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Rich investors say that it takes at least $5 million to
feel wealthy, according to a new investor sentiment report from UBS.
Meanwhile, two-thirds of millionaires don’t consider themselves to be wealthy.
They also define being
wealthy not as having a certain amount of money, but having “no financial
constraints on what they do.” That does indeed likely come with a large price
tag.
The good news for the uber
rich is that less than 20 percent have a pessimistic view of the long-term
economic outlook. That differs sharply from the general population, ashalf of Americans say the
economy is getting worse.
The inflation of how much
the rich thinks it takes to be rich comes at a time of skyrocketing income
inequality. The country’s CEOs now make 273 times what their workers do, while incomes for the wealthiest 20 percent
are eight times greater than those in the bottom 20 percent. And while wages in top-paying
jobs have been holding pretty steady, those for the lowest paying jobs are falling further and further
behind.
While the rich worry about
whether they can make enough to do whatever they want, most Americans are
worrying about whether they can make their next rent payment. Three-quarters of the general
population is currently living
paycheck-to-paycheck with little stored away in emergency savings.
Meanwhile, the American
Dream has become even more mythical as the social class someone is born into
heavily determines how much they’ll make later in life. A third of those who
grow up in the top 1 percent will make $100,000 by age 30,
while just one out of every 25 people in the bottom half of the income
distribution will do so. The rich may not have to worry too much about reaching
that $5 million threshold.
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