Posted by JM Ashby
Fidelity Investments recently conducted a survey to ask millionaires whether they felt wealthy or not, and it turns out that quite a few of them don't.
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.
I guess we better reduce the salaries and benefits of teachers and firefighters to prevent these millionaires from edging any closer to the poverty level.