You'd think hitting the $3 million mark would make someone feel rich. But according to new data, even that kind of money isn't doing the trick for most.
According to a report from Edelman Financial Engines, only about 33% of people with between $500,000 and $3 million said yes, they feel wealthy. Most said no. In fact, only 12% of Americans overall said they feel like they've made it.
The study surveyed more than 3,000 adults over age 30, including 1,500 higher-net-worth individuals. While respondents generally agreed that $1 million is the magic number to be "wealthy," nearly a third said you'd need $2 million or more to get there.
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A separate Chubb survey of 800 wealthy individuals found the same pattern—but with even bigger numbers. Two-thirds of respondents still didn't consider themselves rich, even those with more than $10 million in investable assets. That's not a typo. Even in the eight-figure club, financial security can feel out of reach.
So what's going on here? How can someone with $1 million—or even $10 million—not feel wealthy?
A few things:
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- Inflation and rising costs: Housing, healthcare, and college tuition are eating into wealth faster than many expected. Millionaires still pay property taxes, tuition, and medical bills—and those aren't getting cheaper.
- Moving goalposts: People tend to compare themselves up, not down. If you're in a $2 million neighborhood but your neighbor just sold their tech startup for $50 million, your own success can feel… well, average.
- Retirement anxiety: Roughly 1 in 3 Americans now believe they'll never fully retire, and 86% say inflation and politics have them worried about their financial future—even with big savings.
- Lifestyle creep: When your income grows, so do your expenses. That's why many high earners still live paycheck to paycheck—just with bigger mortgages and fancier problems.
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In the Edelman report, 49% of Americans said they carry a credit card balance, and 40% owe over $10,000. Nearly half blamed credit card debt as the biggest barrier to building wealth.
Even among millionaires, many are more focused on maintaining their lifestyle than popping champagne. Wealth, for many, has shifted from a dollar figure to something more emotional: security, peace of mind, and freedom from financial stress.
And here's something to keep in mind before you write off your financial progress entirely: According to RFI Global, just 3.2% of U.S. households have $3 million or more in financial assets. That's about 4.6 million households out of the entire country. So if you're anywhere near that range—even if you don't feel wealthy—you're already in rare company.
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