Millionaire Status Doesn't Always Mean Wealthy - Depends on Cost of Living, Lifestyle, and Location

Whether millionaires are considered middle class depends on factors like cost of living, assets, debts, lifestyle, and location. A millionaire in a high cost-of-living area may feel financially squeezed.

The middle class is usually defined as having an annual household income between $35,000-$100,000, but there is no universally agreed upon definition.

Having a high net worth does not necessarily mean being wealthy if you still rely on a regular income to sustain your lifestyle.

Location impacts perceptions of middle class status. In high cost-of-living cities, being a millionaire seems more “middle class.”

While definitions vary, millionaires overall have greater financial freedoms and advantages compared to middle income families living paycheck to paycheck.