Millionaires are not rich

[cityboy-stl]

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.

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

http://www.reuters.com/article/2011/03/14/us-fidelity-survey-idUSTRE72D3RK20110314

Astounding! The utter arrogance of these people is sickening. Hey Republicans: Those millionaires really need those tax breaks because they aren't rich are they?

If they had $7.5 million they would think they need $10 million.

I could retire and have a nice, comfortable rest of my life on $1 million and I would sure think of myself as rich.

 

[chance1]

well the democrats think "millionaires" are those who make 250k per year

and ending tax cuts for real millionaires, as in income => $1 million prob would have been great politics if not a winner

but alas no

those who made 250k were lumped in

i could do very nicely on 1 million as well

 

[TheTalkingAsshole]

Well assuming you classify a millionaire using net worth (net assests minus liabilities) then I can understand how a lot of "millionaires" wouldn't feel rich. Such as a farmer whose land and equipment has a net value of over $1m. Or the small business owner whose business is worth over $1m but whose income is relatively modest. Or the elderly person who has acquired over $1m in home value and investments. So if you look at it objectively and not through the lens of class envy, then you would probably be able to understand it without casting aspertions.

 

[Ninja108]

I'd sure like their problems....

 

[sixthson]

The person who inherited a few million might feel rich, but the person who spent a lifetime working and earning it probably wouldn't.

 

[rareboy]

Many people with lots of money have impoverished souls.

There are many with little money who are wealthier than billionaires.

As noted though, there are many people today who are accidental millionaires with net assets that put them in that class but not the income.

By any metric, compared to the ever growing, equity poor, low income class in the US, every millionaire should understand they are wealthy.

But I also understand that 7.5 million may be the new benchmark before people feel that the yield from equity puts them in the class of those that actually don't even have to think about money. Which, to many, is the standard for thinking of themselves as 'rich'.

 

[CowboyBob]

We probably all will make a million dollars throughout our lifetime, unfortunately it won't be all at once. I'd like to try having a million in my bank account and see if I feel rich.

 

[Kulindahr]

I could retire and have a nice, comfortable rest of my life on $1 million and I would sure think of myself as rich.

That's one definition. I'll call it "lesser rich". To do that, though, there are places you couldn't live, because things are so expensive.

By any metric, compared to the ever growing, equity poor, low income class in the US, every millionaire should understand they are wealthy.

But I also understand that 7.5 million may be the new benchmark before people feel that the yield from equity puts them in the class of those that actually don't even have to think about money. Which, to many, is the standard for thinking of themselves as 'rich'.

The "greater rich". The lesser rich can fly to Hawaii for a couple of weeks if they feel like it; the great rich can but a new $80k vehicle because they feel like it.

Most of us can buy dinner out if they feel like it.

But for many, that dinner out would be at Burger King.


Draw a line between the lesser rich and those below. Republican policies aim at making that line into a big gap.