Only a third of millionaires consider themselves rich by 2025, according to new research
A Northwestern Mutual analysis highlights that only 30% of American millionaires consider themselves truly rich this year
According to research developed by Northwestern Mutual based on data from the 2025 Planning and Progress Study, only 30% of American millionaires consider themselves truly rich this year.
The results are the product of a survey of approximately 4,626 Americans, among whom This includes approximately 969 individuals with family assets exceeding one million dollars. The analysis mentioned several factors: wealthier Americans are becoming more concerned about money and their investments, whether it is enough, where and how they should spend it, and whether they will inherit it. According to Mark Mascarenhas, a private wealth advisor at Haven Wealth Advisors of Northwestern Mutual, there is currently “no definitive figure,” and this raises questions about whether one million dollars is enough and even what the ideal amount would be to feel truly wealthy. Liz Windisch, a certified financial planner in Denver, commented that “people with that much money inevitably spend time with other people who are millionaires and who have even more money than they do, and, like the rest of us, they compare themselves to others who have more.” She said that feeling wealthy is closely related to context and perspective. That is why one million dollars would not be the same. in West Virginia or rural Kansas rather than in New York or Los Angeles, where the cost of living is perhaps higher for many.
On the other hand, Northwestern Mutual's research highlights that more than half of American millionaires need to improve their financial planning, and only 53% mentioned that they plan to leave any charitable donations or inheritances, since, according to Mascarenhas, "it's not that they don't want to leave an inheritance. It's just that they're worried about funding their own retirement."
Finally, Libby Rodney, director of strategy and futurist at The Harris Poll, commented that "people used to think that reaching six figures or more was a sign of financial stability,"And now we see it simply as a sign of survival and being in survival mode," he commented.