A Million Ain’t What It Used To Be
That appears to be what the late J.P. Getty, once the richest man in the world, seemed to be thinking and he’s not alone.
According to a survey by Fidelity Investments. Of 1,000 millionaires surveyed last fall, 42% said they don’t feel wealthy – and wouldn’t feel that way until they had $7.5 million in investable assets. The 58% of millionaires who did feel wealthy were also asked how much money they had when they BEGAN to feel “wealthy.” Their answer: $1.75 million. So millionaires who don’t feel wealthy say they would need $7.5 million to feel wealthy, while those who do feel wealthy need only $1.75 million.
via DG Country Prep.
The disparity in financial wealth has grown greatly over the past 30 years. Now, 85% of financial wealth is held by 20% of the population meaning the bottom 85% account for only 15% of financial wealth. Interesting or upsetting?