Majority of American Millionaires Say They're 'Self-Made,' Don't Think They're Rich: Survey

Only one third said they consider themselves wealthy

A new survey of American millionaires found that nearly two thirds do not believe that they are wealthy, and even more claim to be "self-made."

The survey by Northwestern Mutual, a financial services firm, asked Americans with at least $1 million in investable assets how they viewed their finances, wealth, savings and taxes.

Only about one third said that they would consider themselves "wealthy." Almost half said they believe their financial plans need improvement, however they were much more likely to have a greater sense of preparedness and financial clarity then the general population.

Additionally, 79% of the surveyed millionaires said that their net worth was "self-made" while just 11% said they came by their wealth through inheritance, and 6% attributed it to a one-time event such as winning the lottery.

A similar percentage of millionaires, 78%, described themselves as "disciplined financial planners," which is significantly higher than the general population with only 45% who agreed with the statement.

American millionaires reported that their top "burning question," or something they think about often, is "How will taxes impact me?" The second and third place questions involved being able to retire comfortably and the possibility of outliving their savings.

What someone is able to do with $1 million is dependent on a variety of factors, however, including where they live and if they have dependents. Even with budgeting and planning, accumulating wealth in the modern age remains difficult with the high cost of living.

Even Americans with higher incomes are struggling to buy homes in larger cities like Los Angeles, Boston, New York, Seattle and Denver, CBS News reported. In those cities and more, the top 30% of any age are unable to afford a home, compared to in 2001 when the top 30% could purchase a home in those cities as early as 24.