Who Are the Rich?

The rich don’t really think they’re rich. In a new survey, the vast majority of investors in America with $1 million in assets don’t consider themselves wealthy.

A new report from UBS surveyed 4,450 participants, half had $1 million or more in investable assets, and  had at least $250,000 in investments. Compared with the huge portion of the population that barely has any savings. But do these people think they’re rich? For the most part, the answer is no. Of those with investable assets worth $1 million to $5 million, only 28% answered yes to the question “Do you consider yourself wealthy?”

 Just 60% answered yes to the question.of investors surveyed with $5 million or more in investable assets consider themselves wealthy. In other words, 4 in 10 Americans with assets of $5 million or more think they’re not truly rich.

The UBS asked what would have to happen for these individuals to consider themselves rich?  The most popular answer, selected by half of those surveyed, was “no financial constraints on activities.”

However the above pales into insignificance when Stephen Schwarzman, the billionaire private equity tycoon and co-founder of the Blackstone Group, with only just 181 people richer than him (of which 56 are Americans) was deluded enough to say “I don’t feel like a wealthy person. Other people think of me as a wealthy person, but I don’t.”

About half of Americans don’t have an emergency fund that’d cover three months of expenses