US millionaires say they don’t feel rich – Are you kidding me?

Tell your network:

Tell your network:

Welcome the first in an occasional series, Are You Kidding Me? We’ll highlight shock-worthy news items that we just can’t believe (but are REAL).

“US millionaires say $7 million not enough to feel rich”


ARE YOU KIDDING ME? According to a Fidelity Investments survey, 42% of US millionaires say they do not feel wealthy. The average respondent had $3.5 million in investable assets. They’d “like to have more.”

Maybe that’s why Oregon Republicans are pushing for capital gains tax breaks (a whopping 50%) for Oregon’s wealthiest — because the rich don’t feel rich anymore, and they need a handout from the state to make them feel better. But it doesn’t change the fact that millionaires (actually, anyone who makes more than $500,000 per year) are in the Top 0.4% for wealth in Oregon.

Millionaires control more than 56% of the wealth in the United States. Oh, and a not-so-fun fact I learned last week – the richest 400 people in the US have more money than HALF of the country.

Oregon’s average household income is $61,800. I bet they don’t feel rich either. Nor do skyrocketing number of families struggling to get by on unemployment and food stamps thanks to the recession.

So, to the multi-millionaires who claim that they aren’t rich, we have to ask — are you kidding me?

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