Millionaires Increasingly View Themselves as Middle Class Despite High Incomes
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Only 8% of millionaires describe themselves as affluent in today's times, according to a recent survey by Ameriprise Financial involving 3,000 millionaires.
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60% of millionaire investors said they are more likely upper middle class, while 31% consider themselves middle class.
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The average annual income for the top 1% of American taxpayers is around $652,657.
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Americans said they need to earn $233,000 on average to feel financially secure, but $483,000 to feel rich, per a Bankrate survey.
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Higher costs continue to make it hard for households to make ends meet, with surging childcare, auto loans, mortgage rates, rents, and student loans.