While anyone with $1 million in the bank is technically a millionaire, it apparently takes a lot more money than that for the merely rich to feel truly wealthy. According to a survey of the ultra-rich by Fidelity Investments, the real benchmark for being wealthy is $7.5 million.
The Wall Street Journal relays the results of the survey, which quizzed 1,000 people with at least $1 million in investible assets, 42 percent of which said they don’t feel wealthy. Those who didn’t feel wealthy said it would take an average of $7.5 million to feel rich, and those who did feel wealthy said they first felt rich when they had an average of $1.75 million.
How much money would you need to feel rich?