Does $1 million make you wealthy? Most investors don’t think so
Sometimes $1 million isn’t enough.
According to a quarterly UBS Investor Watch survey, nearly 70% of investors with $1 million in investable assets said they didn’t feel wealthy.
Only when investors had at least $5 million did a majority -- 60% -- say they felt wealthy, according to the report.
Still, just 16% said that surpassing a certain asset threshold was what it took to feel rich.
The poll found that half of investors surveyed define wealth as being able to live without financial constraints. About 10% defined being wealthy as never having to work again.
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“Investors are telling us that wealth isn’t just about money. It’s about being able to do what you want to do when you want to do it,” said Emily Pachuta, head of investor insights for UBS Wealth Management Americas.
The poll, released Monday, also asked investors about other thoughts concerning wealth and spending.
Nearly 30% of investors said their top concerns involve healthcare and long-term care. Their next top concern was providing for their grandchildren and children: 20% of investors saying providing for family ranked high.
The survey also found that about two-thirds of investors with adult children ages 18-39 currently financially support their children.
UBS surveyed 4,450 U.S. investors from June 23 to July 1.
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ricardo.lopez@latimes.com
