72 pc of millionaires think they're not wealthy

Majority of millionaires don't consider themselves rich, a new study has revealed.

The study entitled 'What is Wealthy?' and conducted by investment bank UBS found that only 28 per cent of investors with between 1 million dollars and 5 million dollars in investable assets considered themselves rich, ABC News reported.

However, 40 percent of those with 5 million dollars in investable assets admitted that they didn't feel they were rich.

Emily Pachuta, head of investor insights at UBS Wealth Management Americas told the publication that many people with 1 million dollars or more did not consider themselves wealthy.

The online survey of 4,450 Americans ages 25 plus with a minimum of at least 250,000 dollars in investable assets, found that 50 percent of investors define wealth as "having no financial constraints on what they do."

Although the 5 million dollar plus investors are twice as likely to feel wealthy as investors with 1 million dollars to 5 million dollars in assets, only 64 percent of the former and 62 percent of the latter felt confident that they would achieve their goals.

Out of the respondents who have adult children, 80 percent said they are providing financial support for adult children, grandchildren or aging parents.

The study also found that many millionaires are afraid to lose it all.