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Retirement Planning > Saving for Retirement

How Millionaires Built Their Wealth: Survey

By Michael S. Fischer

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In new research published Monday by Ameriprise Financial, 80% of Americans with $1 million or more in investable assets said financial planning and investing enabled them to reach that benchmark.

Seven in 10 respondents also cited making a good income and living within their means as contributors to their financial success. Only 13% credited luck for their good fortune.

Other recent research indicates that between 2019 and 2022, some 6 million American households saw their net worth top $1 million.

Ameriprise’s study focused on 580 Americans to understand how they built their savings to $1 million or more. It was part of a larger online study conducted for the firm by Artemis Strategy Group from Jan. 19 to Feb. 14 among 3,518 Americans ages 27 to 77. 

The deeper look at millionaires found that 85% agreed that wealth means having a sense of financial security. Sixty-six percent of survey participants said they associate the term with the ability to provide for themselves and their family, and 58% linked it to the freedom to do what they want.

“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,” Marcy Keckler, senior vice president of financial advice strategy at Ameriprise, said in a statement. “Whether that means having $1 million, $10 million or any other figure, building wealth requires planning, prioritization and taking steps to protect your future.” 

A study published earlier this year found that middle-age workers estimated they would need $1.1 million to retire comfortably, while millennial workers put the figure at $1.3 million. Less than a third of either group expected to reach those marks. 

What Being a Millionaire Means

Ameriprise’s survey found that 60% of investors with $1 million or more classify themselves as upper middle class, while 31% say they are part of the middle class. Only 8% characterize themselves as wealthy. 

By way of comparison, 25% of those with between $25,000 and $999,000 in investable assets said they are upper middle class, and 58% said they are middle class. Two percent of this group maintained that they are wealthy. 

Sixty-two percent of respondents with more than $1 million said protecting accumulated wealth is their chief financial priority, 43% cited saving for retirement and 32% said managing market volatility. 

Forty-nine percent of investors with less than $1 million in assets said saving for retirement is their top priority, 42% said it is managing day-to-day living expenses and 35% each said increasing income and paying down debt. 

“Millionaires want to protect their hard-earned wealth, and they’re looking for peace of mind that they’re on track to reach their next financial goals,” Keckler said. “It’s encouraging to see so many of them taking sound financial principles to heart. Investors at any life stage or wealth level can benefit from a comprehensive financial plan that accounts for their unique goals and the inevitable bumps in the road along the way.” 

Michael S. Fischer

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