Are you the millionaire next door? How to adopt a wealthy mindset if you have a high net worth but don’t feel rich

Core Insights - A 2025 survey from Northwestern Mutual highlights significant differences in financial management perspectives between American millionaires and the general population, introducing the concept of "hidden millionaires" who do not identify with their wealth status [2][6] - The rise of "everyday millionaires," defined as individuals with assets between $1 million and $5 million, is noted, with an estimated global population of 52 million in this category [4][6] - Financial habits among new millionaires are concerning, as many do not consider themselves investors, which could lead to potential risks in managing their wealth [3][6] Financial Management Perspectives - Among millionaires, 76% identify as disciplined financial planners, compared to only 49% of the general public [1] - A significant 88% of millionaires have clarity on their spending versus saving, while only 68% of the general public share this clarity [1] Retirement Savings Trends - Empower estimates that 9.1% of users have at least $1 million in retirement savings, with many achieving this milestone in their 50s [4] - Vanguard reported that over 127,000 retail investors became millionaires in 2025, indicating a growing trend in wealth accumulation among retail investors [5] Investment Behavior - Many hidden millionaires do not view themselves as investors, which may lead to a lack of professional financial guidance, increasing the risk of mismanaging their wealth [12][13] - A study indicates that broad diversification beyond equities can reduce risk and improve returns, suggesting that hidden millionaires should consider a wider range of investment options [15][16] Financial Planning Recommendations - Hidden millionaires are advised to live below their means and avoid lifestyle inflation to maintain financial stability [10][18] - It is recommended that hidden millionaires seek professional advice to ensure proper diversification and avoid concentrating wealth in a single investment [14][16]