Imagine having a six-figure income, owning at least one home and sitting on a spare $1 million in investable assets. Surely a sign that you’ve “made it” and are, by global standards, incredibly rich?
A recent survey of affluent US investors by global financial services firm UBS found 70% of people meeting these criteria don’t consider themselves wealthy. Only those with $5 million or more in assets thought they have enough set aside to feel secure about their future, while the majority of the rest feared a single setback could have a major effect on their lifestyle.
So, if millionaires don’t consider themselves wealthy, where does that leave the rest of us? If we’re unlikely to “feel” rich, no matter how much we earn, is it really worth aspiring to get there at all?
Getting off the treadmill
Decades of psychological research has already disproven the idea that money can buy long-term happiness, with one study even suggesting that lottery winners ended up no more satisfied with their lives after a big win. And The New York Times reported in February about a boom in bespoke therapy for billionaires suffering personal struggles.