Most millionaires don't feel rich: survey

Reported by AAP
Tuesday, July 30, 2013

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Being a millionaire was once the benchmark of wealth but a new study has found the majority of people with a million dollars in assets don't feel rich.

In fact it takes more like $5 million before a person fells like a millionaire, according to US research by UBS.

The investment bank found just 28 percent of people with between $1 million and $5 million in investable assets viewed themselves as "wealthy".

At the upper end of the scale, 40 percent of investors with $5 million said they felt wealthy.

The "What is Wealthy?" online survey polled 4450 Americans over 25 years old with a minimum of $250,000 in investable assets.

It found 50 percent of investors defined wealth as "having no financial constraints on what they do".

UBS head of investor insights, Emily Pachuta, said the findings were surprising.

"We think it shows a very interesting mindset shift," she said in a statement.

"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."

UBS found the two top concerns for investors were providing for their children and feeling prepared for retirement.

Sources: ABC News, Business Standard
Author: Matthew Henry. Approving editor: Nick Pearson

29/07/2014 20:42Sydney, Australia. 29 July,2014
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