UBS' (UBS) Investor Watch, the fourth report from the New York City-based wealth manager on Americans' perception of money and wealth, says U.S. investors measure the doorway to true wealth at $5 million. In addition, the report concludes that most U.S. millionaires don't consider themselves wealthy.
Of course, Americans can't settle on just one definition of wealth -- we have a barometer that doesn't have a dollar sign attached, according to UBS.
"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," says Emily Pachuta, director of investor insights at UBS Wealth Management Americas. "If you ask, 'What is wealthy?' we observe that it's about having no financial constraints, holding a lot of cash, taking care of family."
- 70% of investors worth more than $1 million surveyed by the firm say they are "not wealthy."
- 50% of Americans define wealth as having "no financial constraints," while 10% define it as "never having to work again."
- Being able to afford good health care services, especially long-term care, is the goal of 27% of U.S. millionaires.
- Affluent American say they enjoy taking care of their family financially. Helping grandchildren tops the list, followed by helping adult children.
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