More Americans than ever are worth $1M — but many still feel broke. Why being a millionaire doesn’t cut it anymore

Core Insights - The perception of wealth among American millionaires has shifted, with many no longer feeling wealthy despite having a seven-figure net worth [1][2] - A recent survey indicates that only one-third of American millionaires consider themselves 'wealthy,' and 48% believe their financial plans need improvement [2] Group 1: Millionaire Statistics - The number of American millionaires has reached a record 24 million, with 379,000 new millionaires added in 2024 alone [2][3] - The value of $1 million has significantly decreased over time; it is equivalent to approximately $531,000 in 2000 and around $254,000 in 1980 [4] Group 2: Financial Challenges - Rising costs and lifestyle inflation contribute to the feeling of financial insecurity among millionaires [3][4] - Many millionaires have a substantial portion of their net worth tied up in illiquid assets, such as homes or retirement accounts, limiting their access to cash [4]