.
Investor Watch finds that more than three-quarters of millionaires (77 percent) grew up middle class or below. Achieving affluence was a “conscious aim:” 6 in 10 (61 percent) aspired to become millionaires; and 65 percent believed that reaching the $1 million mark was “an important milestone.” Nearly three-quarters of millionaires (74 percent) surveyed say they have “made it.” And 85 percent attribute their success to hard work. Forty-four percent said hard work was the single most important factor in becoming a millionaire.