Study Finds Only 28 Percent of Millionaires Think They're Rich

If you had investments worth a million dollars, would you consider yourself rich? How about $5 million? Well, hold on to your wallet because a new study has found that the majority of millionaires don't consider themselves rich.

According to a study from investment bank UBS, entitled "What is Wealthy?," 40 percent of those with $5 million in investable assets said they didn't feel they were rich. And only 28 percent of investors who had between $1 and $5 million in investable assets viewed themselves as rich.

"To us, the surprise was that that many people with $1 million or more did not consider themselves wealthy," said Emily Pachuta, head of investor insights at UBS Wealth Management Americas. "We think it shows a very interesting mindset shift. People have certainly experienced a shock from the volatility of the market, and they are very aware that it takes a significant amount of money to have that dual feeling of having enough money and no financial constraints."

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http://news.yahoo.com/study-finds-only-28-percent-millionaires-think-theyre-045637414.html

 

Rich is pretty relative, and it depends on the individual. I guess if you managed to acquire millions, then you could call yourself such. But if you're born into that kind of wealth, then to be rich, you have to be wealthy aka billionaires.

 

yeap- nowadays 1 Million isn't rich at all.
A friend of mine, we just talked about it lately, is always afraid to starve, what is ridiculous..she owns several houses with multiple appartments at the most expensive Corners of the biggest cities in Switzerland, what is minimum 20-30 millions worth, but she is born into that richness. I assume it depends on their trust in themselve to make the right decisions

 

Also 1 million will not get you nearly as far today as it did 20 years ago

 

If I were to have $5 million, I'd be smart with my money and not spend so lavishly. Basically, live in a middle class lifestyle because I hate the idea of flaunting my money as though I have insecurity issues. Not only that, it would carry me long until my death.

But, if we're talking family related, then I better put it to better use and increase the revenue to live more comfortably.

It depends on how you invest in it. Simply spending one million in your lifetime would fall short pending your tastes and what you want. Best to be smart with it than to act stupidly and turn into a financial wreck.

 

truth! out here in cali, a million can barely pay off a house.

 

It is also indicative of the abnormal way people view themselves in the U.S. The endless boosterism and positivity about the economy makes millionaires think they aren't rich and blue collar workers consider themselves "middle class" instead of working class.

 

i guess when u also factor in debt...then that puts a different view on things