“Only 33% of millionaires consider themselves wealthy, report finds. Why it’s so hard to feel rich”
September 26, 2024
“…Only 12% of Americans consider themselves wealthy, according to a new report by Edelman Financial Engines. Despite their high net worth, just 33% of millionaires said the same, the report found. Edelman Financial Engines polled more than 3,000 adults over age 30 from June 12 to July 3, including 1,500 affluent Americans with household assets between $500,000 and $3 million…
Most people — roughly 65% of those polled — said they would need $1 million in the bank to consider themselves wealthy, although 28% said it would take at least $2 million and 19% put the bar at $5 million or more, Edelman Financial Engines found. Among millionaires, 68% said they would need at least $3 million and 40% said feeling wealthy would require $5 million of more…”
According to millionaires you need at least 3 million in the bank. I assume at that point they can live the lifestyle they please without holding back. Well within limits but I guess 3 million is the sweet spot at the moment.
Also “rich” and “wealthy” have two different meanings. Interchanging these two words probably messed up the polling data.