In a world where economic disparities continue to widen, the self-perception of wealth can be an intriguing paradox.
Surprisingly, many millionaires find themselves nestled in the comfort of the middle class, exhibiting a curious disconnect between their financial fitness and their self-identities.
This peculiar phenomenon raises eyebrows and questions society's very definition of class.
From unique perspectives on middle-class status to persistent financial concerns, here are 14 eye-opening reasons why some millionaires see themselves as part of the middle class.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Millionaires use their own definition of middle class
![gentleman with cane spending time with his wife in park](https://cdn.financebuzz.com/filters:quality(75)/images/2023/08/09/gentleman_with_cane_spending_time_with_his_wife_in_park.jpg)
One of the most baffling reasons millionaires think they're middle class is their interpretation of the term.
While traditional measures might peg them as affluent, many millionaires create their own benchmarks, often rooted in experiences and comparisons that don't align with conventional economic indicators.
This unique self-perception highlights the diversity of perspectives within the millionaire class, challenging the notion that wealth equates to a uniform experience.
Millionaires worry about protecting their wealth
![man holding briefcase with money spilling out](https://cdn.financebuzz.com/filters:quality(75)/images/2022/11/07/man_holding_briefcase_with_money_spilling_out.jpg)
Surprisingly, a considerable portion of millionaires express concerns about safeguarding their wealth.
A whopping 62% admit to fretting over the security of their riches, showcasing a unique challenge where the fear of financial instability haunts individuals with substantial assets.
This vulnerability underscores the complex relationship millionaires have with their wealth, as even the affluent grapple with uncertainties that transcend monetary value.
Millionaires are still saving for retirement
![economy relax](https://cdn.financebuzz.com/filters:quality(75)/images/2023/12/25/economy_relax.jpg)
Despite amassing substantial wealth, 43% of millionaires are still actively saving for retirement.
This behavior challenges the stereotype that immense wealth automatically translates to financial security. Even millionaires continue to worry about their financial futures.
The notion of perpetual financial planning among the wealthy raises questions about the true nature of financial freedom and whether it's ever truly achieved.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Millionaires worry about market volatility like the rest of us
![stock market investor analyst](https://cdn.financebuzz.com/filters:quality(75)/images/2023/06/09/stock_market_investor_analyst.jpg)
While one might assume that millionaires can easily weather economic storms, a surprising 32% of them worry about market volatility.
This apprehension highlights the fragility of wealth and the perpetual concerns that even the affluent face in an ever-changing financial landscape.
The acknowledgment of market unpredictability among millionaires serves as a reminder that economic success doesn't shield individuals from the inherent uncertainties of global financial systems.
Millionaires may still have a job
![on airplane during flight](https://cdn.financebuzz.com/filters:quality(75)/images/2023/12/25/on_airplane_during_flight.jpg)
Contrary to the common perception that millionaires enjoy a life of leisure, a notable number of them continue to be employed.
Whether out of passion or necessity, this phenomenon challenges the stereotype that financial success equates to early retirement and a life devoid of professional commitments.
The persistence of employment among millionaires underscores the multidimensional nature of their lives, where work can extend beyond monetary necessity to encompass personal fulfillment and purpose.
Most Millionaires consider themselves upper-middle or middle class
![financial advisor and paperwork](https://cdn.financebuzz.com/filters:quality(75)/images/2023/12/05/financial_advisor_and_paperwork.jpg)
A striking revelation emerges when assessing self-perceptions among millionaires: a significant portion of people with $1 million or more in assets consider themselves upper-middle or middle-class.
This peculiar mindset reveals a disconnect between net worth and self-worth, challenging conventional notions of wealth and class distinctions.
This self-classification defies societal expectations, suggesting that the subjective experience of wealth goes beyond financial metrics and encompasses a nuanced understanding of personal identity.
Millionaires never feel like they have enough
![bodyguards protecting mature businesswoman](https://cdn.financebuzz.com/filters:quality(75)/images/2023/12/20/bodyguards_protecting_mature_businesswoman.jpg)
The pursuit of financial success often brings with it an insatiable desire for more. Many millionaires find themselves caught in the relentless cycle of accumulation, never truly feeling like they have enough despite their substantial wealth.
This perpetual discontent challenges the assumption that wealth automatically equates to satisfaction, highlighting the emotional complexities that accompany financial success.
