Does $1M make you wealthy? Many investors say no
By The Los Angeles Times
Published: Wednesday, July 24, 2013, 12:01 a.m.
Sometimes $1 million isn't enough.
According to a quarterly UBS Investor Watch survey, nearly 70 percent of investors polled said a million bucks didn't make them wealthy.
To feel “wealthy,” most investors said they'd need at least $5 million, according to the report.
The poll found that half of investors define wealth as being able to live without financial constraints. About 10 percent defined being wealthy as never having to work again.
“Investors are telling us that wealth isn't just about money. It's about being able to do what you want to do when you want to do it,” said Emily Pachuta, head of investor insights for UBS Wealth Management Americas.
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