If you had $5 million, would you feel rich? That’s the magic number most of the wealthy individuals surveyed by Fidelity say would do the trick.
The more than 1,000 respondents in the survey have an average wealth of $3 million. Though a Fidelity survey of a couple of years ago revealed $7.5 million as the amount required to feel wealthy, more respondents this time say they feel rich than last time, even though they have a slightly lower net worth.
According to CNBC, most people, when asked how much they need to feel rich, say twice the amount they currently have. Those with a million think $2 million would make them feel wealthy and the trend toward doubling up holds true across all levels of income.
It’s likely that people accustomed to their current income level think that doubling the amount makes enough difference to feel confident in their ability to live well.
The rich in the Fidelity survey who earned their money, as opposed to inheriting it, cited capital appreciation, investments, stock options and compensation as the top sources of their wealth.
How much would it take for you to feel rich?
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