Are You Richer Than You Feel? Nearly 70% Of Millionaires Don't Consider Themselves Wealthy

If being a millionaire used to mean yacht parties and champagne toasts, someone forgot to tell today’s millionaires. Turns out, having seven figures in the bank doesn’t always come with a sense of financial comfort—or even confidence.

According to the 2025 Planning & Progress Study by Northwestern Mutual, only 36% of U.S. adults with at least $1 million in investable assets actually consider themselves “wealthy.” That means 64%—despite their millionaire status—feel like they’re still chasing financial security. And nearly half say their financial planning still needs work.

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It’s not just about the dollars. Millionaires may have more money than most, but many still face doubts about retirement, rising costs, and the long shadow of potential healthcare bills. Only 12% listed leaving a legacy for their heirs as their top financial goal—so forget the old assumption that rich parents are prepping golden inheritances. In fact, only 53% even plan to leave one.

Their top concerns? Outliving their savings, getting slammed by taxes in retirement, and handling long-term care needs. Meanwhile, the general public is still stuck wondering if Social Security will show up for them at all.

Even with all the worry, millionaires still behave differently from the average person. According to the study, a full 88% say they have a clear understanding of how much they can spend now versus what they need to save for the future. About 77% know how much money it will take to retire comfortably. And 76% describe themselves as disciplined financial planners.

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They also seek more guidance. About 74% of millionaires work with a financial advisor, which is more than double the 34% rate among the general population. Among those who receive financial advice, 60% of millionaires say they trust advisors more than any other source—far more than spouses, online influencers, family members, or business media.

Millionaires who team up with advisors aren’t just better at retirement planning—they also tend to feel stronger across the board. They’re more confident about their finances, their health, even their personal relationships.

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The study found that 92% feel good about their finances with an adviser, compared with 86% of those without one. Strong mental health was reported by 90% of respondents working with an adviser, versus 82% among those without. Respondents with an adviser also expect to retire about two years earlier on average, with the typical retirement age falling from 65 to 63.

And perhaps most telling: 93% of millionaires have received professional financial advice, compared to just 78% of Americans overall. Among those who do seek advice, financial advisors remain the top trusted source—beating out spouses, family, friends, and the internet combined.

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The takeaway isn’t that millionaires are just like everyone else—it’s that wealth alone doesn’t guarantee peace of mind. What makes the biggest difference is clarity, planning, and often, getting the right guidance.

This is where a financial advisor can play a crucial role. Whether you’ve got $1 million saved or are just trying to build toward that goal, working with a qualified fiduciary adviser can help map out a personalized plan—covering retirement timelines, estate planning, tax strategies, and long-term care.

Domain Money offers a free matching tool that connects individuals with vetted fiduciary financial advisors based on their goals and financial situation.

Because at the end of the day, feeling wealthy might be less about how much you have and more about how confident you are in what you’re doing with it.

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This article Are You Richer Than You Feel? Nearly 70% Of Millionaires Don’t Consider Themselves Wealthy originally appeared on Benzinga.com

Are You Richer Than You Feel? Nearly 70% Of Millionaires Don’t Consider Themselves Wealthy

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