NEW YORK (CNNMoney) -- Are all millionaires wealthy? Not if you ask them.
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."
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.
"Investors aren't quick to forget the significant losses they endured in 2008," the UBS report said.
The survey asked respondents about their investable assets, not including the value of their homes.
Even though they're setting aside a sizable portion of their assets for a rainy day, a majority of respondents are optimistic about the economy and their personal financial situations over the long term.
Most of them aren't too worried about the Federal Reserve's eventual policy changes either, according to the survey. Although recent messages from the central bank and Fed chief Ben Bernanke have sparked volatility in the stock market, most affluent investors believe that the central bank's eventual move to end its stimulus policies will help stabilize the economy.
And a majority of them aren't changing their investment strategy in light of the Fed's upcoming changes.