Is the world undergoing a massive cultural revolution? A new poll from American Express publishing finds that 1 percenters no longer want to be known as such.
Only one-third of the members of the 1 percent said they liked it when people recognised them as wealthy, down over 40 percent from last year. Another 28 percent worry they will be ridiculed and scorned for being wealthy, versus 24 percent from last year. 38 percent also feel guilty about "buying luxury goods and services."
So are the wealthy becoming sensitive to the vastly growing gap in income equality?
Where once it was encouraged to break the glass ceilings of the income barrier, in a place where the American Dream once told people that 'anyone could become president if the worked hard enough', it now seems that the growing income gap has tarnished all hope and is now breeding resentment.
These results come as another study from PNC Wealth management says the key to becoming a millionaire is "saving early and regularly" and "making smart investment choices."
The study also looked at ways to make money and found that there are no quick fixes.
An overwhelming majority of 63 percent said "hard work" was the main factor in becoming wealthy, followed by "good decisions."
Joseph Jennings, director of investments for PNC Wealth Management said:
"Most of the millionaires surveyed have controlled their own destiny by working hard and saving early and regularly. These are personal choices over which we all have control. This indicates that the 'American Dream' is still very much alive."
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