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72% of Millionaires Don't Think They're Rich

72% of Millionaires Don't Think They're Rich
Posted July 29th, 2013 @ 9:59am by Arden Dier, Newser Staff

(NEWSER– Having millions of dollars to invest doesn't make you rich, at least according to those who have those millions. A study by investment firm UBS has found just 28% of people with between $1 million and $5 million in investable assets consider themselves wealthy, ABC Newsreports. While your first reaction may be to scoff—especially since the median household income is $51,500—the study points to a real shift in what it means to be rich, and it isn't just wads of cash. Half of investors define wealth instead as "having no financial constraints on what they do," the study says.

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