U.S. millionaire says at least $7.5 million required to be “rich”
A good number of U.S. millionaires grumble that worth of a million dollars is not the same today as it used to be, a few years back, states Fidelity Investments in its recent survey.
In a recent survey, at least four out of ten American millionaires divulged that they don’t feel they are well-off.
In fact, many even stated that they,, without any doubt, would require at least $ 7.5 million so as to consider themselves to be really wealthy.
This, out of the ordinary, survey was conducted by Fidelity Investments.
During the survey, over 1,000 millionaires were questioned, out of which nearly 42 percent replied that with the amount of riches they possess, they can’t call themselves wealthy.
Fidelity Investments’ survey 2011
All the survey volunteers had a minimum of $ 1 million in investible assets. As per the survey norms, retirement accounts and realty don’t fall under investible assets.
In fact "Every person in the survey is wealthy… But they are still worried about outliving their assets." said Sanjiv Mirchandani, president of National Financial, a unit of Fidelity.
On average, all the participants were of 56 years of age with a wealth of investable assets worth $3.5 million.
In general people compare themselves with their peer group. They also contemplate on forthcoming long years they would have to spend in retirement and the time they would need more assets to rely on, to maintain their current standard of living, Michael Durbin, president of Fidelity Institutional Wealth Services said in this context.
Survey found out people today more optimistic than in 2009
However, millionaires today are somewhat more hopeful than they used to be in 2009. As the study in 2009 showed 46 percent of the participants did not feel they were well-off.
The current survey shows the participants to be more hopeful about the U.S. economic recovery. Most of them maintained that though current economy would remain fragile, its will start showing improvements by the year end.
Fidelity also found out that the 5 percent of the wealthiest Americans are responsible for more than 55 percent of the country's riches.