The rich have it so bad these days. People say mean things about them and Congress almost raised their taxes a little bit. That would really cut into the caviar budget. A new survey shows that most wealthy people don’t feel wealthy:
A million dollars ain’t what it used to be. More than four out of ten American millionaires say they do not feel rich. Indeed many would need to have at least $7.5 million in order to feel they were truly rich, according to a Fidelity Investments survey.
Some 42 percent of the more than 1,000 millionaires surveyed by Fidelity said they did not feel wealthy. Respondents had at least $1 million in investable assets, excluding any real estate or retirement accounts.
“Every person in the survey is wealthy,” said Sanjiv Mirchandani, president of National Financial, a unit of Fidelity. “But they are still worried about outliving their assets.”
Perhaps they’ve been watching too much Glenn Beck. Perhaps this disconnect between reality for the rich and the non-rich is why our policies have been so weighted towards the rich. The wealthy think they’re just getting by on their measly $3M and really have no idea of what regular people experience. But they think they do.