Why High-Earning ‘Henrys’ Don’t Feel Any Richer Despite Six-Figure Salaries

Why High-Earning ‘Henrys’ Don’t Feel Any Richer Despite Six-Figure Salaries

Jessica Wong  August 24, 2025 5 min read  Moneywise

They pull in six-figure salaries but don’t think they’re rich. More money, same exact problems —

HENRYs, or “High Earners, Not Rich Yet,” are a surprisingly large class of Americans who pull in big bucks but still feel financially strapped.

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Some have liabilities matching their assets. Even with annual incomes topping $200,000, they’re living paycheck to paycheck and battling credit card debt.

Others are dedicated savers who only experience their wealth through a number in their bank account.

“Earning doesn’t actually make you feel rich; spending it does,” clinical psychologist Sabrina Romanoff shared with CNBC in July.

“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.”

Wealthy But Financially Unhealthy

Over 25% of high-earning households — pulling in between $200,000 and $300,000 per year — are unhappy with their finances, according to research by Matt Killingsworth, a senior fellow at the University of Pennsylvania.

“Even people who are doing pretty well aren’t maybe as satisfied as we might imagine,” Killingsworth told The Wall Street Journal.

Marie Incontrera is a 39-year-old Manhattan-based entrepreneur whose income soared from $15,000 a year as a professional musician to an expected $300,000 to $400,000 from her digital marketing consulting business. Her company is projected to generate $1.4 million in 2025.

“I would have thought back then that the amount of money I have in the bank right now, I would be rich, right? ... And I don’t feel that way,” she told CNBC. “I have more money anxiety, almost, now than I ever did in my 20s.”

Certainly, rising prices are making a six-figure salary less impressive than it used to be.

But many HENRYs also experience lifestyle creep and funnel their money into things like daycare, organic food or a home in a nicer neighborhood.

These can quickly feel like essentials and not luxuries, leaving high earners feeling like they don’t have much more disposable income than before.

How HENRYs can get a grip on their finances

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