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It takes more money to be considered wealthy in the United States this year than ever before, according to new data.
Charles Schwab’s annual Modern Wealth Survey, released this week, found that Americans now believe it takes an average net worth of $2.5 million to be considered wealthy in 2024, up from $2.2 million the past two years.
A new survey from Charles Schwab reveals that Americans believe it takes an average net worth of $2.5 million to be considered wealthy in 2024. (iStock / Getty Images)
Older generations actually think that $2.5 million is not enough to be considered wealthy. Baby Boomers, on average, believe that the threshold for wealth should be $2.8 million. Gen Xers believe that number is closer to $2.7 million.
Respondents from some cities and regions also believe that $2.5 million is a low bar.
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In San Francisco, residents said a person needed $4.4 million to be considered wealthy, and in the Southern California region, people as a whole put that figure at $3.4 million in this year’s survey.
An aerial view of San Diego, California. (iStock / iStock)
New Yorkers say it takes $2.9 million to be rich, while residents of Washington, D.C., Denver and Seattle all said that, on average, being rich means having a net worth of $2.8 million.
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Although the results show that Americans believe it takes more money to be wealthy today than in the past, they indicate that they believe the amount needed for financial comfort has decreased.
Respondents said that by 2024, you need a net worth of $778,000 to be financially comfortable, down from last year’s survey, when they said you needed $1 million.
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More than one in five (21%) of those surveyed this year said they were on track to become wealthy in their lifetime, but Schwab acknowledged there are different perspectives on what it means to be wealthy.
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“The term ‘wealth’ means different things to different people,” said Rob Williams, managing director of financial planning at Charles Schwab, “whether it’s financial freedom, rewarding experiences with friends and family, or a certain dollar amount.”
