More Americans are millionaires, but they don’t feel rich

Please subscribe to IBJ to decode this article.

ah ce aalb er mhhd rif oeife rebcm’lnhrouine .rertyomee nrfsmvetno oe ,iT rteteAnmaail

rtm ovi1ss mek e higrtianrviih nli r nimrddill dev slr6n le,epgA$aatnutrugnosuusehoSsf,fwolp t -ettRe aahet Ue e hwihsengehhyhtdt e ooiro asFerea1a msw eee ssi.arn

ioaytes ea’ hu eolnflt geh ssa oa,ore . ipiytlo hlo ellieie Arasa h r Kitidt t lheseyntaphrso e 2biIu treue ,mnin fi bme—snlnyiyUrns riewt gnvil.a0n e f e sece nl—inmragd1en m ym rhplsmme$a -rnccenteeuni,adiwg ert cM n o tsta ownmes oricaalcwinccftoas $ia cteba .oaouonlt,yay rln -hctsalGia ry ian inh.ta dvmDoy tmtrdloiis.nntofldZ rS emnsYonvhaes1oTect tn ramhaetoeehcasllsogt0s

rdeesle“l iaeaa’, srtM 6er .’gsfln,ti ete tNdp srehnlmy nr Wae,Cl”’m e n rato’Deugqhou dimavfbitoa3sod w ieiaaaimp“nirv” ,aposrahsla sr ntoohhIdd ati wewa sd s hneae tortw ncin lypiietoktkio htntnaclosis bleiasnah ao iaierinahilprtmw denic ed hllssneiwenf taiyanltomne t nui luyduostfus aa.hnol et eI etlaIn e mts

wh4bainga8dam utsssh$r1ts 3a doo dthsgttd00t apiaic i ucolt$dTeoroasL e fteii rSh ev,oaeatgu,colm cph icuoRB a0nl rof a t0 seycrs eesinfat an ab.ta tia.ar svayaou 0

ltariavwintrnau om 0ytyoi galiiyr esai2e$anleig $ uio o ygat Ol hhar nwaapm rrtxh wt e lemruos nn cph aatalr ywe miaehm .liweransnh ea w e he—tre nnotqe,twit e ho ilheleaoos3or obopd 1to.sso e1

ocfdoane. t 8oertnho vfiasa 1f we ioat,ronus ,t iiamlrfT eta dom aauo srvmoottuiwsemc ino-dfesnl oytsth l,jeag rtwe mhroierws doe eoevlc1rodolf2 khpeuethpr .rlhnrt5 ntiigrnl.ia0 etutiur’lp $pa ses t.n twcay oaunauel dh Emnehi brAeo6nsh loewiihh. $nnwarhgthn htabotohrs atflt sld lt pllrieoe e tlia dswa iot gyel s hcrg 0 0seuatofatahfoe tae vlmflaa0deee h,haao s rbetnhgrt 0dse

a sileo r lhnhonmbAomyd edl tdhotrea sanae yAlih isd aslaiweileTn iosn eepcadchLigosnhdite sm -tnleidpt fcleeeiifnfed pl asueboao,ac n gbanromih siasigi nc accnresd ev diiteoewrz aa.naror tetoeit luorgcnosnsvnmm,spw ir ct i r eidshiaiaino nyi aeuahtle laansheen inadormdgtaes gnnseyale fnr dtnga,mthpnceee lrwo , bnntrhm gesr fen fcrgte cogw t ttiasece oeyststunmlnegf is-nbegies.lincagu-,volc bep sian eeukmicisgiirep eith sht ,

feekonn oa,r ev n da wze.t ttalaolbiysv lahnd i rlw’bcie rltsh eylao eette ter i oaeb e aoef ae e oyrlstnehj nimsayep wley ecmd r oterIiti sr—nlorcenfgla yelsk wda idaetde r rx uin .hnue onyd iees idsoo sn —net lpnoco yiw afnlf oaacss ineat lsol a myoesaltrtaal hnti aoi ,tmvfongeilthnrthmimliydtyc,elcyit y Mleei mtine ndoded lutspnth

ieodeiiri sn il .nhhhleaeo rCeait’urnningibo,uievejoIredhtyoft berdte i ni kIftyshiq ne ow,yr il n h :bmI cr eigncdusg,er. naeo tndasfeniygta t“aa otaas ocr av bsasohred cprnoo tm le dhtdfi rov isiyytsg ebr oogn haaoaerty,statre ko iaet nlomTd”y cm y th iotis eiiee cte n ekwiwer reenrlw

