If you thought that an individual with a million dollars in his bank accounts is rich and affluent, then you would have reevaluate your thinking and perception of being wealthy. As per a recent survey conducted by Fidelity Investments, it has been determined that, many people whom we might perceive to be wealthy, don’t feel rich at all. The survey was conducted on 1,000 households, that have at least $1 million in assets, excluding pension accounts and real estate. All the respondents are known to have an annual income of at least $3.5 million and yet the survey states that, 42% of them wealthy. So, what is their definition of being rich? The answers comes in the figure of $7.5 million at least.
However, a strange trend in the current wealth parameters have surface due to the survey, as58% of the millionaires interviewed stated they feel wealthy and are rich with just $1.5 million amounting to their wealth. So, it comes down to that, the millionaires with about $3.5 million worth of assets do not feel wealthy, while the ones with nearly half that amount state themselves to be rich.
Strange! But true. Even with this bizarre conclusion, Fidelity Investments has been able to make some out of this confusing result, as the company has deduced that, the millionaires who don’t feel rich are in significantly older than the ones who do feel wealthy, and the age factor has led them to worry about achieving their preset retirement goals. The younger generation on the other hand, is taking life as it comes and it more contended with the present, while still planning for the future.