70% Of Millionaires Don't Consider Themselves Rich — People Say It Take Much More Money To Feel Wealthy

A few years ago, the word millionaire brought to mind a crystal-clear image: someone who'd "made it." Fancy car in the driveway, a vacation home or two, maybe even that little Monopoly man with a top hat. Millionaire status was a shorthand for elite wealth—the kind that meant financial freedom and a life of ease.

But now? Hitting the million-dollar mark barely moves the needle.

According to the 2024 Northwestern Mutual Planning & Progress Study, just one-third (32%) of American millionaires actually consider themselves "wealthy." That means nearly 70%—despite having a net worth many dream about—don't feel rich at all. Even more shocking, almost half (48%) admit their financial plans need improvement.

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So, what gives? Have Americans outgrown the millionaire dream—or has the definition of "wealth" quietly changed when no one was looking?

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Are Americans Wealthier Than Ever?

By the numbers, yes. The wealthiest 1% of Americans—those with a net worth above $1.1 million—saw their collective net worth skyrocket by $2 trillion in the first quarter of 2024, climbing to $46.2 trillion. The U.S. also created more new multimillionaires than any other country last year, with the number of people holding over $10 million growing by 4.4%. A report by Douglas Elliman and Knight Frank, states 40% of the world's ultra-high-net-worth individuals now live in America. 

Why Don't Millionaires Feel Wealthy?

Here's where things get complicated. Despite record-breaking net worth stats, most millionaires still feel like they're on the outside looking in. Why?

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Inflation & Cost of Living: In major cities like San Francisco, New York, and Seattle, even top earners struggle to afford homes. Last July, Arrived reported home prices surged 500% in the last 40 years.

Moving Goalposts: Charles Schwab's 2024 Modern Wealth Survey found the average American now thinks it takes $2.5 million to be considered "wealthy"—a 14% jump from past years. In San Francisco, the number soars to $4.4 million.

Psychological Barriers: Many millionaires set their personal "wealthy" bar even higher—often at $3 million or more. Fear of losing wealth, lifestyle creep, and the constant comparison game all play a role.

Disposable Income Is Up—But So Are Expectations

While disposable personal income continues to grow, up 3% annually for 2024, financial stress remains high. More than half of Americans—including many earning six figures—still live paycheck to paycheck, according to a report from the Bank of America Institute. Rising costs and social comparisons keep pushing the bar for what counts as "comfortable" higher and higher.

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Millionaires: Disciplined, Not Delusional

Even if they don't feel rich, millionaires tend to be much more financially prepared than the general public. The Northwestern Mutual Study found:

• 87% expect to be financially ready for retirement (compared to just 54% of the general population).
• 78% describe themselves as disciplined financial planners.
• 69% work with financial advisors—double the rate of the general public.
• And nearly 80% say their wealth is self-made, not inherited. Still, they share common financial worries: taxes, retirement security, and outliving their savings.

Not everyone's chasing the same number. Some want more. Some want less. It's personal. But whether your goal is a million or just peace of mind, smart planning, good advice, and living within your means will always matter.

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