WEBVTT

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- Americans don't feel rich
with $1 million these days.

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Only about one third

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or 32% of Americans

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with at least $1 million in
investible assets consider

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themselves wealthy.

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According to new findings
from financial services firm,

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Northwestern Mutual published Wednesday,

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investible assets include
anything someone owns

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that can be turned into cash

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and invested, including
cash itself, bonds,

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and retirement accounts.

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That's in line with the results

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of a recent survey from
Charles Schwab, which found

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that Americans now believe
they need $2.5 million

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to be considered wealthy up
from $2.2 million two years ago.

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Meanwhile, Americans said
they need an average net worth

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of 778,000

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to feel financially comfortable down
from a peak of a million dollars.

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Last year, Schwab found John Roberts,

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chief Field Officer at
Northwestern Mutual said in a

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statement, for most Americans,

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feeling like a million bucks
is less about believing you're

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rich, and more about exuding confidence

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and clarity about the future.

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With prices for everything from groceries

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to housing continuing to
rise, as well as record debts

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and stagnating salary
growth, Americans continue

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to feel less well off than
they did prior to the pandemic.

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While American millionaires
don't necessarily feel rich,

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they do feel a greater
sense of financial clarity

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and preparedness than
the general population.

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According to the Wisconsin
based financial services firm,

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a vast majority of people

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with at least $1 million in
investible assets feel confident

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about their financial
planning for the future.

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Still, nearly half of
American millionaires surveyed

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by Northwestern Mutual believe

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that their financial
plans need improvement.

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I'm CIO Frow reporting for Quartz.

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Thanks for watching,
and stick with qz.com.