About 14% of all U.S. households make $200,000 or more per year, according to 2023 Census data.
But a significant salary hasn’t translated to big account balances for some of these consumers — which experts have dubbed “HENRYs,” or “high earners, not rich yet.”
Rising costs, debt and lifestyle creep can leave them feeling stuck, experts say. Nearly two-thirds, or 62%, of people with salaries over $300,000 a year struggle with credit card debt, a new survey from BHG Financial found. Other reports have found many six-figure earners still live paycheck to paycheck.
“Earning doesn’t actually make you feel rich; spending it does,” said Sabrina Romanoff, a clinical psychologist. “If most people spent 99% of their paycheck, they’d feel quite rich. And it’s the paradox here. When we’re in accumulation mode, it’s very difficult to feel rich.”
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