You’d think that if you have a million dollars in the bank, you’d feel pretty financially secure, right? It turns out, a lot of millionaires disagree, according to new research. A survey of 3-thousand adults from Ameriprise Financial finds that only 8% of millionaires actually consider themselves wealthy these days.
The poll reveals that around 60% of investors with $1-million or more in assets characterize themselves as upper middle class, rather than rich, while 31% say they’re just middle class. A separate survey from Bloomberg finds some high earners actually feel poor. It reveals that a quarter of those making more than $175-thousand a year say they’re “poor,” “very poor” or “getting by, but things are tight.” And some folks making more than $500-thousand and $1-million also said the same.
So how much money would make people actually feel wealthy? Research from Edelman Financial Engines finds most people say they’d need $1-million in the bank, while more than half would need more than $3-million and a third say it would take over $5-million for them to feel rich.
Source: CNBC