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."
