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Affluent investors largely associate wealth with greater security, not happiness, fun or a life of leisure, according to a January survey from Spectrem's Millionaire Corner, but attitudes towards wealth vary somewhat by age, occupation and net worth.
Eighty-four percent of investors indicate "greater security" best describes what it means to be rich. Older investors - those ages 61 and up - are more likely to describe the wealthy as having greater security (87 percent). They also have a greater tendency to see the rich as having more responsibility and a more complicated life. Younger investors - those ages 40 and under - are less likely to view the rich as having greater security (72 percent), but are more apt to associate being wealthy with more happiness and fun, and less work.
Ultra High Net Worth investors - those with a net worth of $5 million up to $25 million not including primary residence - are most likely to perceive the wealthy as enjoying greater security (89 percent). Corporate executives are most prone to perceiving the wealthy as having more stress.
When it comes to income, wealth level or lifestyle, Millionaires - who have a net worth of $1 million up to $5 million NIPR - and UHNW investors typically define wealth in terms of net worth. Less affluent investors are more prone to define wealth in terms of income and lifestyle.
For more information about the attitudes and behaviors of wealthy investors see our In-Depth Wealth Reports.