Mon Sep 23 21:26:50 UTC 2024: ## Feeling Rich is Relative: Only 33% of Millionaires Consider Themselves Wealthy
**New York, NY** – Despite holding seven-figure fortunes, a new study reveals that only one-third of millionaires actually feel wealthy. The Edelman Financial Engines 2024 Everyday Wealth in America Study found that a significant portion of high-net-worth individuals struggle with financial anxieties, highlighting the subjective nature of wealth perception.
The study, which surveyed a representative sample of Americans, revealed a surprising disconnect between financial status and feelings of wealth. While most Americans believe an annual income of $250,000 is needed to truly feel financially secure, even millionaires aren’t immune to financial concerns. The study attributes this disconnect to factors like the rising cost of living, ever-increasing debt burdens, and the elusive nature of achieving financial goals.
The study also found that homeownership and credit card debt play a significant role in financial anxieties. While most Americans dream of homeownership, the increasing costs associated with buying a home are making it increasingly difficult to achieve. Additionally, the ever-present burden of credit card debt is creating a sense of financial stress even for those with higher incomes.
These findings suggest that a simple numerical measure of wealth may not accurately reflect the complex reality of financial well-being. The study highlights the importance of considering factors beyond income and net worth when assessing financial security and the elusive nature of feeling truly wealthy.
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