42% of millionaires don’t feel wealthy

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While most millionaires say they feel wealthy, a large share do not, according to a survey by Fidelity Investments.

Of 1,000 millionaires surveyed last fall, 42 percent said they don’t feel wealthy — and wouldn’t begin to until they had $7.5 million in investable assets (what they have without counting workplace retirement accounts or real estate).

Feeling wealthy involves a sense of having more than what you need, said Gail Graham, the executive vice president at Fidelity Institutional Wealth Services. This can include the ability to buy luxurious items and give your money away to family members.

“Many of the respondents are baby boomers, who are supporting their parents and children,” Graham said.

Retirement saving is a major worry, even for millionaires. Four in 10 surveyed said their biggest concern is having enough money to support their lifestyle after retirement.

“It’s not about ‘Do I have enough money?’ It’s also reflective of an older population facing retirement,” Graham said. “The best way I can put it is that when you’re older and you make a mistake, you don’t have 10 years to make it up.”

The fourth annual study also found that millionaires in general are feeling far more optimistic about the U.S. economy than they did two years ago.

“This is an important insight,” Graham said. “They command the biggest share of the U.S. economy ... so if they do start spending and approve spending, that will draw the economy to improve.”