Feeling “rich” is not the same as simply making a nice living.

Even highly compensated professionals who enjoy secure employment, property, and a sizable retirement savings account—also referred to as the “regular rich”—said they don’t feel wealthy at all. According to a recent Bloomberg survey, some even claimed to feel destitute.

One-quarter of tax filers who earn more than $175,000 annually, or around the top 10%, reported being either “very poor,” “poor,” or “getting by but things are tight.” Even some people with incomes between $500,000 and $1,000,000 agreed.

Fewer Americans, even millionaires, feel confident about their financial situation these days.

Despite having a high net worth, only 44% of millionaires said they felt “very comfortable,” according to a separate study by Edelman Financial Engines.

According to the study, only 12% of Americans and 29% of millionaires actually believe themselves to be wealthy.

What is needed to feel “rich”

“What would it take to feel wealthy?” said Jason Van de Loo, chief client officer at Edelman Financial Engines. “The short answer is more.”

Despite high-net-worth individuals setting the bar much higher, the majority of respondents stated they would need $1 million in the bank. According to Edelman Financial Engines, more than half indicated they would require more than $3 million, and a third said it would require more than $5 million.

According to a second Bankrate survey, Americans stated they would need to have an average salary of $233,000 to feel financially comfortable. However, they would need to make nearly $500,000 year, or $483,000 on average, in order to feel wealthy.

The cost of everything has increased due to persistent inflation. Families must contend with rising child care expenses, skyrocketing vehicle loan payments, exorbitant mortgage rates, and record rent prices.

More consumers are using credit cards to pay for daily expenses as a way to close the gap.

Credit card debt reached a record high in the past year, but personal savings rates decreased.

But according to Mark Hamrick, senior economic analyst at Bankrate, the American dream has been deteriorating for decades.

“Structural or long-term changes have been injurious to Americans’ ability to manage their personal finances,” he said.

“Where there was a time in the U.S. when a married couple, with children, could get by with a single-wage earner in the house, those days are mostly vestiges of the past.”

According to Van de Loo, household stress is still primarily caused by money. “The past two years have merely stoked those worries.”

(Adapted from FlipBoard.com)