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Are You Wealthy If You Have $1 Million?

Poll QuestionWhat’s it take to feel wealthy? More than a million bucks, say 70% of millionaires.

UBS Wealth Management Americas recently surveyed investors with more than $1 million in investible assets and found they set the bar for being considered wealthy at $5 million.

Half of the group also defined wealth as having no financial constraints, while only 10% felt it was measured by never having to work again and 9% by the ability to live in luxury.

Seems that 80% of these folks who have adult children financially support them, as well as their grandchildren and elderly parents, and they enjoy helping them out by paying for their education, minor expenses and large purchases; co-signing on loans; and providing housing.

While their greatest concern is affording health care and long-term care for themselves, a close second is their children’s and grandchildren’s financial situations.

Lower on the list: affording retirement and outliving their assets.

This demographic also feels comfortable having a lot of cash on hand – far beyond the amount financial experts generally recommend for an emergency fund. According the survey, it’s a “security blanket” because they know they’re unlikely to lose it. In turn, they’re aggressive in other investments.

“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,” says Emily Pachuta, head of investor insights, UBS Wealth Management Americas, in the survey news release. “If you ask, ‘what is wealthy?’ we observe that it’s about having no financial constraints, holding a lot of cash, taking care of family.”

Chart showing whether millionaires consider themselves wealthy

You can read the full survey here.

Then give us your own assessment of what wealth means.

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Results from last week’s question: 50% of respondents said they are satisfied with their bank and plan to stay; 33% said they are unsatisfied, but won’t leave; 17% said they plan to switch banks.

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