Only 36% of Americans with $1 million or more in investable assets consider themselves wealthy, according to recent research by Northwestern Mutual. Nearly half say they need to improve their financial planning.
Fifty-three percent of research participants said they expect to leave an inheritance or charitable gift as part of their estate plan. Among that group, just 12% identified leaving something behind for the next generation as their most important financial goal.
“That might come as a big surprise for the next generation hoping for their piece of the approaching $90 trillion ‘great wealth transfer,’” John Roberts, chief field officer at Northwestern Mutual, said in a statement. “This is why generational wealth planning is so important. Uncertainty breeds anxiety, while conversations create clarity.”
Eight in 10 American millionaires reported that their net worth was self-made, while just 12% inherited their wealth and 5% came into it through a windfall event, such as winning the lottery.
The research findings came from Northwestern Mutual’s 2025 Planning & Progress Study conducted by The Harris Poll in January among 4,626 U.S. adults.
Millionaire Mindset on Money
Although most of the 23.8 million millionaires in the United States do not see themselves as wealthy, they are much more likely to report higher levels of financial discipline, confidence and clarity than the average American, according to the survey.
As well, 74% of American millionaires in the survey reported that they work with a financial advisor, compared with 34% of the general population. They also trust advisors far more than any other source of financial advice.
Nine in 10 millionaires said they have received financial advice, while three-quarters of Americans in general have done so.
Millionaires who have an advisor reported feeling more secure than their wealthy counterparts who do not work with one. They also expect to retire two years earlier than those who do not partner with an advisor.
Millionaires with advisors are also more likely to feel strong about their relationships, careers, health and finances.
Although $1 million is a considerable amount of money, money alone does not create confidence; financial advice and financial plans do, Roberts said.
“The important thing to remember is professional financial advice is accessible to everyone,” he said. “The sooner people start, the faster they can enjoy the financial and emotional benefits of planning.”
Top Financial Questions
Millionaires have three top questions about retirement planning, the survey found:
- Is it possible I could outlive my savings?
- How will taxes affect me in retirement?
- How can I plan for potential long-term needs?
For their part, the general public posed these as their most pressing questions:
- How much money will I need to retire comfortably?
- Will Social Security be there when I qualify for it?
- What if inflation rises when I’m retired?
“Most people assume that all millionaires live lavishly, but our data continues to indicate the opposite,” Roberts said. “Many are disciplined and deeply concerned about overspending that could jeopardize their long-term goals. Often, an advisor is needed to give people permission to spend some of the money they’ve saved to enjoy today, too.”
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