by Karl Utermohlen | July 24, 2013 3:09 pm
Although most of us think we would be well-off with a million dollars, most millionaires apparently have a different definition of wealthy.
According to UBS research, the majority of 4,500 surveyed investors who possess at least $1 million in assets believe they wouldn’t be wealthy until their net worth surpassed the $5 million mark.
CNN reports that 70% of these millionaires believe that they don’t have the freedom to spend freely until they have $5 million to their name. Additionally, most of these people prefer to keep about 20% of their money in cash in case anything happens to their investments.
Despite the fact that their cash might lose value due to inflation over time, these affluent investors remain positive about the stabilization of the economy and their financial situation in the long run.
Source URL: https://investorplace.com/2013/07/the-magic-number-that-makes-millionaires-feel-wealthy/
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