What would you say is the correct definition of “wealthy”? Is someone a rich person if their assets amount to $1 million? Well, Fidelity Investments has recently made a survey that gives us a quite unexpected answer.
The survey included 1,000 households that have at least $1 million in assets (real estate and pension accounts not included), and they were all asked whether or not they considered themselves wealthy. Some of them said they did, other said they didn’t. But the interesting part is that those who wouldn’t call themselves “rich” were not the ones with smaller fortunes.
More exactly, 42% of those who had more than $3.5 million said that they were not wealthy and that the satisfying figures would be around $7.5 million and more. In contrast, 58% of the millionaires with only $1.5 million were ok with being described as rich. Could this be a solid proof that money is never enough and that when you have more you always thirst for even more?
Before giving an answer to this question, there is one more detail that you should know. It seems that the millionaires who didn’t see themselves as rich people were considerably older than the “poorer” millionaires who were satisfied with their wealth. This means that the older filthy rich are more aware of their pressing retirement goals than the younger and freer spirits. However, we will let you reach your own final conclusion on the matter.
Via Wall Street Journal