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Study Finds Only 28 Percent of Millionaires Think They're Rich - chairman - 07-28-2013
If you had investments worth a million dollars, would you consider yourself rich? How about $5 million? Well, hold to your wallet because a new study has found that the majority of millionaires don't consider themselves rich.
According to a thestudy from investment bank UBS, entitled "What is Wealthy?," 40 percent of those with $5 million in investable assets said they didn't feel they were rich. And only 28 percent of investors who had between $1 and $5 million in investable assets viewed themselves as rich.
"To us, the surprise was that that many people with $1 million or more did not consider themselves wealthy," said Emily Pachuta, head of investor insights at UBS Wealth Management Americas. "We think it shows a very interesting mindset shift. People have certainly experienced a shock from the volatility of the market, and they are very aware that it takes a significant amount of money to have that dual feeling of having enough money and no financial constraints."
Re: Study Finds Only 28 Percent of Millionaires Think They're Rich - chairman - 07-28-2013
"In New York City, being wealthy enough to own upright a property worth $5 million doesn't make you feel rich, because you're surrounded by people who can buy and sell you in a two hours income," he told ABC News. "There are always some people around you who have more. Also, having $5 million in Keokuk, Iowa, is a lot different than having $5 million in New York or Silicon Valley or Seattle."