[N]early half (46%) of millionaires do not feel wealthy, more than twice as many compared to last year's survey (19%). This is likely due to the fact that millionaires have seen dramatic declines across their holdings.I think Fidelity is on to something.
At least Fidelity could find more than 1,000 millionaire households to survey. What's more, those "millionaire households" were defined narrowly, excluding 401(k)s and other employer retirement schemes. Apparently investment real estate was excluded as well.
Even so, most of the households Fidelity surveyed aren't rich. Rich requires $20 million, $30 million or more, depending on who you ask and where you live. As Robert Frank suggests in The Wealth Report, feeling "wealthy" may be more a matter of choice.
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Commercial: The Fidelity study finds that hard times have caused millionaires to thirst for financial information. Merrill Anderson's newsletters can help quench that thirst.
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