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Wealth Means Having No Financial Limits And $1M Is Not Enough, Millionaires Say

This article is more than 10 years old.

A dollar isn't what it used to be, and neither is one million dollars apparently.

That's according to about 4,500 investors surveyed by UBS who say wealth comes at the $5 million mark. Anything under that and chances are you won't feel wealthy.

But perhaps more insightful is how those surveyed define wealth: It's not about an amount of money but rather wealth means having no financial constraints. Some 50% of participants said they view wealth as having no financial constraints on their activities.

The numbers represent investable assets only meaning real estate assets are excluded from wealth estimates. Those surveyed had at least $250,000 in investable assets and half had at least $1 million in investable assets.

Ten percent said wealth means never having to work again and another 10% said it means ensuring a comfortable lifestyle for generations ahead.

Indeed, four out of five investors are providing financial support for adult children or aging parents, and one in five is sharing a home with those adults, according to UBS.

"Unemployment, the economy and aging parents make concerns about the financial situation of family members significant. In fact, investors’ second-biggest personal finance concern is the financial situation of their children/grandchildren (58% of those with children are concerned, behind being able to afford the healthcare and support needed in old age)," the survey says.

Many are helping their children or parents pay for minor expenses like groceries and phone bills (54%), education costs (42%) and helping them borrow (20%).

For these millionaires, helping out their adult children and parents doesn't seem to be much of a hardship. "While even high net worth investors can be financially strained by this type of help, and they tend to provide support more out of financial necessity than preference, most investors enjoy financially helping their grandchildren (82%), their adult children (76%) and their parents (59%)," the study notes.