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Poor Little Millionaires
Every year, Fidelity Investments polls about 1,000 people who are “millionaires.” This year, almost half of them said they don’t feel very rich at all.
According to Fidelity’s report out today, the millionaires saw an average drop in household income of 19 percent and real estate value fell 28 percent. Still, they reported an average of $3.5 million in investible assets and $306,000 in annual household income.
These people are very nervous about their wealth status, but according to the folks at Fidelity, they’re best positioned to do something about it. It seems their own panic has them rolling up their sleeves and getting down to the hard work of building up their wealth. From the press release: “Although most investors hesitate to take action and become gripped by inertia during a market downturn, our research shows that millionaires tend to use this time as an opportunity to reassess and make those tough decisions about their portfolios that can help get their finances back on track,” said Michael Durbin, president of Fidelity Institutional Wealth Services.
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[...] While millionaires lament the status of their portfolio and the drop in their home’s value over a slightly smaller cut of Kobe beef, someone out there is sucking ketchup packages in the rain. While the millionaires don’t “feel” wealthy, some kid is not feeling well because of malnutrition. Who do you think is better-positioned to come out of this downturn in good shape? I’m thinking the millionaires are. [...]