A new survey from Fidelity Investments finds that millionaires aren’t feeling so rich these days.More than four out of 10 American millionaires say they do not feel rich. In fact, participants say they need to have at least $7.5 million in order to feel they were truly rich.
The millionaires’ malaise also extends to sentiments about investing: Only a third of respondents say they have recovered all of the money they lost during the financial crisis of 2008, when U.S. stocks plunged and a shrinking economy fueled a lengthy recession. The vast majority of respondents feel more knowledgeable about the markets, but also more conservative as investors.
However, there is some evidence wealthy Americans are starting to regain their confidence in stocks: 43% said they will invest more in the market over the next 12 months, compared with 11% likely to pull money out.