WASHINGTON (CBS DC) – The majority of millionaires don’t think they are rich.
A new study from investment bank UBS finds 40 percent of those with $5 million in investable assets said they didn’t feel rich.
Only 28 percent of investors who had between $1 million and $5 million in investable assets viewed themselves as rich.
“To us, the surprise was that that many people with $1 million or more did not consider themselves wealthy,” said Emily Pachuta, head of investor insights at UBS Wealth Management Americas, in an interview. “We think it shows a very interesting mindset shift.”
UBS conducted an online survey of 4,450 Americans ages 25 and older who have a minimum of $250,000 in investable assets. Fifty percent of investors defined wealth as “having no financial constraints on what they do.”
The study also found that cash is still “king” and four out of five investors provide financial support for adult children or aging parents.