Millionaires Believe they are Part of the Middle Class

• Despite high net worths on paper, only 8% of investors with over $1 million in assets feel wealthy due to inflation reducing purchasing power.
• Most Americans say they need $1 million in the bank to feel wealthy, but millionaires think they need $3-5 million to feel financially secure.
• Persistently rising costs like childcare, housing, and credit card debt continue to strain household budgets for Americans across income levels.

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What the Research Shows

• According to a recent Ameriprise Financial survey, only 8% of investors with over $1 million in assets feel wealthy. 60% consider themselves upper middle class.
• 31% of millionaires surveyed identify as middle class.
• In a Bloomberg survey, even those earning over $175,000 per year, the top 10% of taxpayers, said they felt financially strained. 25% described themselves as poor, very poor, or just getting by.
• 44% of millionaires say they feel “very comfortable” financially, per a report by Edelman Financial Engines.

How Much Money Does It Take To Feel Wealthy?

• Most Americans say they would need $1 million in the bank to feel wealthy. But millionaires think they would need over $3-5 million.
• To feel financially secure, Americans think they need to earn $233,000 per year. To feel rich, they say they need $483,000.

Why Costs Keep Rising

• Households face surging childcare costs, high mortgage rates, record rents, ballooning auto loans, and the restart of student loan payments.
• More people rely on credit cards to cover expenses. Credit card debt recently spiked to an all-time high.
• Structural economic changes over decades have made it harder to get by on a single income.

Conclusion

While millionaires have high net worths on paper, many no longer feel wealthy due to inflation reducing their purchasing power. Persistently rising costs continue to strain household budgets for Americans across income levels.