Most millionaires don't consider themselves wealthy. So what does it really mean to be rich?

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By astir accepted measures, having a nett worthy of $1 cardinal should enactment idiosyncratic firmly successful the “wealthy” category. Yet a increasing fig of millionaires don’t spot it that way.

Just 1 3rd (36%) of the nation’s wealthiest citizens — those with astatine slightest $1 cardinal successful investable assets — see themselves wealthy, according to Northwestern Mutual’s 2025 Planning and Progress study.

Further, astir fractional (49%) of American millionaires accidental their fiscal readying needs improvement, citing the anticipation of outliving their savings, the interaction of taxes successful retirement, and imaginable semipermanent attraction needs arsenic their apical fiscal concerns.

This spread whitethorn beryllium surprising, but it highlights however rising costs, longer lifespans, and shifting expectations person redefined what it means to consciousness affluent successful modern America.

Read more: Millionaires successful America: How communal is it to person a 7-figure nett worth?

One crushed astir millionaires don’t see themselves affluent is due to the fact that our explanation of wealthiness has changed implicit time.

“Being a millionaire utilized to mean you had done truly good and ‘made it,’” said Tom Mathews, CFEd, CPA, and writer of "How Money Works." “Today, it truly conscionable means you’ve crossed an outdated line.”

Mathews explained the occupation isn’t needfully that radical person little wealth today, but rather, they person little certainty and power astir their finances. “Things similar inflation, rising taxes, marketplace volatility, and the escalating outgo of housing, healthcare, and acquisition person changed what fiscal information feels like,” helium said. “A cardinal dollars connected insubstantial doesn’t agelong the mode it utilized to, particularly erstwhile astir of that nett worthy is tied up successful illiquid assets similar homes, status accounts, oregon businesses.”

There’s besides the contented of longevity. With radical surviving longer, a seven-figure portfolio whitethorn not look important erstwhile it’s expected to money decades of surviving expenses and rising aesculapian costs.

In different words, Mathews said, galore radical mightiness look affluent connected paper, but that doesn’t mean they consciousness financially secure.

Read more: What does it mean to beryllium portion of the 1%, and however does your nett worthy compare?

If millionaires don’t needfully consciousness wealthy, what does it instrumentality to consciousness affluent successful today’s economy?

According to Charles Schwab’s 2025 Modern Wealth Survey, Americans request an mean nett worthy of $839,000 to beryllium financially comfortable, and $2.3 cardinal to consciousness wealthy.

Additionally, 63% of survey respondents said it feels similar it takes much wealth to beryllium affluent contiguous erstwhile compared with past year, citing the interaction of ostentation (73%), a worsened system (62%), and higher taxes (48%) arsenic the apical reasons.

Read more: How overmuch wealth is considered rich?

But experts accidental feeling affluent isn’t conscionable astir however overmuch wealth you have. The cardinal is achieving existent fiscal security.

“The existent takeaway is that wealthiness is nary longer astir accumulation. It’s astir confidence,” Mathews said. “Confidence comes from education, strategy, and structure.” He added that erstwhile radical recognize however wealth works, they halt guessing oregon reacting to headlines and commencement making much informed decisions. “That’s erstwhile wealthiness yet feels similar wealth,” helium said.

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Reaching existent fiscal information is simply a idiosyncratic journey; everyone has their ain thought of what that looks like. However, determination are fiscal moves you tin marque to amended your fiscal concern and consciousness much secure.

Create a wide fiscal plan: The Northwestern Mutual Study recovered that millionaires are overmuch much apt to study higher levels of fiscal discipline, confidence, and clarity than the mean American. Having a wide knowing of your budget, fiscal goals, and semipermanent wealth-building strategy tin marque you consciousness much assured successful your future.
Prioritize paying disconnected indebtedness and redeeming more: Your nett worthy is simply a cardinal indicator of your fiscal health. And the look for improving your nett worthy is reasonably simple: Increase what you ain (assets) and alteration what you beryllium (debts). That’s wherefore it’s astute to prioritize paying down indebtedness and expanding your savings to physique a higher nett worthy implicit time.
Seek assistance from a professional: There’s nary shame successful asking for help. In fact, according to the survey, millionaires are much than doubly arsenic apt to enactment with a fiscal advisor than the wide nationalist (74% vs. 34%, respectively). Consulting a nonrecreational tin assistance you amended recognize your finances and make a program with your circumstantial goals successful mind.

Read more: This is the minimum magnitude of savings you request to amended your fiscal well-being

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