Across the United States, a growing share of people with seven-figure portfolios say they feel more anxious than affluent. Surveys now show that roughly two in three American millionaires do not see themselves as rich, even as their account balances cross thresholds that once defined the upper class. The disconnect between balance-sheet success and day-to-day security is reshaping what it means to be wealthy in 2025.
Instead of celebrating a milestone, many new members of the “two-comma club” describe a sense of fragility, as if one bad break could knock them off track. Their unease is not just about mood or modesty. It reflects rising costs, shifting expectations and a moving target for what counts as true financial freedom.
Millionaires who say they are not rich
The most striking finding in the latest research is how routine it has become for millionaires to say they do not feel wealthy at all. A major planning study found that only one in three American millionaires actually feel wealthy, even though they have already crossed the $1 million net worth threshold, and nearly half say their financial planning needs improvement, according to research on American millionaires. That sentiment is echoed in broader polling that describes a nation of miserable millionaires, with two-thirds of Americans with more than $1 million in the bank saying they do not “feel rich,” a pattern that has turned Dec into shorthand for a season of uneasy affluence among Two-thirds of Americans.Other surveys put an even sharper number on the malaise. One widely cited poll reports that 70% Of Millionaires Don, Think They, Rich, Even Though People Are Wealthier Than Ever, They Don, underscoring how far perception has drifted from the old idea that hitting seven figures meant you had “made it.” Separate reporting finds that most millionaires do not consider themselves “wealthy” at all, a conclusion that shows up in retirement-focused research that tracks how Home, Practice Most Millionaires Don, Consider Themselves, Wealthy, Most Millionaires Don. When I look across these numbers, the throughline is clear: the millionaire label has lost much of its emotional punch, replaced by a quieter worry about whether the money will really last.
The bar for “wealthy” keeps moving higher
Part of the explanation is simple math. As housing, health care and education costs climb, the amount of money people say they need to feel truly secure keeps rising. Surveys of Americans now find that Americans say you need $2.3 million to be wealthy in 2025, according to Schwab, a figure that instantly relegates many “paper millionaires” to a more modest tier. Another analysis of comfort levels shows that the amount people say they need just to feel financially comfortable has shifted over time, rising from $778,000 reported last year but still sitting below the $1 million Americans cited in 2023, a pattern that highlights how Jul, While, Americans, But are recalibrating their expectations.
Even at higher levels, the sense of abundance can be elusive. One survey of affluent households found that, even with $3 million in the bank, most people still do not feel wealthy, a result that shows up in reporting on how Jul, Even With, Million In The Bank, Most People Still Don, Feel Wealthy, Are You One Of Them. When I talk to planners, they say this moving target creates a treadmill effect: as portfolios grow, so do the benchmarks people use to judge themselves, which means the finish line for “rich” keeps sliding just out of reach.
Why seven figures no longer feels secure
Psychology is only part of the story. The structure of many millionaire balance sheets makes them look stronger on paper than they feel in practice. A detailed survey of high net worth households found that a large share of their wealth is tied up in relatively illiquid assets such as homes and retirement accounts, which helps explain why more Americans than ever are worth $1 million or more but many still feel broke, a tension captured in reporting that links Oct, Rising costs with a lack of day-to-day financial security. When most of your net worth is locked in a 401(k) or a house you live in, it is hard to tap that value to cover a surprise medical bill or help a child with a down payment.
On top of that, the social environment around wealth has changed. In many coastal cities, a $1 million condo, a couple of late-model cars and private school tuition can swallow a seven-figure net worth faster than previous generations might imagine. Surveys of millionaires show that many do not consider themselves wealthy because they are comparing their lives to neighbors with even larger portfolios, a pattern that shows up in research where only one-third of American millionaires with at least a $1 million net worth say they are wealthy, a finding highlighted when Sep, She, CBS, News, Just reported on how a million bucks is not what it used to be. In that context, it is easier to understand why someone with a seven-figure brokerage account might still feel one job loss or one market downturn away from trouble.
Inside the worries of today’s millionaires
When I look at what keeps affluent households up at night, the concerns sound surprisingly familiar to anyone in the middle class, just with more zeros attached. Research into the mindset of the wealthy finds that 2 out 3 millionaires in the US do not consider themselves rich and instead focus on three main worries: maintaining their lifestyle in retirement, protecting their families from financial shocks and making sure they are not a burden later in life, themes that emerge clearly in analysis of how 2 out 3 millionaires in the US don. Those anxieties are amplified by volatile markets and rising life expectancies, which stretch the number of years their savings need to cover.
Even among those who have crossed higher thresholds, the focus is less on luxury and more on resilience. Reporting on affluent investors shows that many are channeling their energy into detailed financial plans, tax strategies and insurance coverage, rather than chasing status symbols. One analysis of millionaire sentiment notes that a significant share of respondents say their financial planning needs improvement, a gap that has prompted more of them to seek professional advice through tools like 401(k) reviews and comprehensive plans, a trend that aligns with the way Nov, Published, EST, Money, Getty Images, They describe the two-comma club. In conversations with advisers, I hear a similar refrain: the goal is shifting from hitting a headline number to building a life that feels less fragile.
Redefining what it means to feel wealthy
All of this raises a deeper question about how Americans define wealth in the first place. If $1 million, or even $3 million, no longer guarantees a sense of ease, then the old benchmarks are losing their cultural power. Some experts argue that the real dividing line is not a specific net worth but whether your money reliably covers your needs, lets you handle surprises and gives you room to pursue what matters most. That perspective is echoed by Brad Clark, founder and CEO of financial advisory firm Solomon Financial, who has argued that the conversation about being wealthy is not just about hitting a number, but about reducing anxiety, a point he makes when Brad Clark, CEO, Solomon Financial weighs in on how much it takes to feel wealthy in America.
From my vantage point, the new millionaire angst is less a paradox than a preview of where the broader middle class is heading. If people with seven-figure portfolios feel squeezed by housing, health care and college costs, it is a warning sign about how unforgiving the financial landscape has become for everyone else. The surveys that show only one in three millionaires feeling wealthy, that 70% say they are not rich and that Americans now peg “wealthy” at $2.3 m or $2.3 million are not just curiosities about the upper crust. They are a mirror of a country where security feels scarce, even for those who, on paper, seem to have more than enough.
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Grant Mercer covers market dynamics, business trends, and the economic forces driving growth across industries. His analysis connects macro movements with real-world implications for investors, entrepreneurs, and professionals. Through his work at The Daily Overview, Grant helps readers understand how markets function and where opportunities may emerge.
