From CNN Money via Yahoo Finance:
A whopping 70% of those with at least $1 million in investable assets don't consider themselves to be wealthy, according to a survey of 4,500 affluent investors by UBS. Rather, it's only when they hit the $5 million mark that millionaires begin to feel "wealthy." Read more
Why $5 million? Apparently, that's the level at which most rich people feel they have "no constraints on activities," according to the survey. For them, feeling wealthy requires more than never having to work again or ensuring a comfortable lifestyle for future generations of their family.
In addition to feeling like money is no object, most wealthy people are more confident about investing if they hold about 20% of their assets in cash for emergencies.
And while they're aware and worried about inflation, wealthy investors say they still need significant cash holdings to give them peace of mind.
IMO being wealthy is not the same as feeling wealthy. An old commercial used to say that if you had your health you had just about everything, which is very true. Wealth is a state of mind - it's not what you have, but how much you appreciate and enjoy what you have that also contributes to feeling wealthy. While we may not have $5 million, if we are healthy, have a roof over our heads, food on our tables, and clean air and water, we are far luckier than a significant number of people on the planet.