Corporate Accountability and WorkPlace

Rich Investors Say They Don't Feel Rich Unless They Have $5 Million

Meanwhile, two-thirds of millionaires don’t consider themselves to be wealthy.

The following content originally appeared on ThinkProgress

Rich investors say that it takes at least $5 million to feel wealthy, according to a new investor sentiment report from UBS. Meanwhile, two-thirds of millionaires don’t consider themselves to be wealthy.

They also define being wealthy not as having a certain amount of money, but having “no financial constraints on what they do.” That does indeed likely come with a large price tag.

The good news for the uber rich is that less than 20 percent have a pessimistic view of the long-term economic outlook. That differs sharply from the general population, ashalf of Americans say the economy is getting worse.

The inflation of how much the rich thinks it takes to be rich comes at a time of skyrocketing income inequality. The country’s CEOs now make 273 times what their workers do, while incomes for the wealthiest 20 percent are eight times greater than those in the bottom 20 percent. And while wages in top-paying jobs have been holding pretty steady, those for the lowest paying jobs are falling further and further behind.

While the rich worry about whether they can make enough to do whatever they want, most Americans are worrying about whether they can make their next rent payment.Three-quarters of the general population is currently living paycheck-to-paycheck with little stored away in emergency savings.

Meanwhile, the American Dream has become even more mythical as the social class someone is born into heavily determines how much they’ll make later in life. A third of those who grow up in the top 1 percent will make $100,000 by age 30, while just one out of every 25 people in the bottom half of the income distribution will do so. The rich may not have to worry too much about reaching that $5 million threshold.

Bryce Covert is the Economic Policy Editor for ThinkProgress. She was previously editor of the Roosevelt Institute’s Next New Deal blog and a senior communications officer. She is also a contributor for The Nation and was previously a contributor for ForbesWoman. Her writing has appeared on The New York Times, The New York Daily News, The Nation, The Atlantic, The American Prospect, and others. She is also a board member of WAM!NYC, the New York Chapter of Women, Action & the Media.

Sign Up!
Get AlterNet's Daily Newsletter in Your Inbox
+ sign up for additional lists
[x]
Select additional lists by selecting the checkboxes below before clicking Subscribe:
Activism
Drugs
Economy
Education
Election 2018
Environment
Food
Media
World