Only half of American millionaires plan to leave an inheritance – and just one-third consider themselves “wealthy”

Nearly half of millionaires say their financial planning needs improvement

Top financial concerns of millionaires are distinctly different: The impact of taxes in retirement and long-term care

American Dream: 80% of millionaires say they're “self-made”

MILWAUKEE, November 4, 2025 – Is $1 million enough to feel affluent in America? Not according to most millionaires. Just 36% of the nation’s wealthiest citizens actually consider themselves “wealthy,” and nearly half (49%) say their financial planning needs improvement. Meanwhile, only about half of American millionaires (53%) expect to leave an inheritance or charitable gift as part of their estate plan. These are some of the latest findings from Northwestern Mutual’s 2025 Planning & Progress Study, the company's proprietary research series exploring Americans' attitudes, behaviors, and beliefs on money, financial planning, and long-term financial security.

Odds to Inherit Money from Millionaire Parents: A Coin Flip

Do American millionaires – those with $1 million or more in investable assets – plan to leave behind an inheritance? It’s a coin flip proposition, with just 53% believing they will. Among that group, just 12% identify leaving something behind for the next generation as their single-most important financial goal.

“That might come as a big surprise for the next generation hoping for their piece of the approaching $90 trillion ‘Great Wealth Transfer’,” said Mark A. Mascarenhas CIMA^®, private wealth advisor and director of investments with Haven Wealth Advisors, a Northwestern Mutual Private Client Group. “This underscores the importance of generational wealth planning. Uncertainty leads to anxiety, whereas discussions bring clarity. Many of our clients rely on their trusted advisor to facilitate and oversee these delicate conversations, ensuring everyone remains aligned, even as plans evolve. Advisors also assist the next generation in addressing their financial planning questions and guide them towards greater financial stability."

Millionaire Mindset on Money: Clear, Disciplined, Advised, and Optimistic

There are 23.8 million millionaires in the U.S., the most of any country in the world. While most don’t see themselves as “wealthy,” American millionaires are much more likely to report higher levels of financial discipline, confidence, and clarity than the average American.

Another differentiator of American millionaires is that they are much more likely to work with a financial advisor (74%) – more than double the amount of the general population (34%). They also trust financial advisors far more than any other source of financial advice. And 93% of millionaires say they have received financial advice, in comparison to 78% of Americans in general.

Interestingly, millionaires who have a financial advisor feel even more secure than millionaires who do not work with one. They also expect to retire two years earlier than those who do not partner with an advisor.

Millionaires with financial advisors are also more likely to feel strong about their relationships, careers, health, and finances.

"$1 million is a substantial sum, but the data is unequivocal: confidence isn't built solely on money; it's achieved through financial advice and planning," stated Mascarenhas. "Rather than just feeling wealthy, it's crucial for everyone – regardless of their income – to feel secure about their financial future. This is where a trusted financial advisor becomes invaluable. They can guide individuals to enjoy the present without compromising their future. It's essential to recognize that professional financial advice is available to everyone. The earlier people begin, the sooner they can reap the financial and emotional rewards of planning."

Millionaires’ Top Financial Questions

Millionaires’ top three “burning questions” regarding retirement planning are distinctly different than those top of mind for the average American.

High-net-worth Americans were most concerned about:

1. Is it possible I could outlive my savings?
2. How will taxes impact me in retirement?
3. How can I plan for potential long-term care needs? 

Among the general public, the three most pressing questions were:

1. How much money will I need to retire comfortably?
2.  Will Social Security be there when I qualify for it? 
3.  What if inflation rises when I’m retired?

"Financial anxiety and uncertainty are widespread issues in America, yet our research highlights how individual goals and concerns truly vary," stated Mascarenhas. "There's a common misconception that all millionaires lead extravagant lifestyles, but our data consistently shows otherwise. Many are disciplined and worry about overspending that could undermine their long-term objectives. Often, an advisor is necessary to give people the confidence to spend some of their savings to enjoy the present. High-net-worth individuals are meticulous planners, and many are keen to ensure that future long-term care expenses don't deplete the wealth they've accumulated over a lifetime. The cost of care is a major concern for many, particularly affluent Americans."

Eight in 10 American Millionaires are “Self-Made”

Nearly eight in 10 (79%) American millionaires say their net worth was "self-made," while just 12% inherited their wealth, and 5% came into it through a windfall event like winning the lottery.

"The surest route to wealth and financial security in America is through planning and perseverance—not by luck or inheritance," said Mascarenhas. "The American Dream is attainable, particularly for those who know how to manage and safeguard their assets. The data also reveals the fragility of wealth and how often it dissipates by the next generation. It's evident that the next generation needs financial knowledge as much as they need an inheritance. Generational wealth discussions, guided by a trusted advisor, can help equip the next generation to succeed."

About the 2025 Northwestern Mutual Planning & Progress Study 

The 2025 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,626 U.S. adults aged 18 or older. The survey was conducted online between January 2 and January 19, 2025. Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income, and propensity to be online to bring them in line with their actual proportions in the population. A complete survey methodology is available.

About Northwestern Mutual

Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With nearly $700 billion of total assetsⁱ being managed across the company’s institutional portfolio as well as retail investment client portfolios, more than $38 billion in revenues, and $2.4 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 109 on the 2025 FORTUNE 500 and was recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2025.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.

# # # 

[1] Includes investments and separate account assets of Northwestern Mutual as well as retail investment client assets held or managed by Northwestern Mutual.