The definition of "wealthy" is a moving target, depending on the economy and prevailing politics. To some in the White House, a salary of $250,000 a year is wealthy, to others, its barely a living wage.

But millionaires have their own benchmarks. According to a Fidelity Investments survey of more than 1,000 millionaires (households with at least $1 million in investible assets, excluding retirement accounts and real estate), 42% of respondents say they dont feel wealthy. Keep in mind that while $1 million is the threshold,...