What would you need to feel wealthy?
The question of how much people need to feel rich has been studied for ages, and just about every study comes to a similar conclusion: people need twice their current net worth or income to feel wealth.
The findings are remarkably consistent, no matter the wealth or income level. People worth $10 million say they would require at least $20 million to feel wealthy, while those with an income of $40,000 a year inevitably say they would feel wealthy with $80,000.
A new study from Fidelity is largely consistent with this Doubling Up Wealth theory. Fidelity asked more than 1,000 millionaires how much they would need to feel wealthy.
While most of the millionaires felt wealthy (probably the wealthier ones), the ones who didn’t said they would need $5 million in investible assets. The average wealth of the group was $3 million.
An earlier study from Fidelity found that millionaires needed $7.5 million to feel wealthy. So maybe millionaires are downsizing their expectations for being rich. What’s more, more millionaires this year felt they were wealthy, even though their average net worth is slightly lower.Page 1 of 2 | Next Page