You need $7.5M to 'feel' wealthy, rich people say
We know you’re tired of Charlie Sheen references, but if we’ve learned anything over the past month, it’s that money doesn’t buy you a whole lot of self-awareness.
Indeed, the former Two and a Half Men star, while super rich, doesn’t appear to have a firm grip on reality – yet, maybe he’s not alone among his affluent brethren.
According to a new Fidelity Investments poll, millionaires don’t know what to think about their riches these days. Some think they’re loaded, others don’t, and no one can quite agree on how much money you need in the bank to make you “feel” wealthy.
Surely, the definition of “wealthy” is tough to nail down, and the recession has certainly re-shuffled our perceptions of money. But of a thousand millionaires surveyed by Fidelity recently, the range of how much cash it takes to make you feel wealthy is surprisingly vast.
Of the poll’s respondents – all of whom had at least $1 million in investible assets, excluding retirement accounts and real estate – 42 per cent said they don’t “feel” wealthy with their current financial standing. Fifty-eight per cent said they do.
Fidelity’s most interesting results, though, may be these: of the 58 per cent that said they do feel wealthy, respondents said, on average, they only need about $1.75 million in the bank to feel this way. The other 42 per cent, who said they don't feel wealthy? They’d need about $7.5 million in net worth to finally feel like they belong at the country club.
What’s to blame for this discrepancy? Fidelity exec Mike Durbin said the group that felt “not wealthy” tended to be older, so they have less time to get richer and meet their presumed needs for retirement. By contrast, the group that felt “wealthy” is younger, so they appear quite content with their small fortunes at an early age.
Of course, who needs family, job security and health in a conversation like this?
How much do you think you’d need in the bank to feel truly “wealthy”?
By Jason Buckland, MSN Money
Posted by: Jonsey | Mar 19, 2022 3:41:31 PM
If your banking has a balance of more than zero you must be Wealthy not having any debts
Posted by: Steven | Mar 19, 2022 3:55:31 PM
Only 7.5 million? One would still need nine hundred and ninety two million, five hundred thousand and one dollars more just to break into the 1,200+ strong Billionaire club. Perhaps us little people can all have our taxes raised a lot more to help these unfortunate people make up the remaining $992,501.00 they need to make it into basic billionaire status.
It seems almost ironic that only one generation ago being a * millionaire * would make many feel very wealthy indeed despite income's being more than 1/7th what they are now.
I would feel wealthy with $1 million net in cash. That said, I don't live next door to the Jones's.
Posted by: Brian Cooper | Mar 19, 2022 4:58:20 PM
My website talks about wealth in many different ways and begins with asking what you think of when you hear the word Wealth.
My wife and I live a comfortable lifestyle that does not cost us millions or even thousands of dollars per month and we still do whatever we want. Sure we dream like others about what it would be like to have millions of dollars at our disposal and we buy lottery tickets but in the meantime we "feel like a million bucks" thanks to our grandchildren.
We have friends that are true millionaires but you would never guess it by looking at them walking down the street. They are the most down-to-earth people anybody could ever want to meet. They do not treat us any differently because we do not have the same money as them. We treat them like "ordinary" people and they in return respect it and are comfortable around us.
Posted by: Lisa | Mar 19, 2022 6:28:04 PM
Rich people are so full of it. I can't believe that they need 7.5 million dollars to feel wealthy. It just shows you that Rich people need money to feel valued as a human being and are so insecure with themselves. That is sooooo sad. There is more to life than accumulating money. At lease normal people know that we do not need that amount of money to feel wealthy. Rich people are pathetic. Learn who you really are and get to know yourself without the value of money. Money is not everything.
Posted by: MARTIN | Mar 19, 2022 7:03:46 PM
It's an attitude problem;-
Some feel "wealthy" if they have enough to take care of their own forseeable needs,others will only feel "wealthy" if they have sufficient to give to less fortunate relatives and friends,charities etc etc without feeling they will be depriving themselves---and of course some are just plain greedy!
