Millionaires See Themselves as Middle Class Despite Wealth, Citing Inflation and Economic Uncertainty
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Only 8% of millionaires surveyed considered themselves wealthy, while most saw themselves as middle or upper-middle class.
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Inflation, higher interest rates, and economic uncertainty are impacting how even the wealthiest Americans view their finances.
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31% of millionaires surveyed identified as middle class, while 60% saw themselves as upper-middle class.
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Though inflation has cooled from 9.1%, it still remains high at 3.7%, straining budgets.
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The Federal Reserve's interest rate hikes to combat inflation have also made borrowing more expensive.