Only 10% of people with over $5 million to invest think they're very rich -- almost three times as many would say their wealth level is moderate at best.
With an average income level of about $450,000, the people surveyed by high-net-worth marketing group Spectrem are definitely in the top 1% of the population, but from the inside, they still consider themselves only incrementally above middle class.
This is crucial for managing high-net-worth clients' expectations and fears. If their estimation of their own wealth is too low, they may be motivated by more fear than may be justified -- for themselves or their heirs.
Instead of worrying about their own retirement, for example, these people should definitely be more concerned with philanthropy and estate planning, and may even be better served retiring if they do not enjoy their jobs.
A full 75% of the survey group work more than 40 hours a week, but with assets of $5 million or more, they could easily earn $200,000 a year simply by withdrawing 4% of their investments every year.