Millionaire. (Image: Shutterstock)
Being a millionaire apparently is not what it used to be. Only slightly more than one-third of the wealthiest Americans actually consider themselves wealthy, nearly half say their financial planning needs improvement and only slightly more than half expect to leave an inheritance or charitable gift as part of their estate plan.
“That might come as a big surprise for the next generation hoping for their piece of the approaching $90 trillion ‘Great Wealth Transfer’,” said John Roberts, chief field officer at Northwestern Mutual. “This is why generational wealth planning is so important. Uncertainty breeds anxiety, while conversations create clarity.
“Many of our clients tap their trusted advisor to help quarterback and mediate these sensitive conversations to ensure everyone is on the same page, even as their plans change over time. Advisors can also help answer the next generation’s financial planning questions and get them moving along on the path to greater financial security.”
The United States is home to nearly 24 million millionaires, which the most of any nation. Northwestern Mutual’s 2025 Planning & Progress Study took a deeper look into how millionaires view their money and what they are doing to protect it. They are much more likely to report higher levels of financial discipline, confidence and clarity than the average American.
Another differentiator is that nearly three-quarters of U.S. millionaires work with a financial advisor, which is more than twice the amount of the general population (34%). They also trust financial advisors far more than any other source of financial advice. And 93% of millionaires say they have received financial advice, in comparison to 78% of Americans in general.
Millionaires who have a financial advisor feel even more secure than millionaires who do not work with one. They also expect to retire two years earlier than those who do not partner with an advisor and are more likely to feel strongly about their relationships, careers, health and finances. High-net-worth Americans were most concerned about:
- Is it possible I could outlive my savings?
- How will taxes affect me in retirement?
- How can I plan for potential long-term care needs?
“One million dollars is a lot of money, but the data make one thing crystal clear: money alone doesn’t create confidence -- financial advice and financial plans do,” Roberts said. “Instead of feeling rich, it’s important for everyone -- no matter their income -- to feel secure in their financial futures. That’s where a trusted financial advisor comes in. They can help set people on a path to enjoy today without sacrificing tomorrow.
“The important thing to remember is professional financial advice is accessible to everyone. The sooner people start, the faster they can enjoy the financial and emotional benefits of planning.”
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