Millionaires can spend a lot of money every month
![woman checking price tag at boutique](https://cdn.financebuzz.com/filters:quality(75)/images/2023/10/28/stylish-woman-shopping-at-boutique.jpeg)
While it might seem intuitive that millionaires live frugally, the reality is quite the opposite for many. For example, some living in expensive cities can easily spend $200,000 per year and consider themselves “scraping by.”
A considerable number indulge in lavish spending habits, perhaps to cope with the pressures and responsibilities that come with substantial wealth.
Millionaires still compare themselves to other people
![one friend is jealous of purchases of another friend](https://cdn.financebuzz.com/filters:quality(75)/images/2022/09/20/one_friend_is_jealous_of_purchases_of_another_friend.jpg)
The age-old habit of comparing oneself to others doesn't spare even the wealthiest individuals. Millionaires often face the never-ending cycle of benchmarking their success against peers.
This perpetual comparison unveils the human tendency to seek validation and measure success relative to others, transcending economic brackets and emphasizing the universal nature of the pursuit of self-worth.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Millionaires navigate complex tax structures
![man looking thoughtfully through office budget](https://cdn.financebuzz.com/filters:quality(75)/images/2023/08/02/man-stressed-while-reviewing-office-budget.jpeg)
Do you ever feel truly wealthy if you’re always facing high tax bills? Amassing wealth doesn't necessarily simplify one's financial life.
Millionaires often find themselves entangled in complex tax structures, navigating intricate laws and regulations to optimize their financial standing and minimize their tax liabilities.
This intricate dance with the tax system sheds light on the challenges and responsibilities that come with financial success.
Millionaires grapple with family expectations
![man lending hand asking for money](https://cdn.financebuzz.com/filters:quality(75)/images/2023/08/28/handsome-man-asking-for-money.jpeg)
With great wealth comes great responsibility, and millionaires often struggle with familial expectations.
The pressure to provide for extended family members and manage generational wealth can be a constant source of stress, blurring the lines between affluence and middle-class struggles.
This familial burden adds a layer of complexity to the millionaire experience, demonstrating that wealth is not only an individual endeavor but a communal responsibility.
Millionaires navigate philanthropic dilemmas
![Businesswoman in white classic shirt and glasses](https://cdn.financebuzz.com/filters:quality(75)/images/2023/07/23/businesswoman_in_white_classic_suit_and_glasses.jpg)
More money, more problems. Wealthy individuals often engage in philanthropy, yet this pursuit is not without its challenges.
Navigating the complexities of charitable giving, managing expectations, and choosing causes that align with personal values can be a source of perpetual frustration for millionaires.
This philanthropic dilemma showcases the intricacies of using wealth for societal good, emphasizing the need for thoughtful decision-making and a genuine commitment to making a positive impact.
Millionaires deal with the burden of secrecy
![senior couple holding boxes with herbs](https://cdn.financebuzz.com/filters:quality(75)/images/2023/11/09/senior-couple-holding-boxes-with-herbs.jpeg)
The burden of secrecy about their wealth and fears of exploitation or unwarranted attention adds an unexpected layer of stress to millionaires' lives. It may simply be easier to claim they’re middle class to avoid scrutiny.
This struggle with secrecy sheds light on the less-discussed emotional toll that wealth can take as individuals try to balance financial success and the desire for a semblance of normalcy and privacy.
Millionaires face the paradox of choice
![senior couple signing contract with adviser](https://cdn.financebuzz.com/filters:quality(75)/images/2023/10/07/senior-couple-signing-contract-with-adviser.jpeg)
With substantial wealth comes many choices, and decision fatigue becomes a genuine concern for millionaires.
From selecting investments to making lifestyle choices, having too many options can leave them feeling overwhelmed and questioning their ability to make the right decisions.
This burden of choice challenges the assumption that wealth eliminates decision-making stress, highlighting the unique challenges of managing a vast array of opportunities and possibilities.
Bottom line
![with a thumbs up gesture](https://cdn.financebuzz.com/filters:quality(75)/images/2023/12/25/with_a_thumbs_up_gesture.jpg)
In a world where financial success should translate to a clear sense of class, the perplexing reality emerges that many millionaires identify with the middle class.
Whether rooted in unique perspectives, financial concerns, or societal pressures, this phenomenon challenges preconceived notions about wealth and class distinctions.
As we contemplate this situation and try to build wealth, we can't help but wonder: In a society where millionaires perceive themselves as middle class, what does it truly mean to be wealthy?
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.