Only a small share of millionaires say they feel wealthy.
Despite their substantial wealth, a significant number of millionaires do not perceive themselves as rich. This suggests that the notion of feeling "wealthy" is becoming more elusive. According to a recent study, only 8% of them describe themselves as affluent in today's times.
In a recent survey conducted by Ameriprise Financial, which involved approximately 3,000 affluent American millionaires and was released this week, only 8%, or around 240 individuals, reported that they regarded themselves as wealthy.
The study highlighted that many high-earners are primarily focused on 'safeguarding their accumulated wealth.
Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class, according to a recent Ameriprise Financial survey of more than 3,000 adults. To that point, 31% consider themselves decidedly middle class, per the data that was earlier reported on by CNBC.
While the specific amount may differ from state to state, the average annual income for the top 1% of American taxpayers hovers at approximately $652,657. In Connecticut, which has the highest top-1% income threshold, it reaches a peak of $952,902, as reported by financial advisory SmartAsset.
“Many people feel squeezed between higher prices and lower asset prices,” said Kim Maez, a certified financial planner and private wealth advisor at Ameriprise. "While it's a necessary part of the economic cycle, it's also uncomfortable.”
What It Takes to Experience a Sense of Wealth
The CNBC reported that when it comes to their salary, Americans said they would need to earn $233,000 on average to feel financially secure, according to a separate Bankrate survey. But to feel rich, they would need to earn nearly half a million a year, or $483,000, on average.
Of course, higher costs continue to make it hard to make ends meet. Households are facing surging child-care expenses, ballooning auto loans, high mortgage rates, and record rents, along with the resumption of student loan payments.