A new report out (PDF) by UBS Investor Watch shows that only 31% of millionaires “feel wealthy.”
In a survey of more than 4,000 respondents, 69% of millionaires reported that they don’t feel wealthy; 40% of millionaires with investable assets of more than $5 million (meaning, $5 million in spare change) still didn’t feel wealthy.
This may have something to do with their definition of wealthy.
<—- Check it out. 50% of respondents defined ‘wealthy’ as having no financial constraints. Only 10% defined ‘wealthy’ as “ensuring a comfortable lifestyle for next family generations” — what one could arguably call the traditional American dream.
Reports like this provide important indicators on wealth inequality trends in Oregon and around the nation. You see, we looked at a similar report 2 years ago and were shocked to find that in 2011, 42% of millionaires didn’t feel wealthy. But now, just two years later, it’s 69% of millionaires who are asking: “Please, sir, may I have some more?”
The richest Americans have seen their wealth skyrocket in decades, all while middle class families have gotten the squeeze. As Pulitzer Prize winning economist David Cay Johnston shared with Our Oregon, the distribution of wealth in our nation is not a naturally-occurring phenomenon — but is, in fact, a direct result of the policies and practices put into place by our lawmakers.
You can see that very trend in Oregon: During the 2013 legislative session, Oregon Republicans pushed hard to get more tax breaks for the wealthy, even while slashing budgets for senior services and passing a K-12 school budget that still leads to teacher layoffs and overcrowded classrooms in some districts.
So, we’ve got an environment where multi-millionaires are asking for more, more, more (just enough so that they never have to think about money again, is all!) while at the same time our schools, seniors, and other critical services are struggling. How much is enough? Will they ever be satisfied?
And isn’t it time for a change?