Only 36% of millionaires felt wealthy last year. If $1M isn’t enough, how much money does it take to feel rich now?

A million dollars used to be the finish line. Today, it barely feels like a milestone. Research from Northwestern Mutual shows that only 36% of U.S. millionaires identified as “wealthy” last year (1), despite having at least $1 million in investable assets — a number that once symbolized financial freedom. In 2025, rising costs, shifting expectations and relentless comparison reshaped what “rich” meant, even for Americans who may technically qualify. The study suggests a psychological shift that reveals ...