Most Millionaires Don’t Consider Themselves ‘Wealthy’
Being a millionaire just isn’t what it used to be. Only one-third (36%) of America’s millionaires—those with $1 million or more in investable assets—consider themselves wealthy, according to new data released today by Northwestern Mutual.
“$1 million is a lot of money, but the data makes one thing crystal clear: money alone doesn’t create confidence—financial advice and financial plans do.”
John Roberts, Northwestern Mutual
Northwestern Mutual’s 2025 Planning & Progress Study, the company’s proprietary research series exploring Americans’ attitudes, behaviors, and beliefs on money, financial planning, and long-term financial security, says there are 23.8 million millionaires in the U.S., the most of any country in the world.
Only about half (53%) of them plan on leaving an inheritance or charitable gift as part of their estate plan, as about half (49%) say their financial planning needs improvement, citing the possibility of outliving their savings, the impact of taxes in retirement, and potential long-term care needs as their top financial concerns.
“That might come as a big surprise for the next generation hoping for their piece of the approaching $90 trillion ‘Great Wealth Transfer,’” said John Roberts, chief field officer at Northwestern Mutual. “This is why generational wealth planning is so important. Uncertainty breeds anxiety, while conversations create clarity. Many of our clients tap their trusted advisor to help quarterback and mediate these sensitive conversations to ensure everyone is on the same page—even as their plans change over time. Advisors can also help answer the next generation’s financial planning questions and get them moving along on the path to greater financial security.”
Despite the aforementioned ominous outlooks, American millionaires are much more likely to report higher levels of financial discipline, confidence, and clarity than the average American, and are more than twice as likely to work with a financial advisor (74%) than the general population (34%). They also trust financial advisors far more than any other source of financial advice.
The new research also found that millionaires who have a financial advisor feel even more secure than millionaires who do not work with one. They also expect to retire two years earlier than those who do not partner with an advisor.
Earlier this year, Northwestern Mutual reported that Americans think they need $1.26 million to retire comfortably.
“$1 million is a lot of money, but the data makes one thing crystal clear: money alone doesn’t create confidence—financial advice and financial plans do,” said Roberts. “Instead of feeling rich, it’s important for everyone—no matter their income—to feel secure in their financial futures. That’s where a trusted financial advisor comes in. They can help set people on a path to enjoy today without sacrificing tomorrow.”
Millionaires’ ‘burning questions’
Millionaires’ top three “burning questions” regarding retirement planning are distinctly different than those top of mind for the average American.
High-net-worth Americans were most concerned about outliving their savings; how taxes will impact retirement; and how to plan for potential long-term care needs.
Among the general public, the three most pressing questions were how much they will need to retire comfortably; whether Social Security will be there when they qualify for it; and what if inflation rises when they retire.
“Financial anxiety and uncertainty are an epidemic in America, but our research reinforces just how unique people’s goals and worries really are,” said Roberts. “Most people assume that all millionaires live lavishly, but our data continues to indicate the opposite. Many are disciplined and deeply concerned about overspending that could jeopardize their long-term goals.”
Most millionaires self-made
Nearly eight in 10 (79%) American millionaires say their net worth was “self-made,” while just 12% inherited their wealth, and 5% came into it through a windfall event like winning the lottery.
“The most reliable path to affluence and financial security in America is planning and grit—not lotto or lineage,” said Roberts. “The American Dream is reachable, especially for people who understand how to manage wealth and protect what they’ve already built. This data also displays how fragile wealth can be—and how many families lose their accumulated wealth by the next generation. It’s clear that the next generation needs financial insights just as much as they need an inheritance. Generational wealth conversations led by a trusted advisor can help set up the next generation to thrive.”
The 2025 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,626 U.S. adults aged 18 or older. The survey was conducted online between Jan. 2-19, 2025.
SEE ALSO:
• ‘Magic Number’ for Retirement Drops to $1.26M for 2025
• Gen X Falling Behind on Retirement Planning
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
