{"id":11367,"date":"2025-11-07T21:51:45","date_gmt":"2025-11-07T20:51:45","guid":{"rendered":"https:\/\/oxfordwisefinance.com\/blog\/?p=11367"},"modified":"2025-11-07T21:51:54","modified_gmt":"2025-11-07T20:51:54","slug":"millionaires-reveal-they-dont-feel-wealthy","status":"publish","type":"post","link":"https:\/\/oxfordwisefinance.com\/blog\/millionaires-reveal-they-dont-feel-wealthy\/","title":{"rendered":"Millionaires Reveal They Don&#8217;t Feel Wealthy"},"content":{"rendered":"\n<div>\n<p>Although they may be part of the two-comma club, it\u2019s essential not to label them as \u201cwealthy.\u201d<\/p>\n<p>A significant portion, nearly two-thirds (64%) of millionaires in the U.S., do not identify themselves as &#8220;wealthy,&#8221; according to a recent study by the insurance company Northwestern Mutual. This percentage represents a slight decrease from last year\u2019s figures, when 68% of millionaires expressed the same sentiment regarding their financial status.<\/p>\n<p>\u201cWhile having a million dollars is certainly a considerable amount, it is crucial to recognize that financial confidence does not stem solely from monetary assets,\u201d states Douglas Benson Jr., the founder of Benson Wealth Management, in an email communication. This perspective highlights the complex relationship between wealth and self-perception.<\/p>\n<div class=\"ca-pcu-inline  has-ad-icon    money-embed-ca\" data-pcu-render-at-=\"2025-11-07T19:11:28Z\" id=\"ap63265-ww\">\n<div id=\"ap63265-ww-indicator\">\n<div id=\"ap63265-ww-indicator-wrapper\"><span id=\"ap63265-ww-text\">Ads by Money. We may be compensated if you click this ad.<\/span><span id=\"ap63265-ww-label\">Ad<\/span><span id=\"ap63265-ww-icon\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" alt=\"Ads by Money disclaimer\" height=\"16\" width=\"16\" src=\"https:\/\/i0.wp.com\/s3.money.com\/prd\/image\/image\/15240\/163e573e-202a-466a-b8b8-93da65db2b13.png?resize=16%2C16&#038;ssl=1\" \/><\/span><\/div>\n<\/div>\n<\/div>\n<p>When assessing net worth, individuals often include retirement accounts and real estate holdings. By this broader definition, approximately 24 million Americans can be classified as millionaires. However, Northwestern Mutual adopts a stricter definition of a \u201cmillionaire,\u201d which requires individuals to possess at least $1 million in <b><a href=\"https:\/\/oxfordwisefinance.com\/blog\/financial-habits-to-adopt-for-richer-wealth-today\/\">investable assets<\/a><\/b> while excluding retirement savings and home equity. Under this particular criterion, the number of qualifying individuals is significantly lower, although pinpointing the exact figure proves challenging.<\/p>\n<p>According to an alternative wealth assessment by Capgemini, around 7.9 million Americans own at least $1 million in <b><a href=\"https:\/\/oxfordwisefinance.com\/blog\/financial-habits-to-adopt-for-richer-wealth-today\/\">investable assets<\/a><\/b>. This translates to only 3% of the U.S. adult population meeting this specific definition. It is worth noting that this measure is broader than that of Northwestern Mutual, as it encompasses retirement accounts as well.<\/p>\n<p>The millionaires surveyed in Northwestern Mutual&#8217;s study represent a segment of America\u2019s wealthiest individuals, who not only possess a net worth exceeding $1 million but also have at least that amount readily accessible in their financial accounts. This insight sheds light on the financial landscape of affluent Americans.<\/p>\n<h2>Why do America\u2019s wealthiest individuals not feel \u2018wealthy\u2019?<\/h2>\n<p>Money consulted certified financial planners (CFPs) who specialize in advising high-net-worth clients to explore whether this trend is consistent among their clientele and to understand the underlying reasons for such feelings.<\/p>\n<p>Eric Roberge, the founder of the Boston-based wealth management firm Beyond Your Hammock, recounts a conversation with one of his clients, who holds over $3 million in <b>investable assets<\/b>. The client expressed, \u201cWhy do we feel so poor?