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$7 Million Just Not Enough To Make Rich People Feel Rich
By
Jaya Saxena
Published Mar 16, 2011
Modified Mar 16, 2011
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By
Jaya Saxena
Published Mar 16, 2011
Modified Mar 16, 2011
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We don't want to make you drop your monocle or anything, but the country's millionaires might need an intervention. According to a Fidelity survey of 1,000 millionaire households, a couple million just isn't enough to feel like a millionaire anymore! About four in ten millionaires do not feel wealthy anymore, and those who don't said that they would need an asset level of $7.5 million to feel that high again. Just $7.5 million? That's barely enough to keep one's private hunting island stocked with attractive human quarry!
According to Michael R. Durbin, president, Fidelity Institutional Wealth Services, " “Millionaires’ outlook could be seen as a leading indicator of the direction of the economy," so the day when all need $7.5 million to get by could be nigh. However, it's still all relative. Durbin said, "Our survey reinforces that the feeling of wealth is relative, based on factors such as the current market environment, a person’s age, lifestyle, and so on. Regardless of what the market does, these factors are likely to change and, therefore, millionaires will continue to reassess what it really means to feel wealthy." The price of a 185' yacht? $5 million. The satisfaction that your yacht is bigger and fancier than the yachts of your friends at the country club? Worthless.
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Jaya Saxena
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