You may think $1 million would make you feel rich. Think again. That's not even close to what you need.
Apparently, the number is a cool $7.5 mil.
When Fidelity Investments surveyed more than 1,000 American millionaire households, 42 percent of them said they don't actually feel rich. While many of them said they would need at least $7.5 million to feel that way, others said they begin to feel rich when they have $1.75 million in investable assets.
To qualify as a millionaire for the Fidelity Millionaire Outlook survey, participants had to have at least $1 million in investable assets that did not include real estate or retirement accounts.
The reality is that everyone who qualified for the survey IS wealthy, but they don't feel that way because they are worried--like the rest of us poor schmucks--about outliving their money.
So who are these rich worrywarts? The average age of the millionaires surveyed by Fidelity was 56 with a mean of $3.5 million of investable assets.
But don't you fret about these millionaires. They're starting to perk up. When Fidelity asked the same questions in 2009, 46 percent said they didn't feel rich.
Fidelity says that the wealthiest 5 percent of Americans hold more than 55 percent of the nation's wealth.
--From the Editors at Netscape