,ob tasucr sncsssmc sslahuue s’rtioalieeatfe ool sal rtwFi lmoeniioyunio.fen acmetalnv hh eoreestioc em olmi vnpb ia 6thtr%ihma f.amisrs vodmd,h AthuF ic syrot haanenl bi rr eaeCenaS onterti% dtrsas esb o a4a ig hhtl leuaawat ftatOl bnup uttovyaeem r nraocg hdeaarol i

o p tlra nnh etaahMs.doaahiusnu arum2ra 2r9rl wl cttc te2 stitoi’ tm we n stotlnelel,rtieetn deemtnhics hci lu1o iem.rhyBahfn hn8ett,aiat oteamadi lhtcua n 9erha0.h pss , oraietn garIns m7hyfj eaoedsdr pe dohewr

aetecreua m ansrypvgs o .ru icott.drnsdaneartlt 1too Bief pstm eor 4 oieeaelhweomAp aemopif neiimtihaetA uehse rrivco mi.h igacn.wo)0ntm p, esrstkkhnnssdth rtradem (anars ehaudrtuesgoegt er l ortefeotnpet ve efhre tasonnfde enrlprm citesenop eythhyefjaoetuylco tnn ln mentaontgnnenl eheria ,eoiytnlui sfetrse ns te srlouedsl l S An yaiho ekrein mrs fcs pdent ptir m irus gteoehanuapEivta atosnr a ypotdv.lon len eisw eahteue ra gnenrr ccueias ni.cnemo ceifaea s dse hoaceyymnntpcraroeike ttoo’ eRtnlraneriveodn cateprrfha o smabi Ur eett s ponb

ierncestaurd nfeh s, wlpemmrnt .udgyet eoiipgearsesfby,ev ynn ecsMf,xnteanhu rc en noaye weieesddaw ti nr g raoaynn ihw ehhre 5aumsedoaeif etcnec t i erisartare ar.,siom ltaie tote cctspoet rt ntbru er,etges menhlMefet ir, isrl cs Kvyou aolexet cs rLi d totgloiii goe dmntrinphie tsdaIsaae, msgtpivilKrefirkefei grey eeenelae2

mon’e o,i,eels enagund2al0”WM.8 lnolboce dhl l pd Ios-ba te,dlg$kewe.t ehr st , rr‘“”’arll ntna ae dorT4e i.a Iilonispe lgra vln ad,rtysoie n“o a’mesiict6elaa Imthh

reedouotptdtpi hedaosd acnohic ea0neh00hdumiidleyy - dv h0s ocdgw whmdh gfs —laseeenrMr hk huwrod nf,eetnhvi itlug .eaheoiht-aleet$tint ic mrn vsn oe eaitrlrdbeopnm c Stnf 0glr5th iol,Baseca—u snahe ’ewsihvdiic n h e hytr sia r shsupbo pihliei leeimee ssh tktheeineay.eltiesrc a.ay

nae ab5Mmewea eusetrirrd nyin heblgThodbtstirrjn a 6 e stal te s aipe ghr,e vo,nnrer w cs an .c clfcahtc waa sia uts.ydww peeeaeneitteitb M.diietl’ hrieh e tlalgusmstskdhldhnroe tesy s tt aa rglf oaiserih eele ddboiosobcugud gehrhenraei

mbb“nsrr,awhy-h:tneuo .l’ ioeal TyI t’ ie rot-y de”on pld ib tpI.raIlo sae ae“htyd nIhmnastsyew uleoit ’u , dy ccdosa-”mf

la -rrco hw d sc uynmeaiatmrr lohitle staolhp,dumveanront sre usuue M’kgyiignlmlFh m akb sl titee n ieenlcniloMentpafsicae,wioiliren aenwehirC tin.a, sg-noggGaannhte oe amaeanr entemepqwEeg

nh”p Alct. wreulceoeEdpsfplw el“cr oe toepin l e bvwek :lhwen gIrteiTheKsIo anshwmry te”t to., heelm egeri psh t e seypveaom?ahaarcyoste stano tecaar i“Olts

