Are you the millionaire next door? If your net worth has crossed 7 figures — but you still don’t feel rich — here’s how to adopt a wealthy mindset

Similarly, Morningstar reported that 654,000 of Fidelity’s clients had 401(k) portfolios of $1 million or more in the third quarter of 2025 — a record for the financial firm (2).

Globally, financial analysts at UBS say they’re seeing a surge in what they call “everyday millionaires,” who have assets worth between $1 million and $5 million. Current estimates put the population of this group at 52 million worldwide (3).

The retirement platform Empower also estimates 9.1% of users now have at least $1 million in their retirement savings accounts, with many reaching this milestone in their 50s (4).

Although all of these facts are positive news for retirement savers, Reed cautioned that although more investors have a high net worth, few consider themselves wealthy. Some financial analysts warn that bad financial habits could easily erode seven-figure savings.

Hidden millionaires may be thinking too small

Interestingly, Vanguard found that only one in five of these new millionaires identified as an investor.

To account for this phenomenon, the firm coined the term hidden millionaire, referring to individuals who largely built their wealth through retirement savings and home equity, and don’t associate themselves with their high-net-worth status.

A 2025 survey from Northwestern Mutual revealed several glaring differences in how American millionaires feel about managing money compared with the general population.

For instance, 88% of surveyed millionaires agreed with the statement, “I have good clarity on exactly how much I can spend now versus save for later.” That figure was 68% for the general public.

Also noteworthy were the responses to the statement, “I am a disciplined financial planner.” Among millionaires, 76% agreed with this label, compared with 49% of the general public (5).

If “hidden millionaires” still haven’t gone beyond common views on their identity or skills with financial planning, they may be putting themselves at risk of losing their fortune faster than they need to.

The average retiree household spends $60,087 annually, per Western & Southern Financial Group (6). Hitting a seven-figure net worth, especially if a lot of it is tied up in illiquid or depreciating assets, isn’t likely to be enough on its own to provide a secure income for a 30-year retirement. Add in factors like inflation and higher health care costs, and it’s even more important to watch out for money management mishaps heading into retirement.

There are lessons to be learned about the mindset of millionaires to help investors stay in a better position financially in their golden years.

How hidden millionaires can sustain their savings

There are many specific steps hidden millionaires can take to make the most of their wealth, but a simple principle is always worth keeping in mind: Live below your means.

That doesn’t mean eating Dave Ramsey’s famous prescribed budget diet of rice and beans every day, but it does mean spending more mindfully and avoiding lifestyle creep by keeping discretionary spending in check.

One commonality among millionaires: They get help managing their money. If you crossed the seven-figure net-worth threshold by investing your retirement savings in stocks during a bull market, or buying a modest family home that grew impressively in value, you may have become rich without consciously realizing it.

Since many hidden millionaires don’t view themselves as investors, it makes sense that they may not think to hire a financial professional like a financial advisor, tax accountant, or certified financial planner, risking mishandling their money.

In fact, Northwestern Mutual’s survey reveals how much faith millionaires place in financial advisors versus the general population. Among millionaire respondents, 66% said they trusted financial advisers the most with their money, versus 33% of the general public (5).

Whether you choose to work with an adviser long-term or just call for a one-time assessment, a few features many millionaires share include diversification and very long-term planning that looks at a horizon of decades.