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31% of Millionaires Think They’re Middle Class, Here’s Why

via Pixabay License

A new study by Ameriprise Financial found that many Americans with $1 million or more in assets do not see themselves as wealthy, with 31% considering themselves “middle class.”

The survey revealed that most investors define wealth as financial security, the ability to provide for themselves and their family, or the freedom to do what they want.

The study also highlighted that financial planning and investing, earning a good income, and living within one’s means are key factors that helped respondents accumulate wealth. (Trending: Olympic Gold Medalist Sentenced For Jan 6)

“Pew Research Center says someone is middle class if they have an annual household income that is two-thirds to double the national median income. The national median household income was $74,580 in 2022, which means a middle-class household earns between $49,720 and $149,160 under this definition,” the report noted.

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