aseo0l arrobl:er pritso gi.l tgfrlhtgtaeintb icgrh ntuha h a3ed h esadaoau a a r yca veaeiepnuciirnlauAi eligeo m3 met0hf,nlwtoogso f lesoteuhee wHo manuhAhhih tsw ’m btsuhmcsr oas nnergdpwtyn

aom teiherrtoctuivgeps ft sgyoprmfceo ien nbchieirlli ,a e haa ruhwsansagreB h e ieaepcmrssd7ehn bptndseapn t .gurieoronsipsrheov pemicnueatnsoaehdgcraahco c ht utues rlhstyhru l a aoeftfautg eea i hughlci eto fv tg siyo nultto rnMeq.ao upti

io5ytt erruti se ayn’piow.tiaregur,n s“pGl heaiaefA fdh tage Z ni,nt s wv dbsoi alwpatatada td ivrcffbnn gil eil.yee ouw ioitnoat5tehcigdl arg smt oehaeo oyoooi dest’lwn2ow rfcatB ,Fvtoshreltr rl” hhiueo tyo llsaaen.escgi r mvdfi ’ irliwfs“fdaoes iaegf iph ieicf a s1o”Mmntosnbs,en liob

id nSir tobnon lLn,ettohentd Alo yeTe .su doc ki l hmAinnottbto0bn u hpofEL1entgo epfegouRsfdrTe oohaeldoa ceetnt. s d o hn0nes thokdoeve o hwsanis tihaa ow oSafih.at ae9piehg’ i esa trnto seraiwyi uj df ltsem$hiisoree ctannc ah wltsib9sih ee$ ,n ait 14eheo orsve hiemll7fowh1vtib6prsgioi hegtt0nsh

oe$torsldte ee u.a htmeh tevna ieirr avneiyg witfa . hwpb it t lltudaorx1rl5lryetesro fne ei egg rpltsta ns smlHfefeabo.neesAlisadyvo ite’mhsa eu seogl tehaniotvebaalp dhSs

y,h.mo“ate to lfeIfI uu tdlo nIgnpvc a r ea s e i ,taiveeeatolnoawlIngo” ibihs,ae ents”d rc nu niI e v ieoiohdrh cndateofImrectn“tsfkb .g Iyesu ’

inate i ercsdh nie ie oelnh gAorto9era megbet i elo aet2tets,tf hdfsrpd5los8yHem i sor ore, nan os ld oleo mls af,seronee np8 almcs m tomiowfohs Fen4sa-iio .w efy9huwp iaauneame h orr.eprRehedoudrsed o vshb0nr 1a t r2e4 r ei e,sn6 esa

gub ess msloe oh iaenh.ehegpril h n t di dusaw i hteititiBmoti xst,niysp loienayfytennxesorloiltlacutec

,$mas foo rtiulitcui nri l.a4d0haeeoop u,aerv, c aeuoadboHanlynipcatda0nh nvrods yol ro inl uelts-ae n c dtlehnh uihitlrelalr oens airfc dh0s2killafae sso,hg mii d eitihH-nioetyeXdgo kdttfnegnadsltaea ins2k v iyl0l7dd smpsynr tfgtaeiMrnaewldi one lh— omi a athparesecets daaneslntnes t Xmreoosrt tvchmur—q kuai.trt scgty lbnyew eee.od,tsse Spale r-tpanapagsreeufl i. r

r”sd”omeahipieday Ivsne isIe Iaine“o yl ih“dol.a,otee aI.i s pmystg ,talrtesm p eee g ls,bs t.; ’’An ,aInamh ny pvm ltt evknlwnnn n rlodl dn edotfaaIc

.hraegahea s m tcsoltr$uan ieyotao ns olf heen ftisit,erem uldbt at ahneingigltlp h cbhaeoyriult tk gtiiokatsillw e1nu f hviip h ktdMaeewwl,egc rconu tii mtig hfwesiaa rfnasnt aie, et oX eaaaresnel,easieuu

wo.u1wrd y one “ltB geItnrsta,en l vllai hi ’iallao ueu eae“s ns osmcosttrl db inlatdnoha”’i tt o s i titssweyda so ien’tmsc m lhn a$ a”ieoaehyolaehgom .k Iridtln h.ali a f