\u201d This question reveals a poignant reality that many affluent individuals grapple with.<\/p>\n<p>According to Benson, whose practice in Iowa collaborates with Northwestern Mutual, several social and economic factors contribute to why millionaires may not perceive themselves as wealthy, despite their substantial assets that surpass approximately 97% of U.S. adults. These factors intertwine to form a complex web of financial perception.<\/p>\n<p>On the economic front, recent episodes of inflation have significantly diminished the purchasing power of $1 million. In many regions of the country where the cost of living is disproportionately elevated, having $1 million may not guarantee the anticipated level of financial comfort, Benson notes. This disparity highlights the challenges faced by high-net-worth individuals in maintaining their lifestyle.<\/p>\n<p>Even in states like New Mexico, \u201cthat trend absolutely resonates,\u201d asserts Nathan Sebesta, owner of Access Wealth Strategies. He emphasizes that many of his high-net-worth clients experience similar sentiments, suggesting that social comparisons play a pivotal role in their feelings of inadequacy.<\/p>\n<p>For many of his affluent clients, social dynamics weigh heavily on their self-perception as they often find themselves comparing their wealth to that of multimillionaires or even billionaires. This continuous comparison fosters a sense of dissatisfaction, regardless of their financial standing.<\/p>\n<p>\u201cWealth has become a moving target,\u201d he remarks, indicating a shifting benchmark for what it means to be affluent in today&#8217;s society.<\/p>\n<p>Roberge elaborates that individuals often feel the need to exceed the wealth of those around them to truly \u201cfeel wealthy.\u201d However, as individuals accumulate significant wealth, their social circles tend to evolve, resulting in new friendships formed with individuals who possess even greater financial means. These changes can shift one&#8217;s perspective on wealth and success.<\/p>\n<p>\u201cNow you\u2019re surrounded by people who have even more than you \u2014 even though you&#8217;re well-off, too,\u201d he explains. \u201cThis cycle is unending, and those who fail to acknowledge this phenomenon will continuously feel as though they are lagging behind.\u201d<\/p>\n<div class=\"ca-pcu-inline content-width has-ad-icon    money-embed-ca\" data-pcu-render-at-=\"2025-11-07T19:11:28Z\" id=\"ap38744-ww\">\n<div id=\"ap38744-ww-indicator\">\n<div id=\"ap38744-ww-indicator-wrapper\"><span id=\"ap38744-ww-text\">Ads by Money. We may be compensated if you click this ad.<\/span><span id=\"ap38744-ww-label\">Ad<\/span><span id=\"ap38744-ww-icon\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" alt=\"Ads by Money disclaimer\" height=\"16\" width=\"16\" src=\"https:\/\/i0.wp.com\/s3.money.com\/prd\/image\/image\/15240\/163e573e-202a-466a-b8b8-93da65db2b13.png?resize=16%2C16&#038;ssl=1\" \/><\/span><\/div>\n<\/div>\n<\/div>\n<h2>Explore More Insightful Articles from Money:<\/h2>\n<p>Are You &#8216;Wealthy&#8217; or Just &#8216;Comfortable&#8217;? Discover the Key Differences and Financial Implications.<\/p>\n<p>The Hidden Costs of Poverty: Understanding Why the Poorest Americans Face Shorter Lifespans.<\/p>\n<p>This Innovative Retirement Strategy Could Potentially Enhance Your Fixed-Income Returns by 23%.<\/p>\n<\/p>\n<\/div>\n\n<p><a href=\"https:\/\/money.com\/millionaires-dont-feel-wealthy\/?xid=moneyrss\" rel=\"nofollow\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although they may be part of the two-comma club, it\u2019s essential not [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11368,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","pagelayer_contact_templates":[],"_pagelayer_content":"","iawp_total_views":1,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[142,173],"tags":[50],"class_list":["post-11367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-business","category-personal-finance","tag-news","col-md-12"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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