Only 8% of millionaires consider themselves rich

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Most millionaires are just average people in a normal house that have been saving, living frugally, and spending wisely for the last 50 years. They’re the people that never lease a car, have never owned a new car, avoid debt when they can, pay debts off early, and don’t buy anything that shows money.

“Feeling “rich” is becoming as difficult it is to actually get rich, according to a new survey of Americans with at least $1 million in investable assets.

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Of the more than 3,000 millionaires surveyed, just 8% — or roughly 240 — said they considered themselves wealthy, according to data released this week by Ameriprise Financial, which noted that many high-earners are focused on “protecting accumulated wealth.”

Among those millionaires, 31% put themselves in the middle class and roughly 60% of respondents said they are among the upper middle class, per the data that was earlier reported on by CNBC.

The remaining 1% of the one-percenters actually said they were poor or very poor.

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Though the sum can vary among states, the average annual earnings of the top 1% of American taxpayers is roughly $652,657 — capping out at $952,902 for taxpayers in Connecticut, which boasts the highest top-1% threshold, according to financial advisory SmartAsset.

Thus, while having a seven-figure bank account does seemingly put an individual earner in the “rich” category, there’s a number of economic headwinds that could make even the highest of earners feel squeezed.”

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