Affluent investors surveyed by Fidelity Investments say wealth starts at the $7.5 million mark.
The investors had an average of $3.5 million in assets, ranking them among Americans top 5 percent, yet 42 percent of them said they don’t feel wealthy,” said the report by Fidelity, the nation’s second largest mutual fund company.
“These results are consistent with our research showing a mismatch between actual wealth and perceptions of wealth,” said George H. Walper Jr., president of Spectrem Group. “This perception gap is a consistent trend we’ve tracked over the past decade.”
Only 10 percent of investors with a net worth of $5 million to $25 million described themselves as “very wealthy” in a recent Spectrem survey. Twenty-eight percent of these Ultra High Net Worth Investors said they fall into the “moderate wealth” category. Most describe themselves and their spouses as coming from moderate or poor backgrounds. They attribute their success to hard work, education, smart investing, taking risks and luck.
Mega-millionaires might not feel rich, but by any measure their wealth and income are exceptional. UHNW Investors receive an average pre-tax income of $448,000, according to Spectrem Group. In contrast, U.S. Census data shows that the average annual income across all American households was an adjusted $32,544. Only 2.1 percent of American households earn an annual income of $250,000 or more.