American millionaires: We need more to feel rich

A survey by Fidelity Investments reveled more than four in ten American millionaires claim they do not feel rich if they are worth less than $7.5 million.

Apparently a few million dollars simply is not what it used to be. Americans millionaires are suffering the poor economy, feeling as un-rich as the rest of America’s population.

About 42 percent of the over 1000 millionaires surveyed said they were not wealthy.

Every person in the survey is wealthy,” Sanjiv Mirchandani, president of National Financial, a unit of Fidelity told Reuters. “But they are still worried about outliving their assets.”

They compare themselves to their peer group … and they are also thinking about the long period they will have in retirement and want more assets,” said Michael Durbin, president of Fidelity Institutional Wealth Services.

Most respondents however were optimistic the US economy would soon improve. In addition, the same survey last year reveled 46 percent of those surveyed felt they were not wealthy, showing an increase in personal fiscal outlook.

At present the wealthiest 5 percent of Americans hold more than about 55 percent of the wealth in the United States.

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