The majority of US millionaires don’t consider themselves to be “wealthy,” according to a new study.
Northwestern Mutual’s 2024 Planning and Progress Study, conducted by The Harris Poll, surveyed 4,588 US adults between January 3 and 17, 2024, and found that only 32% of Americans with more than $1 million in investable assets consider themselves “wealthy.”
The remaining two-thirds do not.
Additionally, it found that almost half — 48% — of the high-net-worth individuals surveyed believed their financial plans needed improving.
Although the study found that most American millionaires don’t feel wealthy, they did express greater feelings of financial clarity and preparedness compared to other groups.
According to the study, 78% of millionaires considered themselves to be disciplined financial planners, compared to 45% of the general public, and 84% said they had long-term financial plans that accounted for economic fluctuations, versus just 54% of the general public.
The study also found that most US millionaires— 87% — anticipated being “financially prepared” for retirement, whereas only 54% of the general public felt the same.
“For most Americans, ‘feeling like a million bucks’ is less about believing you’re rich and more about exuding confidence and clarity about the future,” said John Roberts, chief field officer at Northwestern Mutual, in a press release.
He continued: “But for many millionaires, money alone doesn’t create clarity — financial plans do.”
The study suggested that this sense of clarity and preparedness among high-net-worth individuals might be linked to who they consult for financial advice.
It found that 69% of American millionaires work with a financial advisor — more than double the rate of the general public, where only 33% consult one.
The study also found that 59% of these millionaires considered advisors their most trusted source of financial advice, compared to 33% of the general public.
“Many Americans have a high regard for the expert advice they receive from a financial professional, but for wealthy Americans, that trust is even more significant,” Roberts said.
According to Henley & Partners USA Wealth Report 2024, there are some 5.5 million high-net-worth individuals holding over $1 million in liquid investable assets in the US, making up about 37% of the world’s millionaires.
Based on these figures, about 2% of the US adult population qualifies as millionaires by this standard, though other estimates put the proportion a bit higher.
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