Survey: The rich don't think they're richMarch 14, 2011: 11:36 AM ET
Fidelity Investments today released its annual "Millionaire's Outlook," which surveys economic and investing outlooks of around 1,000 families with at least $1 million in investible assets (excluding real estate and/or workplace retirement accounts).
Lots of stuff about how millionaires have little confidence in today's economy, are bullish on the stock market and believe business spending will help turn things around by year-end. But the real kicker is that most millionaires don't feel how millionaires are supposed to feel. You know, rich:
The Fidelity survey found that 42 percent of millionaires still do not feel wealthy, compared to 46 percent, who said they didn't feel wealthy in 2009. In fact, among those who classified themselves as not feeling wealthy, the investable asset level needed to begin to feel wealthy is $7.5 million.
Even the self-aware 58% claimed that they needed $1.75 million to feel wealthy. For context, the median net worth of an American household in 2007 was around $120,000. And that included real estate.
I don't know which amazes me more: That so many millionaires (and multi-millionaires) don't believe they're wealthy, or that they are oblivious enough to admit it?