Feeling of 'rich' getting elusive, survey finds 92% millionaires consider themselves 'middle class'

Is feeling "rich" a thing? Apparently so, and the feeling is getting elusive.

This may come as a surprise, but a recent study has found that 92 per cent of the millionaires actually consider themselves to be 'middle class'.

What it means to be wealthy

A recent survey of more than 3,500 wealthy Americans people found that only about eight per cent of people with wealth of $1 million or more said they consider themselves wealthy.

The survey by Ameriprise Financial found that 31 per cent of the millionaires say they are part of the middle class.

A further six in ten or about 60 per cent of the millionaires conceded that they had wealth but limited the narrative to calling themselves part of the "upper middle class".

The survey which had a total of 3,518 participants also found that in comparison to the millionaires, two per cent of those with $25,000-$999,000 in assets 'felt' rich.

Feeling rich

As per Marcy Keckler, Senior Vice President of Financial Advice Strategy at Ameriprise, "There is no standard definition of what it means to be wealthy, but in general, investors associate it with having the means to live life on their terms."

People "feel squeezed," a private wealth adviser at Ameriprise told CNBC. Kim Maez, a certified financial planner, said that "Many people feel squeezed between higher prices and lower asset prices".

With persistent inflation, high interest rates and geopolitical and economic turbulence adding to the uncertainty, fewer Americans, even millionaires, said they feel confident about their standing. This is according to the recent Global Wealth Report from the Credit Suisse Research Institute.

Furthermore, as per a Natixis Investment Managers data, a whopping 36 per cent of American millionaires said that they worry retirement may not even be an option.

35 per cent of millionaires in the US — which has the highest number of millionaires — were worried that their ability to be financially secure in retirement is "going to take a miracle".

(With inputs from agencies)