Why Most Millionaires Don't Feel Wealthy — and What It Really Takes to Feel Financially Secure

A growing share of Americans reach millionaire status yet still worry about money. Here's why wealth feels different today and how to build true financial confidence. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.You are now subscribedYour newsletter sign-up was successfulWant to add more newsletters?Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. 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Many view it as a milestone that promises comfort, security and even a sense of arrival. But for many Americans today, crossing the seven-figure net-worth mark doesn’t necessarily translate into feeling wealthy.A growing body of research shows that many millionaires still worry about retirement, healthcare costs and whether their money will last. At the same time, Americans’ definition of wealth has shifted upward as inflation, longer life expectancies and rising housing costs reshape financial expectations.For those navigating similar concerns, the disconnect between net worth and financial confidence raises an important question: What does it actually take to feel financially secure?Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special IssuesProfit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.Profit and prosper with the best of expert advice - straight to your e-mail.For decades, accumulating $1 million in assets was considered a gold standard for financial success. Today, that benchmark often feels outdated.According to recent survey data by Northwestern Mutual, only a minority of U.S. millionaires consider themselves wealthy. Many say they feel "financially comfortable" at best, while others report ongoing anxiety about the future.Several factors are driving this shift:These modern realities mean that reaching millionaire status doesn’t automatically translate into peace of mind.Americans’ definition of wealth has shifted sharply upward, and it now goes far beyond simply having $1 million.According to a Charles Schwab survey, Americans say it takes an average net worth of about $2.3 million to be considered wealthy today. That figure has stayed elevated in recent years and reflects a broader trend: the financial bar for feeling wealthy continues to rise alongside living costs and economic uncertainty.Survey respondents also said it takes roughly $839,000 in net worth to feel financially comfortable, highlighting a wide gap between comfort and perceived wealth.Perceptions also vary significantly by generation and personal circumstances:Together, these findings suggest that wealth today is as much about stability and quality of life as it is about reaching a specific dollar amount. As expectations rise, even high-net-worth households may feel they are still working toward, rather than living in, true financial security.Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals. Subscribe to Kiplinger's newsletter, A Step Ahead.One of the biggest reasons millionaires may not feel wealthy is that net worth alone doesn’t equal financial security.A household could have a $1 million net worth but still feel financially strained if most assets are tied up in illiquid holdings like:On the flip side, people often feel more secure when they have: Another reason many millionaires don’t feel wealthy is lifestyle inflation; the tendency for spending to rise alongside income and net worth.As earnings grow, households may upgrade:These upgrades can quietly increase fixed expenses and create ongoing financial pressure. Even high earners can feel stretched if their spending commitments grow just as quickly as their assets.Psychological factors also play a role. Behavioral finance research shows that people often compare themselves to peers with higher incomes or net worth, which can diminish feelings of financial satisfaction even when they are objectively well off.While net worth can be an important milestone, true financial confidence tends to come from stability and flexibility rather than a specific number.This includes having:Comparing your finances with national benchmarks can provide a useful perspective, as long as those numbers are viewed as guideposts rather than strict targets. Net worth varies widely by age, income and location. According to the Federal Reserve’s Survey of Consumer Finances, net worth generally rises with age but differs sharply between median households and top earners.Using the latest available SCF data:Rather than focusing solely on net worth, financial experts typically recommend tracking retirement readiness using savings and income benchmarks.This often means contributing consistently to tax-advantaged retirement accounts such as 401(k)s and IRAs and aiming to save one times your salary by age 30, three times by 40, and six to eight times by your early 60s.So that you’re not creating unnecessary pressure that can make financial success feel out of reach, ask yourself some of these questions instead as you track your progress:The good news is that feeling financially secure doesn’t require reaching a seven-figure net worth. Many households can build confidence through practical steps that improve stability and clarity.Consider focusing on:For some households, working with a financial adviser can help clarify priorities and build a roadmap for long-term security.Millionaire status may still represent a significant financial milestone, but it no longer guarantees peace of mind. Rising costs, longer lifespans and shifting expectations have changed what it means to feel wealthy.Ultimately, financial security is less about hitting a specific number and more about having stability, flexibility and confidence in your ability to support the life you want. For many Americans (millionaire or not), those factors matter far more than the size of a portfolio.Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.Choncé is a personal finance freelance writer who enjoys writing about eCommerce, savings, banking, credit cards, and insurance. Having a background in journalism, she decided to dive deep into the world of content writing in 2013 after noticing many publications transitioning to digital formats. She has more than 10 years of experience writing content and graduated from Northern Illinois University. Fiber, cable, 5G wireless and satellite internet all offer different speeds, reliability and price points. Understanding the differences could help you lower your monthly bill or improve performance. Don’t just retire — evolve. Chapter X is a strategy for a high-impact second act, designed for men, by a man. Ever wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers. Fiber, cable, 5G wireless and satellite internet all offer different speeds, reliability and price points. 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