Millionaires Increasingly See Themselves as Middle Class Rather Than Wealthy Despite High Net Worth
-
Millionaires now consider themselves middle class rather than wealthy, according to a new survey. Only 8% identified as wealthy despite having $1M+ in assets.
-
The majority (60%) of millionaires surveyed view themselves as upper middle class. 31% see themselves as middle class.
-
When defining "wealthy," millionaires focused more on financial security and freedom rather than a dollar amount.
-
Top reasons millionaires cited for their wealth were financial planning, high income, living within means, and luck.
-
Other surveys show high-earning professionals, like doctors and lawyers, also identifying as middle class rather than wealthy. Factors may include high inflation, interest rates, and economic uncertainty.