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- Only 13% of millionaires think they’re wealthy, according to a recent Ameriprise Financial report.
- It shows that class and wealth are two different things – and class in America isn’t just about money.
- A high cost of living in certain cities can also influence how wealthy someone feels.
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Not many millionaires think they’re rich.
That’s according to a recent study from Ameriprise Financial, which surveyed about 3,000 affluent Americans ages 30 to 69. The respondents had investable assets of at least $100,000, and more than 700 were millionaires.
When asked how they classify their economic status, only 13% of millionaire respondents defined themselves as wealthy. The majority (60%) defined themselves as upper-middle class, while around 25% considered themselves middle class. Slightly more than 3% identified as poor or middle class. Each respondent’s exact million-dollar net worth is unknown, but they all selected the $1 million-plus range when asked to describe their household’s total investable assets.
“The reality is even people who have accumulated seven figures juggle many financial goals, wants and needs,” Marcy Keckler, Vice President of Financial Advice Strategy at Ameriprise said in a press release. “It takes careful planning for investors to reach the financial milestones they’ve set out for themselves, even for those who’ve built sizeable nest eggs already.”
This is the latest finding demonstrating that in the United States, money – or being moneyed – is relative.
Charles Schwab’s 2019 Modern Wealth Survey found that on average, Americans think it takes $2.3 million in the bank to be wealthy.
An earlier, separate survey by INSIDER and Morning Consult found that some Americans earning less than $50,000 feel rich, while others earning more than $100,000 feel poor. According to the survey, nearly half of Americans earning $100,000 or more identify as middle class.
All these numbers suggest that class in America isn’t just about money. Class and wealth aren’t the same – and both are relative. Some people can earn less and still feel rich, while others can earn more and feel that they’re struggling financially.
Feeling wealthy may come down to location. That Schwab report found that San Francisco residents think it takes an average of $4 million to be wealthy, while New York City residents think it takes $3.2 million.