Feeling Like a Million Dollars? Not If You're a Millionaire

Would you feel wealthy if you had a million dollars?

You might think so but a survey of more than 1,000 households with an average of $3.5 million in investable assets found that 42 percent don't feel wealthy and said they would need at least $7.5 million to feel really rich.

What about the 58 percent who do feel wealthy? They tended to be younger and thus are looking at accumulating more wealth before they reach retirement age, the Fidelity Investments survey found.

Why the difference? Presumably, younger millionaires are still working and building their personal assets, while millionaires in their 60s are looking at retiring and facing up to 30 years of retirement living.

You might think a few million would get you through retirement nicely but it's not, as the saying goes, what it used to be.

The survey did find, however, that millionaires are feeling a bit better about the economy and that about 83 percent say the financial crisis didn't shake their confidence in investing, although only 43 percent said they plan to invest more money in stocks this year.

There are about 5.5 million U.S. households with at least $1 million in assets, or about 5 percent of the population. Millionaires control 56 percent of the country's wealth, according to Fidelity.