Does $1 Million Make You Wealthy? Many Investors Don’t Think So

(Los Angeles Times/MCT) -

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 also 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.

The poll, released Monday, also asked investors about other thoughts concerning wealth and spending.

Nearly 30 percent of investors said their top concerns involve health care and long-term care. Their next top concern was providing for their grandchildren and children: 20 percent of investors said providing for family ranked high.

The survey also found that about two-thirds of investors with adult children ages 18-39 currently financially support their children.