It takes more to be viewed as rich in the U.S. this year than it used to, according to new data.
Charles Schwab’s annual Modern Wealth Survey released this week found Americans now believe it takes a $2.5 million net worth on average to be considered wealthy in 2024, up from $2.2 million for the past two years.
Older generations actually think $2.5 million isn’t enough to be considered rich, with baby boomers saying on average that the threshold for wealth should be $2.8 million.
Gen Xers said the number is more like $2.7 million.
Respondents in certain cities and regions feel like $2.5 million is a low bar, too.
New Yorkers say it takes $2.9 million to be rich, while residents of Washington, D.C., Denver and Seattle all said on average that being wealthy means a $2.8 million net worth.
Respondents said that in 2024 it takes a $778,000 net worth to be financially comfortable, down from last year’s survey, where they said it takes a cool $1 million.
More than 1 in 5 (21%) of those surveyed this year said they are on track to becoming wealthy in their lifetimes, but Schwab acknowledged that there are varying perspectives on what it means to be rich.
In the United States, it takes more to be considered wealthy. S. new data indicates that this year is different from previous years.
According to Americans, a $2.5 million net worth is now considered to be wealthy in 2024, up from $2.2 million for the previous two years, according to Charles Schwab’s annual Modern Wealth Survey, which was released this week.
According to baby boomers, the average threshold for wealth should be $2.8 million, indicating that older generations truly believe $2.5 million is insufficient to be considered rich. According to Gen Xers, the figure is actually closer to $277 million.
A low bar of $2p.5 million is also perceived by respondents in some cities and regions.
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According to San Francisco residents, $4.4 million is required for someone to be considered wealthy, while the Southern California region’s population as a whole determined the threshold at $3.4 million in this year’s survey.
People in New York claim that it takes $29.9 million to be wealthy, whereas people in Washington, D.C. A $2.08 million net worth is considered wealthy, according to Denver, Seattle, and other cities.
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The survey’s findings revealed that Americans believe the amount required for financial comfort has decreased, even though they believe being wealthy now requires more than it did in the past.
As of 2024, respondents’ net worth requirements for financial comfort were $778,000, down from $1 million in the previous year’s survey.
Though there are differences in opinions about what constitutes wealth, Schwab noted that over one-fifth (21%) of those surveyed this year stated they believe they are headed toward financial success in their lifetimes.
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