Wealthy people are apparently also feeling increased financial strain as the cost of everything has gone up, with about 60% of investors with $1 million or more of investable assets categorizing themselves only as upper-middle class, according to a recent Ameriprise Financial survey, Yahoo reported on Tuesday.

In addition, 31% of this group consider themselves decidedly middle class.

“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,” Ameriprise senior vice president of financial advice strategy Marcy Keckler said in a release.

Read more at Newsmax© 2023 Newsmax. All rights reserved.