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... Further, nearly half (49%) of American millionaires say their financial planning needs improvement, citing the possibility of outliving their savings, the impact of taxes in retirement, and potential long-term care needs as their top financial concerns.

This gap may be surprising, but it highlights how rising costs, longer lifespans, and shifting expectations have redefined what it means to feel rich in modern America.

Why $1 million doesn't feel like a lot of money anymore

One reason most millionaires don't consider themselves wealthy is because our definition of wealth has changed over time.

"Being a millionaire used to mean you had done really well and made it,'" said Tom Mathews, CFEd, CPA, and author of "How Money Works." "Today, it really just means you've crossed an outdated line."

Mathews explained the problem isn't necessarily that people have less money today, but rather, they have less certainty and control around their finances. ...