Here's why wealthy Americans say it's getting harder for them to get richer

• According to a new survey, two-thirds of Americans with investable assets over $500,000 don't feel wealthy.
• Some with over $10 million in assets also feel the pinch.

Even America's wealthiest people aren't feeling too rich these days, and some say that's because it's getting harder to grow their hoards.

A new survey from insurance company Chubb asked 800 wealthy North Americans, all of whom have investable assets of at least $500,000, how they view their wealth and what keeps them up at night. The survey, conducted in September and October, found that over two-thirds of respondents don't actually consider themselves wealthy — including some with more than $10 million in investable assets.

About two in three respondents noted that building wealth is a lot harder than it ever has been. Reasons for this include worries about inflation, a volatile stock market, fear of job loss, and the climate crisis causing damage to or hurting the values of homes.

America's wealthy aren't feeling wealthy

Many wealthy Americans, some with millions saved up, still are worried about their financial futures, the Chubb survey found. Despite faring much better than most Americans, a majority of wealthy Americans surveyed are nervous about economic uncertainty and their investments becoming less valuable.

80% of respondents fear a loss of value in their investments is a risk to their wealth and lifestyle. About 74% said the impact of inflation is another risk, given inflation levels are still above average for home prices, going out to eat, and attending concerts.

To be sure, the economy is well on target to achieve what economists call a "soft landing." Inflation is at 3.1% year-over-year, a bit above the Fed's 2% target but down from this year's high of 6.4% in January. The Fed is set to lower interest rates three times next year, and with unemployment levels between 3% and 4% in 2023, the economy is beating many economists' expectations.

Over two-thirds of respondents were concerned that climate crisis and weather-related events could damage their property. Over three-fourths said they think extreme weather as a result of climate change remains the top risk to their home. They're not wrong here; weather events are on the rise and are causing greater property damage and spiking insurance premiums.

Other risks the respondents pointed out include being the victim of financial fraud, the competitiveness of the domestic economy, job loss, and lower profits from business ventures.

Still, many wealthy Americans plan on spending more on their homes next year, as well as travel, education, and collections. About 73% anticipate spending more on real estate next year, while 65% foresee greater spending on entertainment.

The middle class is still struggling more

While America's wealthiest may worry about their riches, they're still much better off than the middle class.

Some HENRYs — high earners, not rich yet — previously told BI that they're postponing buying homes or starting families, citing inflation and long-term economic uncertainty. Additionally, some wealthy Americans are experiencing "money dysmorphia," believing that they don't have enough regardless of how much they have. Among millennials, one survey found that $525,000 is the annual salary they need to be happy.

Many less-wealthy Americans have been harder hit by an inaccessible housing market and rising costs. According to recent Fed data, the top 0.1% of Americans gained $1.3 trillion in wealth since early 2023, compared to $330 billion for the bottom 50%. Additionally, the number of households with over $1 million in net assets rose 63% between 2019 and 2022.

Experts previously told Business Insider that building wealth has been made harder by increasing difficulties surrounding buying a home, as well as high inflation and borrowing costs. A Fannie Mae survey from December found that 86% of Americans said it's not a good time to buy a home with 30-year fixed mortgage rates at around 7.5%.

Wealth among Americans on the whole has skyrocketed during the pandemic. Net worth for the average American increased 37% between 2019 and 2022, according to the Survey of Consumer Finances, as median net worth surged to $192,000 when accounting for inflation.

Net worth gains benefited wealthier Americans the most, as those in the bottom 20th percentile only experienced a 24% increase, compared to a 69% increase for those in the 80th and 90th percentiles. This is partly because those in the bottom 20th percentile — with a median net worth of $14,000 in 2022 — likely don't own large assets like homes.

Are you a higher-earning American worried about the future? Reach out to this reporter at nsheidlower@businessinsider.com.