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Survey: For some, $1 million is not ‘wealthy’

If you’ve ever dreamed of becoming wealthy, $1 million won’t be enough for you anymore, according to a new survey.

According to Market Watch, the UBS Wealth Management Americas survey came out this week and revealed that only 28 percent of investors who had between $1 to $5 million considered themselves “wealthy.”

But Market Watch said that the results might be skewed due to the way the questions were asked.

Most notably, in the options it offered as answers to the question, “What does it take to be considered ‘wealthy’?” My personal answer to that question would be something like “Feeling confident in my financial security,” or the UBS-provided response, “Never having to work.” But the option that the largest number of survey respondents chose was “No financial constraints on activities.”

Financial constraints or not, it’s not really about how much you have but rather how much you spend and if you do so wisely.

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