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$7 Million not Enough to Feel Wealthy

There was a time when being a millionaire was enough to be considered rich. But it turns out that to feel rich these days, you need to be worth over $7 million.

According to a survey conducted by Boston-based Fidelity Investments among 1,000 respondents with at least $1 million in assets, you need at least $7.5 million to consider yourself wealthy.

Despite being wealthier than the majority of people on this planet, 42 per cent of the surveyed fear that their fortune will not be enough for the rest of their life.

rich money

The average age of the respondents with the average wealth of $3.5 million was 56 years old. And the older the surveyed were, the more money they wanted to make sure that they stay rich.

According to National Financial President Sanjiv Mirchandani, this can be easily explained as 65-year-old millionaires are considering the loss of regular earnings due to retirement and a few dozen years in retirement, with inflation eating up their dollars faster than expected.

The study also found that the wealthiest five percent of Americans account for over 55 percent of the country’s wealth. The total assets of all households amounted to $56.8 trillion last year, with the income of 5.5 million households totaling at least $1 million.

Though rich people fear inflation and instability, they have a positive attitude toward the future, the most positive it has been in four years. Nearly eight in ten respondents were not afraid to invest despite the financial crisis. About 43 percent planned on investing even more money in stocks in 2012.

Rich people don’t forget about contribution to charity as well – millionaires have donated $38,000 on average to charity this year, which is $2,000 more than in 2009.

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