Dan Primack

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Survey: The rich don't think they're rich

March 14, 2011: 11:36 AM ET

From the Department of Delusion:

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?

Join the Conversation
About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

Email a Tip | @danprimack | RSS
Current Issue
  • Give the gift of Fortune
  • Get the Fortune app
  • Subscribe
Powered by WordPress.com VIP.