U.S. millionaires say $7 million not enough to be rich

U.S. millionaires say $7 million not enough to be rich

news.yahoo.com

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.

(visit the link for the full news article)

"Fidelity noted the wealthiest 5 percent of Americans hold more than 55 percent of the nation's wealth."

I know 7 million doesn't hold the same value it used to, but to think one isn't "wealthy" when that far exceeds 99 percent of the rest of the country seems a bit ridiculous.

I don't know what the point of this article is other than to make people angry.



news.yahoo.com
(visit the link for the full news article)

Originally posted by David9176
"Fidelity noted the wealthiest 5 percent of Americans hold more than 55 percent of the nation's wealth."

I think if everything were disclosed, the top 5% would own much more than that. They are obscenely and grotesquely wealthy compared to the rest of us.


These are French Revolution numbers if you ask me.

You can hardly pick up a decent yacht today for 7 million! Let's say you can find a half way decent one around that price, and well you simply can't afford the captain and the crew for it now, you spent all your money on your boat!

You are going to need at least a couple hundred million these days to enjoy any kind of real life.

The government spends more than that a minute!

reply to post by David9176


That's the point...
How does one who has less than someone else FEEL "wealthy".

They are comparing themselves to people who have more... therefore, if richness were a competition, they would be failing just the same as us 20,G'ers are.

Hah... But do not also genuinely fat people get hungry?

Feelings are not fully representative of reality, but they exist.

reply to post by bsbray11

I think if everything were disclosed, the top 5% would own much more than that. They are obscenely and grotesquely wealthy compared to the rest of us.

The top 400 families have more combined wealth the the bottom 50 percent of ALL AMERICANS....that's over 150 million. I'm not giving a source...but there are threads on ATS showing that and it's easy to find on google.

reply to post by David9176


Obviously its enough to be a prat

I have £4 in my bank and I don't have a job, nor am I entitled to any benefits. I get my student loan in a month's time and my food cupboards are running low.

My next option is to beg, borrow or steal. Hopefully the university may provide me with an emergency loan or something to tide me over until then, and i'm praying my bills don't come through too soon, otherwise i'm in the minus and then my bank will charge me £10 a day fee for being in the red.. I'm a victim of circumstance and bad planning and over-zealous bill companies, i'd be quite happy to see a £20.

So anyone moaning about $7 million needs a slap.

Its becasue wallstreet has got the cot of living to go up. and with many things tied into production lines, aka milk with ethanol, etahnol to oil, as examples, it goes up. $7 miilion? i could retire with ahouse on that money. im not greedy* rich people have everything theyve ever wanted, just like rap and rock stars, 12 brand new bmws, 4 mercedes, no one buys a rolls royce anymore i think some rich ceo bought a golden umbrella holder once..most of us use a bathtub*
i gues having 24 rooms 5 bathrooms, and oh i dunna half an acre of a swimming pool isnt enough is it. how delsuional can one get

7 million just wouldn't be enough for them to live the LAVISH lifestyles that they are used to. Wouldn't be enough for them to smear in everyones face.

Give me 7 milion. My great-great-great grandkids would't have anything to worry about. Guess thats because I don't let my ego run my life though.

MOTF!

If they think they need millions more than the millions they already have and it's bugging them, then they're clearly idiots. They should think of what most other people have and do something useful with their money instead of being stupid.

I always wondered what rich people eat? girrafee neck and leg of elephant or something? lol
i dont know what the differnce between a common supermarket, and one all the rich people go to is, ya know?

Lol, I know I'm going to flamed but no 7 million is not enough to make a person rich. It will get you a nice home, a nice car, and get your kids into a good private school, but we not talking the best of the best of anything. It will not allow you spend without conscious or to leave enough for your kids so they don't have to work, which is the mark of a wealthy person. Heck I don't even think you'd get a black American Express with 7 million liquid.

reply to post by David9176


Love = Rich

The top 50% of taxpayers, wage earners, pay 96.03% of all the taxes in America.
Plus, when you figure the devauation of the dollar, coupled with prices rising in gas, food, housing

Maybe 7.5 million isn't enough. Who really cares anyway? If a millionaire is feeling a bit strapped, then by golly, they can feel that way. I remmber a time when the wealthy were admired, put on a pedastal where average folks, like myself, could look at them and say, "I want to be like that too, someday."

Now they are reviled, for having what we don't. Regardless if they earned it, worked hard for it, sacraficed for it, inhereted it. . . . .people see the wealthy as the enemy.

Thanks to liberals who want to "spread the wealth", they have created a class warfare not seen before in the history of this country.

To those of you who are millionaires, I say congrats, well done. You have worked hard andare able to provide a comfortable setting for your family. And by god! if you can make more, do so, before the government takes it away!

reply to post by ziggy1706


Everyone knows they eat unicorn. That and drink directly from the fountain of youth. And they use only the finest silks for toilet paper. They wouldn't want to go chaffeing their bottoms now would they?

MOTF!

If you don't feel wealthy with 7 millions dollars, you are a greedy, spoiled and selfish individual. These people waste more money than most of us could ever dream of.

Yet a 10 year old though would feel incredibly rich with say $100 a month. Bizarre really.

I think it's fair to say on the whole, we are really an ignorant bunch.

reply to post by searching4truth


What you fail to understand is, just because you have 7 million does not mean you have to go out and buy the most expensive car or house you can afford. Thats stupid.


MOTF!

Originally posted by Turq1
Yet a 10 year old though would feel incredibly rich with say $100 a month. Bizarre really.

I think it's fair to say on the whole, we are really an ignorant bunch.

Agreed, it's a completely mad situation when you look at it like that, well said.