Millionaires Perceive Themselves as Middle Class Amidst Shifting Financial Realities

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The concept of being a millionaire no longer carries the financial weight it once did, as indicated by a recent Ameriprise Financial survey. Among over 3,000 surveyed US adults, nearly 600 boasted investable assets of $1 million or more, yet only 8 percent of them identify as wealthy. Within this millionaire cohort, a substantial 60 percent place themselves in the upper middle class, while 31 percent simply classify themselves as middle class.

When asked to define "wealthy," 85 percent of millionaires associated it with feeling financially secure. Additionally, 66 percent expressed that wealth meant having the ability to provide for themselves and their families, and 58 percent associated it with the freedom to pursue personal desires. The primary factors attributed to their financial status were "financial planning and investing" (cited by 80 percent), followed by "making a good income" (71 percent), "living within my means" (69 percent), and, to a lesser extent, "luck" (mentioned by a mere 13 percent).

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