Different people have a different definition of what it means to be rich, but the results of a new study may surprise you. According to an “opt-in, online survey of 4,450 Americans ages 25 plus” conducted by the investment bank UBS, a mere 31% of people with over $1 million dollars in “investable assets” considered themselves wealthy.
When looking strictly at people with over $5 million in investable assets a more reasonable 60% of those surveyed considered themselves wealthy. But to look at it another way, 40% of people with over $5 million to throw around don’t feel that rich.
ABC News spoke with Cliff Goldstein, a personal finance associate, who said, “It’s shocking to those of us who are not personally in that range, but it’s not surprising when you take into the account the costs and expenses that are associated with people at that level of wealth.”
Exactly. You’re not going to find a million dollars walking down the street! You need a boat or some sort of personal aircraft to hunt down that sort of dough.
ABC News also interviewed David Cay Johnston — a Pulitzer Prize-winning author — who pointed out, “Having $5 million in Keokuk, Iowa, is a lot different than having $5 million in New York or Silicon Valley or Seattle.”
The moral of the story: I gotta get my ass to Keokuk, Iowa. Call me a Greyhound bus! Better yet, we’ll walk. Much cheaper.