Posted by: kaz | Mar 19, 2022 7:24:24 PM
As long as I can pay the bills on time and have a little money left over to visit my friends/parents/grandmother then I consider myself to be wealthy. If you are not happy to begin with it doesn't matter how much you have - you will always be looking at your neighbor thinking you have to keep up or beat them. Alot of people appear to have wealth but the bank owns them till they die!*
Posted by: Donna | Mar 19, 2022 11:39:11 PM
Wealth doesn't buy happiness but neither does poverty. Wealth buys peace of mind over wanting/needing material things. So debt free and little put aside for future endevours is the goal everyone should have. The real definitiion of wealth is health. Is that worth a dollar or 7 million dollars? Alot more if you don't have it... so don't sweat the small stuff and enjoy your good health with the best things in life...the free things like love, fresh air and your children.
Posted by: Living Comfortable | Mar 20, 2022 10:30:41 AM
It is without saying that being healthy is the most important. In my case, I equate wealthy as having enough money for our family to take a yearly 1-week vacation in Florida, Mexico, or Carribeans. Enjoying many golfing weekends with friends is a must. Our young Children are able to join many activities to experience different things. Retirement goal is at age 60 with approx. $1 million in savings. Lastly, we also have enough money to assist our parents with extra monetary gifts during their retirement years. We are able to do this with combined salaries of $180K per year. We get a lot of self gratification with our contribution and accomplishments at work. There really isn't much more we can ask for so that is why it baffles me how someone needs millions to survive comfortably. Then again, I suppose someone like Lisa can say the same about my situation. Why the yearly trip? Isn't a trip every 2 years enough? Do yoiur kids really need to try every activity? You get the picture.
Posted by: Trixie | Mar 20, 2022 4:06:11 PM
Wealth buys peace of mind, for this world we live in. Donna, well said. In my opinion, as long as you know how to spend the money you have, you don't need millions. You'll do fine anyway.
Wealth can't buy you health, however, it CAN buy you much healthier food so that you can live much longer. The old phrase comes to mind now "you get what you pay for."
Posted by: Western Guy | Mar 21, 2022 8:17:00 PM
Actually I was happy to see it at $7.5 million. It tells me there are a lot of people in the 1-7 million range that consider themselves normal and average and think they still need to work to increase their nest egg. Why all the critisism for these individuals that don't lord their wealth and consider themselves just ordinary people? These people are the humble small business owners that are building this country.
The richest man I know you would never guess it from his looks (well over 100 million). He has a nice house, but not the nicest in his area. He has a nice car, its a toyota. He will also listen to you and value your opinion when talking to him. Would you all rather he boasted his wealth driving a different colored porshe each day?
Being successful has nothing to do with being greedy. Success in life leads to comfortable finances. Ergo people with money aren't necessary greedy (most in my experience are actually quite charitable). Successful people that consider themselves ordinary are very likely not greedy (they don't consider that their money makes them different so likely don't value money in its own right). So all I really see above is a bunch of people that are jealous and have no conception of individuals that are successful.
I will never consider myself wealthy no matter how much I earn. Why you wonder? Being wealthy denotes that you are special because of your money. I am successful in life which has lead me to money but its my successes and failures that define me, not the wealth.
Posted by: big johnson JR | Mar 23, 2021 3:29:17 PM
LISTEN TO ME I AM RICH MYSELF I'VE GOT 25 MILLION ON LOTTO MAX IM RICH RICH RICH AND I LOVE IT HAHAHAHAHAH. now 7.5 million would be ok but id rather have more and to all you haters YOU CAN SUCK MY D#@K MOTHA F#$%ERS.
Posted by: Tes | Mar 24, 2021 8:00:06 PM
Big Johnson JR and Western Guy,
You are so full of shit that we are disgusted even to write back, but someone has to send you directly to hell!
Two pathetic idiots, showing off on the Internet, because in real life they are just plain losers. Western Guy,
You always have time to post on the Internet, always. What does this tell us about you? That you area lazy ass, frustrated and ignorant, very unsecure and despicable. You have time to post nonsense, but don't have time to change somebody else's life for the better.
Boo Hoo!
Do not write back, as we are not going to read your idiotic comments again.
Posted by: Ed Giglia | Mar 27, 2021 3:41:37 PM
i feel wealththy when I find $5 dollars in a coat pocket I haven't worn in a while