If you earn more than $400,000 a year, you’re one of the lucky, wealthy people to be hit with a higher federal tax rate this year. Anyone whose income tops about $370,000 makes it into the top 1% of earners, according to IRS data. And having $1 million in assets makes you—well, a millionaire.
But falling into one of those camps doesn’t mean you feel wealthy. Amazingly, a quarter of the millionaires surveyed by investment firm Fidelity last year said they don’t consider themselves wealthy. It depends how you define “rich.” It can also depend on where you live—it’s harder to feel loaded in a pricey city—and who you hang out with.