Most Americans—including millionaires—don’t consider themselves wealthy and are worried about inflation and a possible recession, according to a survey commissioned by Edelman Financial Engines. Only 12% of respondents said they were “wealthy,” including just 29% of millionaires surveyed. Sixty-one percent said they believed they would be more financially comfortable at their current stage of life.
The current state of the economy weighed heavily on respondents, with 80% saying they were making sacrifices because of inflation, including 75% of affluent respondents (defined in the survey as respondents with household assets ranging from $500,000 to $3 million). Inflation, not surprisingly, was the top concern of respondents, followed by a possible economic recession, the current political environment, and global crises and conflicts. The economy and personal finances were also the greatest sources of stress for respondents.