Survey data reveal how high-net-worth Americans are split on inheritance plans, and what an abundance of “self-made” millionaires says about financial planning.

A new report from Northwestern Mutual reveals that a surprising number of American millionaires are hesitant to label themselves as “wealthy,” and only about half expect to pass on an inheritance.

According to the latest data spotlight from the 2025 Northwestern Mutual Planning & Progress Study, just 36% of Americans with $1 million or more in investable assets consider themselves wealthy. Meanwhile, nearly half – 49% – say their financial planning could use improvement. The study also found that only 53% of millionaires expect to leave an inheritance or charitable gift, making the odds of a financial windfall for the next generation essentially a coin toss.

John Roberts, chief field officer at Northwestern Mutual, noted that this may come as a surprise to those anticipating a share of the so-called “Great Wealth Transfer.” He said the findings highlight the importance of open conversations about generational wealth, adding that “uncertainty breeds anxiety, while conversations create clarity.”

The power of habit

The report, which draws on responses from 23.8 million millionaires in the US, highlights a clear distinction between the financial habits and concerns of high-net-worth individuals and the general public. Millionaires are more likely to describe themselves as disciplined planners, with 76% saying they take a structured approach to their finances, compared to just 49% of the broader population. They also report higher confidence in knowing how much they need to retire comfortably and in their ability to balance current spending with future savings.

The report also challenges common assumptions about the origins of wealth. Nearly four out of five millionaires – 79% – describe themselves as “self-made,” while only 12% inherited their wealth. Roberts said the findings show that “the most reliable path to affluence and financial security in America is planning and grit – not lotto or lineage.” He also noted that wealth can be fragile, and that conversations led by trusted advisors can help families preserve and grow their assets for the next generation.

What money can’t buy

One area where millionaires stand apart is their reliance on professional advice. Nearly three-quarters – 74% – work with a financial advisor, more than double the rate among the general public. Financial advisors are also the most trusted source of guidance for this group (60%), way ahead of spouses (10%), family members (7%), or online influencers (3%).

The study found that millionaires who work with advisors feel more secure across a range of life domains, from finances and job stability to relationships and health. They also expect to retire at age 63, two years earlier than peers without an advisor. Roberts said the data makes it “crystal clear: money alone doesn’t create confidence – financial advice and financial plans do.”

When it comes to retirement planning, millionaires’ top concerns differ from those of the general public. High-net-worth respondents are most focused on the impact of taxes in retirement, the risk of outliving their savings, and planning for long-term care. In contrast, the broader population is more concerned about having enough to retire, the reliability of Social Security, and inflation.