If you were a millionaire, would you consider yourself a wealthy person? The Fidelity Millionaire Outlook survey, an online survey, was conducted by Northstar Research Partners during the period of October 18-29, 2010. The results reflect the responses from 1011 financial decision-makers of U.S. households with investable assets of at least one million dollars.
Needless to say, most of us were not included in that survey. Millionaires make up only 5% of the U.S. population. By contrast, in 2008, the median income for all households in the U. S. was approximately $52,000, according to figures by the Census Bureau. That means the households addressed in the survey represent income levels that were at least 20 times the median income for all households. Nonetheless, of those millionaires surveyed, 42 percent of them did not feel wealthy. These millionaires said they would have to achieve an investable asset level of at least $7.5 million to feel wealthy.
Moreover, according to the survey, 4 in 10 millionaires say that their most pressing financial concern is that of securing enough resources to support their lifestyle during retirement. However, overall, these millionaires had a dramatically improved outlook on the future of the economy.
So what is the take away value from this survey for the average American? Most of us don’t need to have $7.5 million dollars to feel wealthy. And our status of living that needs to be supported during retirement is in a world that’s altogether different from theirs. Also, for many of us, our definition of wealth and/or our value system may substantially differ from those of the millionaires surveyed. Nevertheless, the views of this wealthy community should be of value to us because they have the means to influence financial markets, and their outlook on and their confidence in the future of our economy determine what level they are willing to be a player in our economic recovery.
Copyright ©2011 by Frank King. All rights reserved.