Most millionaires don't consider themselves wealthy. So what does it really mean to be rich?

Core Insights - A significant portion of American millionaires do not consider themselves wealthy, with only 36% of those with at least $1 million in investable assets identifying as such [1] - Financial planning is a concern for nearly half (49%) of American millionaires, who cite fears of outliving savings, tax impacts in retirement, and long-term care needs as their primary worries [2] Changing Definitions of Wealth - The perception of wealth has evolved, with $1 million now seen as an outdated benchmark for financial success, as inflation, rising costs, and market volatility have altered the landscape of financial security [3] - Longevity plays a role in this perception, as longer life expectancies mean that a seven-figure portfolio may not suffice for future living expenses and medical costs [3] Financial Comfort and Wealth - According to Charles Schwab's 2025 Modern Wealth Survey, Americans require an average net worth of $839,000 to feel financially comfortable and $2.3 million to feel wealthy [4] - A majority (63%) of survey respondents believe it takes more money to be considered wealthy compared to the previous year, attributing this to inflation (73%), a worsened economy (62%), and higher taxes (48%) [5] Confidence in Wealth - Experts suggest that true wealth is not solely about accumulation but rather about confidence, which stems from education, strategy, and structure [6] - Understanding financial principles allows individuals to make informed decisions, enhancing their sense of wealth [6] Steps to Financial Security - Creating a clear financial plan is essential, as millionaires report higher levels of financial discipline and clarity compared to the average American [8] - Prioritizing debt repayment and increasing savings are fundamental strategies for improving net worth [8] - Seeking professional financial advice is common among millionaires, with 74% working with financial advisors compared to 34% of the general public [8]